SOURCE: TransAtlantic Petroleum Ltd.

April 12, 2010 07:00 ET

TransAtlantic Petroleum Ltd. Announces Participation With Turkish National Oil Company to Explore for Unconventional Resources

HAMILTON, BERMUDA--(Marketwire - April 12, 2010) -  TransAtlantic Petroleum Ltd. (TSX: TNP) (NYSE Amex: TAT) is pleased to announce it has entered into an agreement with TÜRKİYE PETROLLERİ ANONİM ORTAKLIĞI ("TPAO"), the national oil company of Turkey, to explore for unconventional resources in Turkey. In the initial phase of the agreement, the Company will participate in two licenses, one in the Thrace Basin and one in Southeastern Turkey, and will re-enter a total of 4 wells and drill a total of 4 wells over the next year. These wells will target tight sand and shale formations that do not produce under normal conditions. 

Mr. Mitchell, the Company's Chairman, said, "TPAO has taken the lead in introducing new technologies in Turkey to access these unconventional resources. We are privileged and humbled to have this opportunity to be a junior partner with such a talented and resourceful company. We hope this initial exploration phase will be a good beginning to a long lasting relationship." 

The Company is mobilizing frac and other equipment into Turkey to enable it to explore for unconventional resources. Mr. Mitchell and his staff will bring their experience in exploiting unconventional resources in North America. "There is the potential for unconventional resources to contribute greatly to Turkey's energy needs. But it bears noting that the success in the development of unconventional resources will, I believe, improve over time as techniques are refined and knowledge of these particular reservoirs increases," said Mr. Mitchell. 

About TransAtlantic
TransAtlantic Petroleum Ltd. is a vertically integrated, international energy company engaged in the acquisition, development, exploration, and production of crude oil and natural gas. The Company holds interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Romania, and California.

(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)

Forward-Looking Statements
This news release contains statements regarding the future drilling, testing, completion and production of oil and natural gas wells, the acquisition and mobilization of oil field equipment, the timing for such drilling, testing, completion and production of oil and natural gas wells, acquisition and mobilization of equipment, as well as other expectations, plans, goals, objectives, assumptions or information about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.

Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to the continuing ability of the Company to operate effectively internationally, reliance on current oil and gas laws, rules and regulations, volatility of oil and gas prices, fluctuations in currency and interest rates, imprecision of resource estimates, the results of exploration, development and drilling, imprecision in estimates of future production capacity, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions. If one or more of these risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected.

The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • Contact:
    Matt McCann, CEO
    Scott C. Larsen, President
    Phone: (214) 220-4323
    Internet: http://www.transatlanticpetroleum.com
    Address: 5910 N. Central Expressway
    Suite 1755
    Dallas, Texas 75206