SOURCE: TransAtlantic Petroleum Ltd.

December 21, 2009 19:45 ET

TransAtlantic Petroleum Ltd. Secures Senior Revolving Credit Facility

HAMILTON, BERMUDA--(Marketwire - December 21, 2009) - TransAtlantic Petroleum Ltd. (TSX: TNP) (NYSE Amex: TAT) today announced that the Company's wholly-owned subsidiaries, Petroleum Exploration Mediterranean Pty. Ltd., DMLP, Ltd., Talon Exploration, Ltd. and TransAtlantic Turkey, Ltd., have secured a three-year senior revolving credit facility of up to US$250 million with Standard Bank Plc and BNP Paribas. Proceeds from the facility would be used to fund the Company's operations in Turkey.

The initial borrowing base under the credit facility is US$30 million, and amounts drawn down under the credit facility bear interest at the LIBOR rate plus 6.25%. The credit facility is secured primarily by the Company's assets in Turkey. Additional terms of the credit facility agreement will be included in the Company's Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission.

Matthew McCann, Chief Executive Officer of the Company, said, "While we don't anticipate drawing on the credit facility in the near term, the credit facility will provide long-term capital that we can utilize in growing our base of production and cash flow in Turkey."

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. Additional information about the Company may be obtained by visiting the Company's website, www.transatlanticpetroleum.com.

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

This news release contains statements regarding the borrowing of funds under a credit facility and the filing of documents with government authorities, 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.

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.

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