TransAtlantic Petroleum Corp.

TransAtlantic Petroleum Corp.

June 09, 2005 09:26 ET

TransAtlantic Petroleum Corp. Announces Award of Reconnaissance License in Morocco

CALGARY, ALBERTA--(CCNMatthews - June 9, 2005) - TransAtlantic Petroleum Corp. (TSX:TNP.U) announces it has been awarded a reconnaissance license covering 13,750 sq. kilometers (about 3.4 million acres) in northeastern Morocco. This expansion of the Company's activities into Morocco is in furtherance of the Company's objective of pursuing foreign initiatives.

The Company will operate and have a 60% interest in the Guecif-Beni Znassen reconnaissance license. Stratic Energy Corporation (TSX VENTURE:SE) with headquarters in Calgary will be the 40% partner in the project. The Guercif-Beni Znassen area represents the opportunity to pursue the extension of an existing producing play into a complex, under-explored basin. The initial year's work program will involve the reprocessing of 4,300 kilometers of 2D seismic and an aeromagnetic/aerogravity survey over the block. The work commitment is estimated to cost $1 million and should be completed by the first quarter 2006. Improvements in seismic processing and an understanding of the basin should permit the Company to high-grade the best areas for further exploration. The exclusive license is for a term of one year. The parties have the right to extend the reconnaissance license for an additional year or convert it to a three year petroleum agreement. There has been oil production in Morocco since the 1920's and recent law changes have made Morocco a very attractive country to explore for oil and gas.

TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in the USA, has interests in Nigeria and Turkey and is pursuing other foreign opportunities.

This press release includes projections and other "forward-looking" statements. All statements other than statements of historical facts included in this press release, including statements regarding projected reserves and upside potential are forward-looking statements. The statements involve risks that could significantly impact TransAtlantic Petroleum Corp. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given that these events will occur or that these projections will be achieved and actual results could differ materially from those projected. Important factors that could cause actual results to differ from the Company's expectations include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability and costs of drilling and other well services, fluctuations in oil and gas prices, government regulation and foreign political risks, as well as other risks.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • TransAtlantic Petroleum Corp.
    Scott C. Larsen
    (214) 220-4323