SOURCE: TransAtlantic Petroleum Corp.

September 29, 2009 18:37 ET

TransAtlantic Petroleum Corp. Announces Effectiveness of Registration Statement on Form S-1 and Updates Drilling Activity

CALGARY, AB--(Marketwire - September 29, 2009) - TransAtlantic Petroleum Corp. (TSX: TNP) (OTCBB: TAPFF) announced today that the United States Securities and Exchange Commission has declared effective the Company's Registration Statement on Form S-1. The Registration Statement registers for resale 55,544,300 of the Company's common shares on behalf of certain selling shareholders named in the Registration Statement. The selling shareholders purchased their shares on June 22, 2009 either in an offering of common shares conducted outside the United States in reliance on Regulation S under the Securities Act of 1933 or inside the United States in compliance with Regulation D under the Securities Act of 1933. The common shares have been registered for future sales which may be made from time to time by the selling shareholders.

Drilling Update

In Turkey, the Company expects its first Selmo oil field infill well, the S-54, to commence oil production in a few days. The Company will resume testing the Atesler-1 well shortly upon the arrival of a straddle packer. The packer will isolate certain water bearing zones to determine if a preliminary oil show will be economic to produce. In the Arpatepe field area, the Company is coordinating with its 50% partner, Aladdin Middle East, on the drilling of the Arpatepe-3 well, which is expected to be drilled in the fourth quarter. The Company is also coordinating plans with Aladdin to drill additional exploration and appraisal wells to test other prospect areas on the Arpatepe license.

In Morocco, the Company has drilled the HR-33bis well to a total depth of 3,521 feet and is awaiting logging and perforating tools to test and complete the well. The Company continues to experience drilling difficulties on the OZW-1 exploration well on the Ouezzane-Tissa license.

In Romania, the Company is currently drilling the fourth well of its seven-well 2009 drilling program. The Company plans to commence testing and completion of these four wells beginning in late October. The Company expects to commence drilling the first of three planned exploration wells on the Sud Craiova license in late October. The Sud Craiova wells will target shallow tertiary aged sandstones, which are expected to be natural gas bearing, at a depth of less than 1,000 meters.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About TransAtlantic

TransAtlantic Petroleum Corp. 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 drilling, testing and completion of wells, the timing for such drilling, testing and completion, 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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