TransAtlantic Petroleum Corp.
TSX : TNP

TransAtlantic Petroleum Corp.

July 07, 2008 16:37 ET

TransAtlantic Petroleum Corp. Announces Farm-In to Seven Blocks in Morocco

CALGARY, ALBERTA--(Marketwire - July 7, 2008) - TransAtlantic Petroleum Corp. (TSX:TNP) announced today the Company and Longe Energy, Ltd. ("Longe") have agreed to farm-in to the Ouezzane-Tissa and Asilah exploration permits held by Direct Petroleum Morocco, Inc. and Anschutz Morocco Corporation (collectively, "Direct") in northern Morocco. The Direct exploration permits cover seven blocks with a combined area of 12,287 square kilometers (3,036,068 acres).

Under the farm-in agreement, the Company and Longe would each earn a 25% interest in the Ouezzane-Tissa and Asilah exploration permits by carrying Direct for 100% of the costs of drilling three wells on the Ouezzane-Tissa permit. If one of the three wells is a commercial success, as defined in the farm-in agreement, then the Company and Longe would carry Direct in the drilling of a fourth well.

The Company will become the operator of the Ouezzane-Tissa and Asilah exploration permits, subject to government approval.

Longe Energy, Ltd. is part of the Riata group of companies, and Direct Petroleum Morocco, Inc. and Anschutz Morocco Corporation are wholly-owned subsidiaries of Denver, Colorado-based Direct Petroleum Exploration, Inc.

TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in Morocco, Turkey and Romania. Common shares of TransAtlantic are listed on the Toronto Stock Exchange under the symbol "TNP."

This news release contains statements concerning expectations, plans, goals, objectives, assumptions, information or statements 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, oil and gas prices remaining relatively consistent with their current prices, access to the fields, availability of drilling rigs and other equipment, obtaining drilling success consistent with expectations, regulatory approvals being obtained and estimated timelines being met and the actual costs being consistent with estimated costs.

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 political stability of the countries in which the Company operates, reliance on those countries' current hydrocarbon and tax laws and regulations, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability of drilling and other well services, volatility of oil and gas prices, fluctuations in currency and interest rates, The Company's ability to access external sources of debt and equity capital, imprecision in estimating the timing and costs of drilling and development, the Company's ability to secure adequate product transportation, 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.

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
    President
    (214) 220-4323
    Website: www.tapcor.com