TransAtlantic Petroleum Corp.

TransAtlantic Petroleum Corp.

September 10, 2008 18:45 ET

TransAtlantic Petroleum Corp.: Announces Farm-In of Turkey Exploration Licenses With Exploration Well to Be Drilled Later This Year

CALGARY, ALBERTA--(Marketwire - Sept. 10, 2008) - TransAtlantic Petroleum Corp. (TSX:TNP) is pleased to announce it has reached agreement with Incremental Petroleum Limited (ASX:IPM) ("Incremental") to farm-in to Incremental's License 4262, covering 3,052 acres onshore southeastern Turkey. The agreement is subject to completion of formal documentation and approval by the Turkish General Directorate of Petroleum Affairs ("GDPA").

In exchange for a 60% working interest, the Company will drill one exploration well on the Atesler prospect located on License 4262 to a depth of approximately 3,200 meters (10,500 feet). At casing point, Incremental and TransAtlantic will each elect whether to proceed to completion and will each bear their proportionate share of completion and infrastructure costs. The well will target a structural rollover to test the Mardin formation; the Atesler prospect is on trend with adjacent fields that have produced over 300 million barrels.

By drilling this well, the Company will also earn an undivided 75% working interest in four additional licenses covering 1,863 square kilometers (460,321 acres) located south of License 4262. The Company's participation in these licenses is conditioned upon extension of their term by the GDPA; such extension is subject to the parties commencing the drilling of the well on License 4262 by early November and submitting an acceptable work program for the extension period. Subject to GDPA's approval, the Company will become the operator of all five of the licenses.

Also in Turkey, pursuant to the farm-out it announced earlier this year, a well will be spudded on the Company's Licenses 4173 and 4174 in the fourth quarter and drilled to a depth of 3,700 meters (12,100 feet) to test the Bedinan Ordovician formation. The Company will retain a 25% interest and be carried through completion of the well.

As announced by the Company on August 27, 2008, the Company plans to acquire Longe Energy Limited, which will result in TransAtlantic owning its own drilling rigs. The Company will move one rig to Turkey in the fourth quarter to perform its drilling program there. To meet the early November deadline to commence drilling on License 4262, the Company will contract for a rig to set the initial casing string and will then drill the remainder of the well using its own rig.

TransAtlantic is engaged in the exploration for 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 drilling plans, plans to acquire seismic data, plans to conduct technical studies, estimates of the costs to drill or acquire the seismic and conduct studies and estimates of when such plans will be executed as well as other 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 Turkey, reliance on Turkey's 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.


Contact Information

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