TransAtlantic Petroleum Corp.

TransAtlantic Petroleum Corp.

December 04, 2006 17:54 ET

TransAtlantic Petroleum Corp. Closes US $3.8 Million Private Placement

CALGARY, ALBERTA--(CCNMatthews - Dec. 4, 2006) - TransAtlantic Petroleum Corp. (TSX:TNP.U) announced today that it has closed its previously announced U.S. $3.8 million non-brokered private placement financing. Pursuant to the financing, TransAtlantic issued 4,500,000 Units at U.S. $0.85 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at a price of U.S. $1.05 until December 4, 2008, provided however, that if, at any time after April 4, 2007, the weighted average trading price of TransAtlantic's common shares is at least U.S. $1.55 per share for 20 consecutive trading days, the Company will be entitled to accelerate expiration of the warrants (thereby requiring the warrant holder to exercise the warrant within 30 days of being notified of the accelerated expiration). In connection with issuance of the Units, the Company paid a cash commission of 6.5% of the gross proceeds raised and issued 219,375 finder's warrants on the same terms as the warrants included as part of the Units.

The additional capital will be used for TransAtlantic's ongoing exploration and production activities. TransAtlantic now has outstanding approximately 42.6 million shares and 8.0 million share purchase warrants, substantially all of which are exercisable at U.S 1.05 per share.

TransAtlantic Petroleum Corp. is a Calgary-based oil and natural gas company with operations in the United States, Romania, Morocco, Turkey and the U.K. North Sea. Common shares of TransAtlantic are listed on the Toronto Stock Exchange under the symbol TNP.U.

This news release contains statements regarding 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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