TransAtlantic Petroleum Corp.
TSX : TNP.U

TransAtlantic Petroleum Corp.

March 31, 2006 19:22 ET

TransAtlantic Petroleum Corp.: Year End 2005 Financial Results; Annual Information Form

CALGARY, ALBERTA--(CCNMatthews - March 31, 2006) - TransAtlantic Petroleum Corp. (TSX:TNP.U) today reported the following (all results in US dollars):

Year End 2005 Results

TransAtlantic's consolidated revenues for the year ended December 31, 2005 were $2.4 million, representing a decrease of $3.1 million from the $5.5 million reported for 2004. The decrease in revenue is due to lower oil production in Nigeria, which was sold in June 2005. The consolidated net loss for 2005 was $3.8 million or $0.11 per share, compared to consolidated net loss of $5.2 million or $0.17 per share for 2004. Cash used in operations in 2005 was $2.8 million compared to $426,000 in 2004.

Revenue from oil and gas sales in the United States in 2005 of $1.4 million increased from 2004 sales of $796,000 as a result of the South Gillock acquisition and higher commodity prices.

Lease operating expenses decreased 56% to $1.9 million due to the cessation of activities in Nigeria. This decrease was partially offset by lease operating expenses at South Gillock. General and administrative costs of $2.3 million in 2005 increased 34% compared to 2004, resulting from increased staff and consultants related to the acquisition and operation of the South Gillock property and the expenses of going into Morocco, Romania, Turkey and the North Sea. The general and administrative expense includes $410,000 for stock based compensation expense and $440,000 in costs related to development of the foreign projects.

At year end, the Company had cash and short-term investments of $9.1 million and working capital of $7.5 million.

Annual Information Form

TransAtlantic Petroleum Corp. has filed its Annual Information Form on SEDAR which contains the National Instrument Form 51-101 F1 information (Statement of Reserves Data and other Oil and Gas Information). It has also filed National Instrument Forms 51-101 F2 and F3 on SEDAR. The information can be accessed electronically from the SEDAR system at www.sedar.com.

TransAtlantic Petroleum Corp. is a Calgary-based oil and natural gas company with operations in the United States, Morocco, Romania, Turkey and the UK 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.

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

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