SOURCE: TransAtlantic Petroleum Ltd.

TransAtlantic Petroleum Ltd.

November 28, 2011 09:00 ET

TransAtlantic Petroleum Ltd. Provides Update on Operations at Selmo Field

HAMILTON, BERMUDA--(Marketwire - Nov 28, 2011) - TransAtlantic Petroleum Ltd. (TSX: TNP) (NYSE Amex: TAT) today provides a comment from N. Malone Mitchell, 3rd, the Company's chairman and chief executive officer, regarding the Company's operations at Selmo field in southeastern Turkey.

Mr. Mitchell said:

Despite the tragic events that transpired last week, TransAtlantic expects to proceed with its existing strategy at Selmo field. We appreciate the tremendous grief experienced by the friends and families of the victims and are working with the authorities to finish their investigations. We trust them to take the actions necessary to bring those responsible to justice. Senior government ministers have assured us they will act and we take them at their word.

To say that "ordinary operations have resumed" is disrespectful both to the families of those who died and to those that continue to operate in the field. However, our brave and hardworking operations team resumed production operations on Thursday and have returned the field to recent production levels. TransAtlantic is increasing and changing its security strategy for our field operations to continue to provide our employees and contractors with the protection that they deserve while realizing that it is always hard to anticipate and defend premeditated intent to do violence.

About TransAtlantic
TransAtlantic Petroleum Ltd. is an international oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas. The Company holds interests in developed and undeveloped oil and gas properties in Turkey, Bulgaria, Morocco and Romania.

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

Forward-Looking Statements
This news release contains statements regarding the production levels of Selmo field, expected government actions, 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.

Contact Information

  • Contact:
    Chad Potter
    VP, Financial and Investor Relations
    Phone: (214) 220-4323
    Internet: http://www.transatlanticpetroleum.com
    Address:
    16803 Dallas Parkway
    Suite 200
    Addison, Texas 75001