TransAtlantic Petroleum Corp.: Announces Appointment of Matthew McCann as CEO and Scott Larsen as President

CALGARY, ALBERTA--(Marketwire - Dec. 31, 2008) - TransAtlantic Petroleum Corp. (TSX:TNP) announced today the appointment of Matthew McCann, a member of the Company's board of directors, to the position of Chief Executive Officer effective January 1, 2009. Scott Larsen, the Company's current President and Chief Executive Officer, will remain President and continue to sit on the Company's board of directors.

"Scott Larsen has tremendous international experience and a broad range of skills that are critical in building a premier international oil & gas company," said Malone Mitchell, Chairman of the Company's board of directors. "As TransAtlantic's new CEO, Matthew McCann will employ The Mitchell Group's expertise in acquiring and developing oil & gas assets to increase shareholder value."

Mr. McCann's career is highlighted by his leadership as General Counsel for The Mitchell Group and Vice President, Legal & Corporate Secretary for SandRidge Energy, Inc. from 2005 to 2007. From 2001 to 2005, he served as General Counsel for Riata Energy. Mr. McCann received a B.S. in Business Administration from the University of Vermont and a J.D. from the University of Oklahoma College of Law.

"I am delighted to lead TransAtlantic in a promising niche in the international arena. With The Mitchell Group's financial, operational, and technical commitment and TransAtlantic's internationally experienced team, the Company is well positioned to pursue its strategic objectives."

TransAtlantic Petroleum Corp. is a vertically integrated project developer of crude oil and natural gas properties in Morocco, Turkey and Romania. Common shares of the Company are listed on the Toronto Stock Exchange under the symbol "TNP."

This news release contains 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, stock exchange, shareholder and 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 stock exchange, shareholder and regulatory approvals, satisfaction of closing conditions, 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.