TransAtlantic Petroleum Corp. Year End 2008 Financial Results; Annual Report

CALGARY, AB--(Marketwire - April 1, 2009) - TransAtlantic Petroleum Corp. (TSX: TNP) today reported the following (all results in U.S. dollars):

Year End 2008 Results

TransAtlantic's consolidated net loss for 2008 was $8.6 million or $0.13 loss per share (basic and diluted), compared to consolidated net loss of $7.9 million or $0.18 loss per share (basic and diluted) for 2007. The 2008 net loss is composed primarily of general and administrative expense of $3.0 million and $5.2 million relating to international exploration activities.

The Company's consolidated revenues for the year ended December 31, 2008 were $111,000, which represented a decrease of $542,000 from the $653,000 reported for 2007. The decrease in revenue is primarily due to the sale of the South Gillock and Jarvis Dome properties in the fourth quarter of 2007.

At December 31, 2008, the Company had cash and cash equivalents of $30.1 million, no debt and working capital of $28.9 million, compared to cash and cash equivalents of $2.2 million, short-term debt of $2.0 million and a working capital deficit of $202,000 at December 31, 2007. Cash used in operations in 2008 was $5.8 million compared to $6.0 million in 2007.

The Company has also reached a tentative agreement with Dalea Partners, LP, an entity controlled by TransAtlantic's Chairman, N. Malone Mitchell 3rd, to amend the existing credit agreement between Dalea and the Company. The proposed amendment, which is subject to regulatory approval and final documentation, would increase the loan facility by approximately $14 million and allow the use of funds for general corporate purposes.

Mr. Mitchell stated, "I remain fully committed to the Company. The credit increase will provide TransAtlantic with additional cash to continue executing its business plan, including the development of the Selmo oil field and Edirne gas field in Turkey."

Annual Report on Form 10-K

TransAtlantic Petroleum Corp. has filed its Annual Report on Form 10-K 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 Form 51-101 F3 on SEDAR. The information can be accessed electronically from the SEDAR system at www.sedar.com.

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." More information can be found at http://www.transatlanticpetroleum.com or http://www.incrementalpetroleum.com.

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

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.