transatlantic petroleum reports 3q 2008 financial results

TransAtlantic Petroleum Reports 3Q 2008 Financial Results

11-18-2008

TransAtlantic Petroleum Corp. reports the following third quarter results (all results in U.S. dollars):

Consolidated net loss for the quarter ended September 30, 2008 was $1.5 million or $0.02 per share, compared to a net loss of $2.2 million or $0.05 per share for the same quarter last year. The Company's consolidated net loss for the third quarter 2008 is primarily composed of general and administrative costs of $719,000 and international expenditures of $858,000. As of September 30, 2008, the Company had cash and cash equivalents of $10.1 million, no debt and working capital of $9.4 million compared to cash and cash equivalents of $657,000, current debt of $4.0 million and working capital of $316,000 at September 30, 2007.

With regard to the development of its international properties, in October 2008 the Company began re-entry operations on one well in Morocco. In September 2008, the Company agreed to farm-in to Sterling Resources Ltd.'s Sud Craiova Block in western Romania. In exchange for a 50% working interest, the Company will drill three 1,000 meter exploration wells on the Sud Craiova license. The Company expects to commence drilling operations in Romania in December 2008. Also in September 2008, the Company agreed to farm-in to Incremental Petroleum Limited's License 4262 in southeastern Turkey. In exchange for a 60% working interest, the Company agreed to drill one exploration well. By drilling this well, the Company will also earn an undivided 75% working interest in four additional licenses covering 1,863 square kilometers (460,321 acres) in southeastern Turkey, subject to government approval. The Company began drilling operations on this well in October 2008. By the end of November 2008, drilling operations will commence to test the Bedinan Ordivician formation (approximately 3,700 meters) on Block 4174 in southeastern Turkey pursuant to a farmout agreement in which the Company retains a 25% working interest. The Company will be carried through testing of the well.

The re-entry operation in Morocco is being performed with a drilling rig supplied by Longe Energy Limited. As announced in the Company's press releases dated August 27 and September 19, 2008, the Company has agreed to acquire Longe Energy Limited in a transaction expected to close in December 2008, subject to regulatory and shareholder approval.