TransAtlantic Petroleum Announces Delay in Filing Quarterly Report on Form 10-Q

TransAtlantic Petroleum Announces Delay in Filing Quarterly Report on Form
10-Q

HAMILTON, Bermuda, Nov. 5, 2012 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum
Ltd. (TSX:TNP) (NYSE-AMEX:TAT) (the "Company" or "TransAtlantic") today
announces the Company's intent to file a Form 12b-25 to provide an additional
five days to file its Quarterly Report on Form 10-Q for the three months ended
September 30, 2012.

During the preparation of TransAtlantic's financial results for the three
months ended September 30, 2012, the Company identified errors that were
determined to be immaterial to previously reported amounts in prior accounting
periods and resulted in the understatement of previously reported 2012 net
income from continuing operations.

Conference Call

TransAtlantic has elected to defer its quarterly earnings conference call
until financial results are reported.

About TransAtlantic

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

The TransAtlantic Petroleum Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=12745

(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 Company's intent to file
Form 12b-25, the expected reporting of financial results, the holding of an
earnings conference call, 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 market prices for
natural gas, natural gas liquids and oil products; estimates of reserves and
economic assumptions; the ability to produce and transport natural gas,
natural gas liquids and oil; the results of exploration and development
drilling and related activities; economic conditions in the countries and
provinces in which the Company carries on business, especially economic
slowdowns; actions by governmental authorities, receipt of required approvals,
increases in taxes, legislative and regulatory initiatives relating to
fracture stimulation activities, changes in environmental and other
regulations, and renegotiations of contracts; political uncertainty, including
actions by insurgent groups or other conflict; the negotiation and closing of
material contracts; shortages of drilling rigs, equipment or oilfield
services.

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: 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

TransAtlantic Petroleum Ltd. Logo
 
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