TransAtlantic Petroleum Announces Delay in Filing Annual Report on Form 10-K and Schedules Conference Call

TransAtlantic Petroleum Announces Delay in Filing Annual Report on Form 10-K
and Schedules Conference Call

HAMILTON, Bermuda, March 18, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum
Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today
announces the Company's intent to file a Form 12b-25 to provide an additional
fifteen days to file its Annual Report on Form 10-K for the year ended
December 31, 2012 (the "Form 10-K").

On Thursday, March 14, 2013, the Company identified prior period errors that
relate to the allocation of well costs to the Company's depletion schedule
during the years 2009, 2010, and 2011. The prior period errors identified have
resulted in the understatement of depletion expense during 2009, 2010, 2011,
and 2012. Depletion is a non-cash expense.

The Company, in conjunction with its independent registered public accounting
firm, is currently evaluating the impact of the identified prior period errors
on current and prior period financial statements. The Company intends to file
the Form 10-K with the Securities and Exchange Commission as soon as the
evaluation is complete and its independent registered public accounting firm
has finalized their audit and review procedures. There can be no assurance
that additional issues will not be identified during the course of the audit
process, and such items could be material to the Company's financial condition
and results.

Intent to Hire Third-Party Accounting Consultant

TransAtlantic intends to immediately commence the process of hiring a
third-party accounting consulting firm to assist and supplement the in-house
accounting staff with a thorough review of all prior period accounting and

N. Malone Mitchell, 3^rd, TransAtlantic's Chairman and Chief Executive
Officer, said, "I am disappointed to report another delay in our regulatory
filings. The Board and I share our external shareholder frustrations on this
matter, and have decided that it is in the best interests of all shareholders
to bring in external assistance. This will not only provide fresh, independent
opinion, but will also allow the Company's accounting team to focus its
efforts on current and future period accounting statements to, hopefully,
prevent delays to future filings. It is unfortunate that these accounting
issues have also overshadowed what I believe are exciting, though early,
drilling results in southeastern Turkey that could provide meaningful
production and reserve growth in the months and years ahead."

Fourth Quarter 2012 Operating Results

For the three months ended December 31, 2012, total net sales were
approximately 407 thousand barrels of oil equivalent ("Mboe"), compared to net
sales of approximately 494 Mboe for the same period last year and
approximately 384 Mboe in the third quarter of 2012. During the three months
ended December 31, 2012, the Company sold an average of 4,421 boe per day.
Total net sales were comprised of approximately 263 thousand net barrels
("Mbbls") of oil at an average rate of approximately 2,856 net barrels
("Bbls") per day and approximately 864 net million cubic feet ("MMcf") of
natural gas at an average rate of approximately 9.4 net MMcf per day.

For the quarter ended December 31, 2012, the Company's average realized price
(unhedged) was $100.41 per Bbl of oil and $9.89 per thousand cubic feet
("Mcf") of natural gas, compared to an average realized price of $101.28 per
Bbl and $7.25 per Mcf in the quarter ended December 31, 2011 and $105.81 per
bbl and $8.14 per Mcf in the quarter ended September 30, 2012. For the three
months ended December 31, 2012, the Company expects to report a net loss from
continuing operations in a range of $20.2 million to $25.2 million and
Adjusted EBITDAX in a range of $22.0 million to $24.0 million.

Reconciliation of Adjusted EBITDAX to Net Loss from Continuing Operations

U.S. dollars in millions                    For the three months ended
                                           December 31, 2012
Adjusted EBITDAX from continuing operations $22.0 - $24.0
Interest and other, net                     $1.2
Income tax expense                          2.6
Depreciation, depletion, and amortization   11.3-14.3
Accretion of asset retirement obligation    0.1
Exploration, abandonment, and impairment    24.4
Seismic and other exploration               2.4
Other items                                 2.2
Net loss from continuing operations         ($25.2)- ($20.2)

Adjusted EBITDAX is a non-GAAP financial measure that represents earnings from
continuing operations before income taxes, interest, depreciation, depletion,
amortization, impairment, abandonment, and exploration expenses, unrealized
derivative losses and non-cash share-based compensation expense.

Management uses Adjusted EBITDAX as a financial measure to evaluate the
Company's operating performance. The Company has disclosed Adjusted EBITDAX to
permit a comparative analysis of its operating performance relative to other
companies. In addition, the Company believes Adjusted EBITDAX assists
management and investors in comparing the Company's performance and ability to
fund capital expenditures and working capital requirements on a consistent
basis without regard to depreciation, depletion and amortization, impairment
of natural gas and oil properties and exploration expenses, which can vary
significantly from period to period. Adjusted EBITDAX is also widely used by
investors and rating agencies.

Adjusted EBITDAX is not a measure of financial performance under GAAP.
Accordingly, it should not be considered as a substitute for net income,
income from operations, or cash flow provided by operating activities prepared
in accordance with GAAP. Net income, income from operations, or cash flow
provided by operating activities may vary materially from Adjusted EBITDAX.
Investors should carefully consider the specific items included in the
computation of Adjusted EBITDAX.

Conference Call

The Company has scheduled a conference call for Tuesday, March 19, 2013 at
10:00 a.m. Eastern (9:00 a.m. Central) to review recent operating results and
discuss accounting matters.

Investors who would like to participate in the conference call should dial
877-878-2762, or 678-809-1005 for international calls, approximately 10
minutes prior to the scheduled start time, and ask for the TransAtlantic
conference call. The conference ID is 24292705. A replay will be available
until 11:59 p.m. Eastern on April 2, 2013. The number for the replay is
855-859-2056, or 404-537-3406 for international calls, and the conference ID
is 24292705.

An enhanced webcast of the conference call and replay will be available
through the Company's website. To access the conference call and replay, click
on "Investors," select "Events," and click on "Webcast" found below the event
listing. The webcast requires Microsoft Windows Media Player or RealOne

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


Forward-Looking Statements

This news release contains statements regarding the Company's intent to file
Form 12b-25 and Form 10-K, 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 unexpected issues
identified during the course of completing the Company's financial statements;
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

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
         Address:  16803 Dallas Parkway
                   Suite 200
                   Addison, Texas 75001

TransAtlantic Petroleum Ltd. Logo
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