TransAtlantic Petroleum Announces First Quarter 2014 Financial Results, Enters Into New Credit Facility and Provides Updates on

TransAtlantic Petroleum Announces First Quarter 2014 Financial Results, Enters
Into New Credit Facility and Provides Updates on Its Operations and Potential
Acquisition in Poland

HAMILTON, Bermuda, May 8, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum
Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today
announced financial results for the quarter ended March 31, 2014, disclosed
terms of its new credit facility and provided updates on its operations and
potential acquisition in Poland.

Highlights

  *Average net sales for the first quarter of 2014 were 4,622 BOEPD, a 5%
    increase over the fourth quarter of 2013 and a 12% increase over the first
    quarter of 2013
  *Net income from continuing operations for the first quarter of 2014 was
    $4.0 million
  *Adjusted EBITDAX from continuing operations for the first quarter of 2014
    was $21.9 million, a 5% increase over the fourth quarter of 2013 and a 15%
    increase over the first quarter of 2013 (Adjusted EBITDAX is a non-GAAP
    financial measure that is defined and reconciled to net income at the end
    of this press release)

First Quarter 2014 Results

                             For the Three Months Ended
                             March 31, 2014 December 31, 2013 March 31, 2013
Net Sales:                                                   
Oil (MBbls)                 260            233               239
Natural gas (MMCF)           934            1,028             801
Total net sales (MBOE)       416            404               373
Average net sales (BOEPD)    4,622          4,391             4,144
                                                            
Realized Commodity Pricing:                                  
Oil ($/Bbl unhedged)          $97.05         $104.04           $103.00
Oil ($/Bbl hedged)           $94.16         $100.33           $97.76
                                                            
Natural gas ($/MCF unhedged) $8.30          $8.93             $10.12
Natural gas ($/MCF hedged)   $8.30          $8.93             $10.12

Total revenues were $33.6 million for the three months ended March 31, 2014,
compared to $33.9 million for the three months ended December 31, 2013 and
$34.0 million for the three months ended March 31, 2013. For the three months
ended March 31, 2014, TransAtlantic had net income from continuing operations
of $4.0 million, or $0.11 per share (basic and diluted), compared to a net
loss from continuing operations of $14.4 million, or $(0.39) per share (basic
and diluted), for the three months ended December 31, 2013 and net income from
continuing operations of $3.0 million, or $0.08 per share (basic and diluted),
for the three months ended March 31, 2013. Net income for the first quarter of
2014 included $1.3 million of foreign exchange losses, a $2.5 million gain on
the revaluation of a contingent consideration, a $1.0 million gain on our
commodity derivative contracts and $4.1 million of exploration, abandonment
and impairment charges (of which approximately $1.1 million represented cash
expenses during the quarter). Capital expenditures, including seismic and
corporate expenditures, totaled $26.1 million for the three months ended March
31, 2014, compared to $31.6 million for the three months ended December 31,
2013 and $18.7 million for the three months ended March 31, 2013.

Adjusted EBITDAX from continuing operations for the three months ended March
31, 2014 was $21.9 million, compared to $20.9 million for the three months
ended December 31, 2013 and $19.0 million for the three months ended March 31,
2013.

New Credit Facility

On May 6, 2014, TransAtlantic and its subsidiaries entered into a new $150.0
million senior secured credit facility that matures on March 31, 2019. The
initial borrowing base is $78.0 million and will be re-determined
semi-annually based on reserves. TransAtlantic will add additional commodity
hedges for crude oil, per the terms of the new credit agreement. The Company
intends to use borrowings from the senior secured credit facility to pay off
in full its amended and restated credit facility and to fund its development
and exploration activities in Turkey.

Operational Update

TransAtlantic's average net sales for April 2014 were approximately 4,300
BOEPD, comprised of 2,800 BOPD and 9.1 MMCFPD. The Company is presently
operating three drilling rigs in southeastern Turkey. Year to date,
TransAtlantic has spudded nine wells and completed nine wells. The Company
plans to drill between 33 and 49 total gross wells in 2014.

Southeastern Turkey – Şelmo Field Redevelopment

TransAtlantic recently spudded its seventh MSD horizontal well, Şelmo-54H
(100% working interest), which has a planned total measured depth of more than
8,000 feet. The Company is currently completing its sixth MSD horizontal well,
Şelmo-84H (100% working interest), which was drilled to a total measured depth
of approximately 7,000 feet.The Company's fifth MSD horizontal well, the
Şelmo-92H (100% working interest), is producing 190 BOPD. Its fourth
horizontal well, the Şelmo-86H (100% working interest), reached target depth
in April 2014 and is currently being completed. TransAtlantic has two Şelmo
LSD wells awaiting completion. The Company expects to spud five additional
horizontal wells in the Şelmo field in 2014.

In the first quarter of 2014, TransAtlantic initiated a waterflood pilot test
program in the Şelmo field. The Company has begun to inject water into the
field and believes that secondary recovery will increase the field's
production. TransAtlantic intends to conduct at least two additional
waterflood pilot tests in the Şelmo field in 2014.

The Company is also conducting a polymer injection program in the Şelmo field
to increase net oil production. Four of the initial five wells that received
polymer treatments delivered positive results. For a total cost of $1.0
million, five wells were treated in early April 2014 and oil production has
increased by approximately 250 BOPD. TransAtlantic will evaluate the polymer
injection results for 30-60 days before proceeding with polymer injection in
five additional wells. The Company believes it has at least 20 additional
polymer injection well candidates.

Southeastern Turkey – Molla Drilling Program

TransAtlantic completed shooting its 800 km^2 (300 square mile) Molla 3D
seismic program. The final phase of processed data is expected to be delivered
in the third quarter of 2014.

The Company is drilling the Bahar-2ST well (100% working interest) to test the
Bedinan formation west of the original bottom-hole location at a true vertical
depth of approximately 10,500 feet. The well experienced wellbore instability
at approximately 10,000 feet and is currently being sidetracked. In May 2014,
TransAtlantic intends to spud the Bahar-3 (100% working interest), a vertical
well planned to yield additional confirmation of the Bahar structure. The
Company is preparing locations for the Bahar-4 (100% working interest) and
Bahar-6 (100% working interest) wells.

TransAtlantic recently completed and tested the Çatak-1 (100% working
interest) vertical well. After finding oil shows in the Bedinan and completing
the well, production was deemed uneconomic. The total cost to drill and
complete the Çatak-1 was $5.6 million.

Southeastern Turkey – Arpatepe Development

TransAtlantic recently achieved target depth of 8,200 feet on the Arpatepe-7
(non-operated, 50% working interest), a Bedinan appraisal well. Drill stem
tests showed oil in the Bedinan formation. The well was cased, and the Company
anticipates testing the well in the next two weeks. The Arpatepe-7 well opened
a new fault block and encountered two previously undiscovered sands, both of
which will be tested. TransAtlantic plans to drill the Arpatepe-8
(non-operated, 50% working interest) vertical development well and initiate a
waterflood pilot test on the Arpatepe license in 2014.

Southeastern Turkey – Idil Exploration

TransAtlantic is preparing to drill a vertical exploration well on its Idil
license in 2014. The Company's joint venture partner, Onshore Petroleum
Company AS ("Onshore"), has been assigned a 50% interest in the Idil license
and will fund 100% of TransAtlantic's initial exploration well, up to $3.5
million. Expenses over $3.5 million will be split equally between Onshore and
TransAtlantic.

Northwestern Turkey – Thrace Basin Development

The seismic data from TransAtlantic's 234 km^2 (90 square mile) Osmanlı 3D
seismic program in the Thrace Basin is approximately 90% processed and is
expected to be completed in the next several weeks. The Company expects to use
its new 3D seismic to target the Osmanlı area with between eight and twelve
conventional, shallow, vertical appraisal wells.

TransAtlantic's first two horizontal wells in the Mezardere siltstone are
currently on long-term production tests. The BTD-2H (41.5% working interest)
is currently producing 1.7 MMCFPD gross and the TDR-11H (41.5% working
interest) is currently producing 800 MCFPD gross. The Company plans to further
complete the wells with coil tubing to open additional stages in the next
several weeks. TransAtlantic is preparing a multi-well horizontal campaign and
expects to drill between four and eight additional horizontal wells in the
Mezardere and Teslimkoy formations in 2014.

Bulgaria

TransAtlantic achieved target depth on the Deventci-R2 (50% working interest)
in the first quarter of 2014. After perforation, the well tested approximately
2 MMCFPD with condensate. The Company is currently conducting a long-term
pressure build-up test to evaluate connectivity to the reservoir. Following
well testing, TransAtlantic expects to request government approval to
stimulate the well. The Deventci-R2 is a directional exploration well
targeting the Dolni Lukovit zone at a depth of approximately 14,500 feet.

Update on Potential Acquisition in Poland

TransAtlantic is pursuing ongoing discussions with San Leon Energy plc and
Hutton Energy plc about an acquisition of certain assets in Poland. However,
after conducting geological and engineering due diligence on the original
properties under consideration, TransAtlantic decided that it will not proceed
with the full acquisition in Poland as previously described in its March 27,
2014 press release.

Annual Meeting

The Company has scheduled its 2014 annual meeting of shareholders for Tuesday,
May 27, 2014 at 10:00 a.m. Central. The annual meeting will be held at
TransAtlantic's U.S. headquarters, which is located at 16803 Dallas Parkway,
Addison, Texas, 75001. The Company will host a live webcast of the event on
its website. To view the live webcast of the annual meeting, or to register
your attendance, please visit the Company's website at
www.transatlanticpetroleum.com, click on "Investors" and select "Annual
Meeting."

Second Quarter 2014 Operations Update

TransAtlantic expects to issue a quarterly operations update for the second
quarter of 2014 during the week of July 7, 2014.

Conference Call

The Company has scheduled a conference call for Friday, May 9, 2014 at 7:30
a.m. Central (8:30 a.m. Eastern) to discuss first quarter 2014 financial
results.

Investors who would like to participate in the conference call should dial
(877) 878-2762 or (678) 809-1005 approximately 10 minutes prior to the
scheduled start time and ask for the TransAtlantic conference call. The
conference ID is 33733285. A replay will be available through May 16, 2014 and
may be accessed by dialing (855) 859-2056 or (404) 537-3406. The conference ID
is 33733285.

An enhanced webcast of the conference call and replay will be available
through the Company's website at www.transatlanticpetroleum.com. To access the
live webcast and replay, click on "Investors," select "Events &
Presentations," and click on "Listen to webcast" under the event listing. The
webcast requires iOS, Microsoft Windows Media Player or RealOne Player.

Quarterly Report on Form 10-Q

On May 8, 2014, TransAtlantic filed its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2014.


TransAtlantic Petroleum Ltd.
Consolidated Statements of Comprehensive Income (Loss)

                            For the Three Months Ended
U.S. Dollars and shares in
thousands, except per share  Mar. 31, 2014    Dec. 31, 2013    Mar. 31, 2013
amounts
                            (Unaudited)      (Unaudited)      (Unaudited)
Revenues:                                                    
Total revenues              $33,646          $33,922          $34,044
Costs and expenses:                                          
Production                  4,131            5,156            5,527
Exploration, abandonment and 4,141            9,341            3,864
impairment
Cost of purchased natural    485              437              712
gas
Seismic and other            3,294            7,624            243
exploration
Revaluation of contingent    (2,500)          --               --
consideration
General and administrative  6,552            8,237            7,523
Depreciation, depletion and  10,090          11,278          8,976
amortization
Accretion of asset           98              141             129
retirement obligations
Total costs and expenses    26,291          42,214          26,974
Operating income (loss)     7,355           (8,292)         7,070
Other income (expense):                                      
Interest and other expense  (1,203)         (1,165)         (890)
Interest and other income   273              376              375
Gain (loss) on commodity     962              (3,063)          (776)
derivative contracts
Foreign exchange loss       (1,344)          (3,710)          (487)
Total other expense         (1,312)          (7,562)          (1,778)
Income (loss) from
continuing operations before 6,043            (15,854)         5,292
income taxes
Current income tax (expense) (69)            455             (1,339)
benefit
Deferred income tax          (1,981)          1,011            (921)
(expense) benefit
Net income (loss) from       3,993            (14,388)         3,032
continuing operations.
Net loss from discontinued   (20)             (194)            (93)
operations, net of taxes
Net income (loss)            $3,973           $(14,582)        $2,939
Foreign currency translation (3,295)          (9,968)          (2,836)
adjustment 
Comprehensive income (loss) $678             $(24,550)        $103
Basic and diluted net income                                 
(loss) per common share:
From continuing operations^1 $0.11            $(0.39)          $0.08
From discontinued            $0.00           $(0.01)         $0.00
operations^1
Basic weighted average
number of shares             37,392           37,339           36,888
outstanding^1
Diluted weighted average
number of shares             37,392           37,339           36,888
outstanding^1

^1 On March 4, 2014, the Company's shareholders approved a 1-for-10 reverse
stock split, which became effective March 6, 2014. As a result, all common
share amounts and transactions described herein have been adjusted to reflect
the 1-for-10 reverse stock split.



TransAtlantic Petroleum Ltd.
Summary Consolidated Statements of Cash Flows

                                          For the Three Months Ended Mar. 31,
U.S. Dollars in thousands                  2014              2013
                                          (Unaudited)       (Unaudited)
Net cash provided by operating activities  $28,151           $19,649
from continuing operations
Net cash used in investing activities from (31,192)          (21,666)
continuing operations
Net cash provided by financing activities  6,640             7,000
from continuing operations
Net cash provided by (used in)             480               (56)
discontinued operations
Effect of exchange rate changes on cash   (252)             (267)
Net increase in cash and cash equivalents $3,827            $4,660



TransAtlantic Petroleum Ltd.
Summary Consolidated Balance Sheets

                                           As of
U.S. Dollars in thousands                   March 31, 2014 December 31, 2013
                                           (Unaudited)    
ASSETS                                                    
Current assets:                                           
Cash and cash equivalents                  $16,708        $12,881
Accounts receivable                        40,630         46,971
Prepaid and other current assets           5,681          5,072
Deferred income taxes                      2,322          2,239
Assets held for sale                       29             536
Total current assets                       65,370         67,699
Property and equipment, net                252,524        250,972
Total other assets                         27,059         27,915
Total assets                               $344,953       $346,586
                                                         
LIABILITIES & SHAREHOLDERS' EQUITY                        
Current liabilities:                                      
Accounts payable                           $31,453        $39,802
Accrued liabilities and other               20,441         21,268
Derivative liabilities                     3,384          3,737
Loan payable                                26,700         43,284
Liabilities held for sale                  7,455          7,559
Total current liabilities                  89,433         115,650
Total liabilities                          176,622        179,269
Total shareholders' equity                 168,331        167,317
Total liabilities and shareholders' equity $344,953       $346,586



Reconciliation of Net Income (Loss) to Adjusted EBITDAX (Unaudited)

                                    For the Three Months Ended
U.S. Dollars in thousands          Mar. 31, 2014 Dec. 31, 2013 Mar. 31, 2013
                                                              
Net income (loss) from continuing    $3,993        $(14,388)     $3,032
operations
Adjustments:                                                   
Interest and other, net             930           789           515
Current and deferred income tax      2,050         (1,466)       2,260
(benefit) expense
Exploration, abandonment, and        4,141         9,341         3,864
impairment
Seismic expense                     3,037         7,547         108
Foreign exchange loss                1,344         3,710         487
Share-based compensation            396           388           381
(Gain) loss on commodity derivative  (962)         3,063         776
contracts
Cash settlements on commodity        (752)         (865)         (1,252)
derivative contracts 
Accretion of asset retirement        98            141           129
obligation
Depreciation, depletion, and         10,090        11,278        8,976
amortization
Revaluation of contingent            (2,500)      --            --
consideration
Net other items                     --            1,336         (257)
Adjusted EBITDAX from continuing     $21,865       $20,874       $19,019
operations 

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 gains and losses, foreign exchange gains and losses, non-cash
share-based compensation expense and significant non-recurring expenses.

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 and impairment of oil and natural gas
properties and exploration expenses, which can vary significantly from period
to period. In addition, management uses Adjusted EBITDAX as a financial
measure to evaluate the Company's operating performance. 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. The Company has disclosed Adjusted EBITDAX to
permit a comparative analysis of its operating performance and debt servicing
ability relative to other companies.

About TransAtlantic

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

(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 concerning the drilling, completion and
cost of wells, the production and sale of oil and natural gas, the acquisition
and processing of seismic data, the holding of an earnings conference call,
the issuance of an operational update, the holding of an annual meeting of
shareholders, 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; outcomes of litigation; 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.

Note on BOE

Barrels of oil equivalent, or BOE, are derived by the Company by converting
natural gas to oil in the ratio of six thousand cubic feet ("MCF") of natural
gas to one barrel of oil. A BOE conversion ratio of six MCF to one barrel is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. BOE may
be misleading, particularly if used in isolation.


CONTACT: Taylor Beach
         Director of Investor Relations
         (214) 265-4746
        
         Wil Saqueton
         VP & CFO
         (214) 220-4323
        
         TransAtlantic Petroleum Ltd.
         16803 Dallas Parkway
         Addison, Texas 75001
         http://www.transatlanticpetroleum.com

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