TransAtlantic Petroleum Announces Production Update, Selmo Field Extension and 2014 Annual Meeting Webcast Access

TransAtlantic Petroleum Announces Production Update, Selmo Field Extension and 2014 Annual Meeting Webcast Access  HAMILTON, Bermuda, May 27, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today provided an update on its current net sales, announced an extension on its Şelmo field production lease and provided details to access its 2014 annual meeting webcast, which will be broadcast live at 10 a.m. Central today.  Current Net Sales and Şelmo Field Extension  TransAtlantic's current net sales are approximately 5,300 BOEPD, comprised of approximately 3,850 BOPD and approximately 8.8 MMCFPD. Oil sales increased 38% from the Company's April 2014 average as a result of production increases in the Şelmo and Arpatepe fields. The Company is currently developing the southeastern portion of the Şelmo field, which is less developed than the northwestern portion of the field. The Arpatepe-7 well (50% working interest) had initial production of 330 BOPD gross (165 BOPD net).  TransAtlantic was also granted a new ten-year extension to its Şelmo field production lease from the General Directorate of Petroleum Affairs of the Republic of Turkey.  Chairman and Chief Executive Officer N. Malone Mitchell 3^rd commented, "Once again, Turkey has shown itself to be a valuable partner and a supporter of domestic oil and natural gas production. We are very pleased to extend our Şelmo lease for another ten years and look forward to making additional investments in Turkey."  2014 Annual Meeting Webcast  TransAtlantic will host its 2014 annual meeting of shareholders today at 10 a.m. Central at its 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, please visit the Company's website at www.transatlanticpetroleum.com, click on "Investors" and select "Annual Meeting."  About TransAtlantic Petroleum Ltd.  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 hosting of an annual meeting webcast, 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          Vice President and Chief Financial Officer          (214) 220-4323                   TransAtlantic Petroleum Ltd.          16803 Dallas Parkway          Addison, Texas 75001          http://www.transatlanticpetroleum.com  TransAtlantic Petroleum Ltd. Logo