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TransAtlantic Petroleum Announces Expected Filing of First Quarter 2013 Financial Results

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HAMILTON, Bermuda, May 16, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company") today announced that it expects to file its Quarterly Report on Form 10-Q for the three months ended March 31, 2013 (the "Form 10-Q") during the week of May 20, 2013.

During the preparation of the Company's financial results for the year ended December 31, 2012, the Company identified errors in previously reported amounts in prior accounting periods. As a result, the Company's filing of its Annual Report on Form 10-K for the year ended December 31, 2012 (the "Form 10-K") was delayed until May 16, 2013. The Company reasonably expects to file its Form 10-Q during the week of May 20, 2013. While the financial statements for the three months ended March 31, 2013 are substantially complete, the delay in completing the financial statements and disclosures to be contained in the Form 10-Q is due to the diversion of time and resources to the completion of the financial statements and disclosures in the Company's Form 10-K. As a result, the Company needs additional time to complete and review its financial statements and disclosures to be contained in the Form 10-Q.

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 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 regarding the expected reporting of financial results and 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 we carry 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: Wil Saqueton VP & Chief Financial Officer Phone:(214) 220-4323 Internet: http://www.transatlanticpetroleum.com Address: 16803 Dallas Parkway, Suite 200, Addison, Texas 75001

Source:TransAtlantic Petroleum Ltd.