TransAtlantic Reports Increases in Revenues, Loss for Q2

TransAtlantic Petroleum Corp. said that its consolidated revenues for the quarter ended June 30, 2006 were $445,000, an increase of $246,000, or 124%, from the $199,000 reported for the same quarter 2005. The increase in revenue was due to higher commodity prices and production from South Gillock which was acquired in April 2005.

The consolidated net loss for the quarter ended June 30, 2006 was $1.4 million or $0.04 loss per share (basic), compared to consolidated net loss of $479,000 or $0.01 per share (basic) for the same quarter last year. The workover program at South Gillock (completed in April) and the ongoing international exploration efforts constituted the majority of the loss.

As of June 30, 2006, the Company had cash and short-term investments of $3.0 million and working capital of $1.5 million compared to $9.1 million and $7.5 million, respectively, at December 31, 2005. The decrease in cash was partly attributable to $3.0 million invested in an interest bearing certificate of deposit that has been posted to guarantee performance of the Tselfat exploration permit work program in Morocco. Other significant uses of capital during the first six months of 2006 included the drilling of a sidetrack at Jarvis Dome ($1.1 million), ongoing international activities ($900,000) and the South Gillock workover program.

TransAtlantic Petroleum Corp. is a Calgary-based oil and natural gas company with operations in the United States, Morocco, Romania, Turkey and the UK North Sea. Common shares of TransAtlantic are listed on the Toronto Stock Exchange under the symbol TNP.U.