TransAtlantic Reports Second Quarter 2007 Results

TransAtlantic Petroleum reports first quarter net revenues for the three month period ended June 30, 2007 of $166,000 compared to $445,000 for the first quarter ended June 30, 2006. Net loss for the quarter ended June 30, 2007 was $1.6 million or $0.04 per share, compared to a net loss of $1.4 million or $0.03 per share for the same quarter last year. As of June 30, 2007, the Company had cash and short-tem investments of $624,000, current debt of $3.0 million and a working capital deficit of $3.2 million compared to cash and short-term investments of $3.0 million, no debt and positive working capital of $1.5 million, at June 30, 2006.

The Company's financial position at the end of the second quarter 2007 has been impacted by expenditures on the SGU 96 well, which cost approximately $4.1 million.

TransAtlantic Petroleum Corp. is engaged in the exploration, development and production of crude oil and natural gas in the U.S., Morocco, Romania, Turkey and the U.K. North Sea. Common shares of TransAtlantic are listed on the Toronto Stock Exchange and trade in U.S. Dollars under the symbol TNP.U.