TransAtlantic Petroleum Corp. Announces Award Of 3 More Exploration Licenses In Turkey

Calgary, Alberta - TransAtlantic Petroleum Corp. announces it has been awarded three exploration licenses in southeastern Turkey. This brings to six the number of exploration licenses the Company holds in Turkey.

The three new licenses have four-year terms and cover a total of 334,618 acres. The Company will be the operator and 100% working interest owner of the licenses. Upon a commercial discovery, each exploration license would be converted to a 20-year production lease which bears a 12.5% royalty; the corporate tax rate in Turkey is 20%.

The three contiguous licenses are located in southeastern Turkey close to the Iranian and Iraqi borders. The Company's focus in these licenses is on Mesozoic and deeper formations buried under folded Tertiary cover in the Zagros Thrust Belt. This area in southeastern Turkey holds significant resource potential. This play is similar to those found in the major Iraqi Zagros fields, such as the recently discovered Taq Taq field located 80 miles directly south of the licenses.

The license awards are based upon the Company's commitment to an initial work program of detailed fieldwork which will total approximately $360,000 on all three blocks over the next three years. At that point, the Company will decide whether to shoot seismic or drill a well.

TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in Morocco, Turkey, the U.K. North Sea, Romania and the U.S.

SOURCE: TransAtlantic Petroleum Corp