TransAtlantic Petroleum Announces West Molla License Award and Provides Operational Update

TransAtlantic Petroleum Ltd. TAT is pleased to announce the receipt of an exploration license in southeast Turkey and provide an operational update. Award of West Molla Exploration License TransAtlantic was recently granted a 61,561 acre (24,913 hectare) exploration license immediately offsetting the Company's existing Molla licenses. Inclusive of the new license, the Company now holds exploration and production licenses totaling approximately 160,000 contiguous net acres in southeastern Turkey (65,000 hectares), all of which is prospective for the Mardin, Bedinan and Dadas shale formations. The Company is planning to acquire 300 km of 2D seismic and drill an exploration well on the new license during the next 12 months, most likely to test the Bedinan formation. Operations Update TransAtlantic's 7-day average net production rate as of June 17, 2012 was approximately 4,436 net barrels of oil equivalent ("boe") per day, including approximately 11.3 million cubic feet ("MMcf") per day of natural gas and approximately 2,548 barrels ("bbls") of oil per day. The Company currently expects production during the second quarter to average approximately 4,500 boe per day. TransAtlantic has six operated rigs running; four in the Thrace Basin and two in southeastern Turkey. Thrace Basin Activity After a slow down in completion activity while the Viking frac crew completed and evaluated stimulations of the deep zones in the Pancarkoy-1 (100% working interest) and the Suleymaniye-2 (41.5% working interest) wells during April and May of 2012, the Company expects to frac five wells in the Thrace Basin during June 2012, including TransAtlantic's second multi-stage frac. The Guney Kayi-1 (41.5% working interest), a new drill well rather than a re-entry, is expected to be the Company's first multi-stage completion in the Tekirdag Field Area and the first three-stage completion in Turkey. The Suleymaniye-2 well was a deep test of a new structure located northwest of the Tekirdag Field Area and was recently completed as the Company's first multi-stage, multi-zone facture stimulation in the Thrace Basin. Fracs were pumped into zones at depths of approximately 6,460 feet (1,970 meters) and 6,660 feet (2,030 meters). Of the two stages, to-date one has produced only water while the second stage has produced water and natural gas. The well is currently shut-in to evaluate shut-in pressures and potential installation of artificial lift.