TransAtlantic Petroleum Corp. Announces Two Stage Private Placement, a New Short Term Credit Facility and a New Partner in Its Moroccan Properties

CALGARY, ALBERTA -- (MARKET WIRE) -- 03/28/08 -- TransAtlantic Petroleum Corp. (TSX: TNP) announced today that it has entered into a strategic relationship with Riata Management LLC and its affiliates, including Longfellow Energy, LP ("Riata"). The arrangements with Riata include an equity investment into the Company, replacing Sphere Petroleum QSC as the farm-in partner in both of the Company's Moroccan properties, providing a short term credit facility to the Company and providing technical and management expertise to assist the Company in successfully developing and expanding its international portfolio of projects.

Longfellow Energy, LP is a privately held oil and natural gas exploration and production company headed by Malone Mitchell 3rd. Before his involvement with Longfellow, Mr. Mitchell founded Riata Energy, Inc. ("Riata Energy"), and built it into one of the largest privately held energy companies in the U.S. In 2006, Mr. Mitchell sold a controlling stake in Riata Energy, and the name of Riata Energy was changed to SandRidge Energy, Inc. SandRidge is now publicly traded on the New York Stock Exchange. Mr. Mitchell and his team plan to apply the principles that made Riata Energy successful to new oil and gas exploration ventures in the international arena. The Company looks forward to benefiting from Mr. Mitchell's operational and management expertise and experience.

Riata will invest in TransAtlantic in a two-stage non-brokered private placement. In the first stage of the private placement, which is expected to close upon receipt of TSX approval, TransAtlantic will issue 10 million common shares to Riata or certain associated persons at Cdn $0.30 per share for Cdn $3.0 million proceeds to the Company, and Mr. Mitchell will join TransAtlantic's Board. In the second stage, which is subject to disinterested shareholder approval, TransAtlantic will issue 25 million common shares to Riata or certain associated persons at Cdn $0.36 per share for Cdn $9.0 million. If the required shareholder approval is received, the second stage of the private placement is expected to close following the Company's annual and special shareholder meeting scheduled for May 20, 2008 (the "Shareholder Meeting"). Riata will also nominate a second director to the Company's Board of Directors at the Shareholder Meeting which will expand the Board to six directors. Following the closing of the second stage of the private placement, the Company will have 78,270,462 shares outstanding, of which Riata and its associated persons will own 44.7%. The net proceeds of the private placements will be used to fund drilling activities in Romania, to repay the Riata short term loan as described below and for general corporate purposes. The private placement transactions are subject to TSX approval.

Upon closing of the first stage of the private placement, Riata will loan the Company U.S. $2.0 million which the Company will use to repay the U.S. $2.0 million loan due to Quest Capital Corp., the maturity date of which has been extended to April 30, 2008 to permit the Riata loan to close. The new Riata loan will bear interest at 12% and be secured by guarantees from the Company's first and second tier subsidiaries. Interest and principal will be due on June 30, 2008; provided that if the Company repays the Riata loan out of the proceeds from the second stage of the private placement before June 15, 2008, interest on the loan will be waived.

In addition, Riata will replace Sphere Petroleum QSC ("Sphere") in both the Tselfat and Guercif permits in Morocco. Sphere has encountered difficulties meeting its funding obligations under the Tselfat Option and Farmout Agreement and the Guercif Participation Agreement and has agreed to assign to Riata all of Sphere's rights and interests under both agreements in exchange for Riata assuming all of Sphere's obligations under the Tselfat and Guercif permits. The addition of Riata in both permits is subject to any required government approvals.

Under the Tselfat Option and Farmout Agreement, Riata will fund 100% of the costs of an ongoing evaluation work program, which includes a U.S. $4.3 million 3D seismic survey being shot over a portion of the Tselfat permit and additional geological studies. The Tselfat 3D survey commenced in late January and should be completed by the end of April. Riata will have the option to acquire a 50% interest in the Tselfat permit if it commits to fund 100% of the costs of an exploration well on the permit. The Company would retain a 50% interest and operate the Tselfat permits.

Under the Guercif Participation Agreement, Riata will fund 100% of the cost of the initial three-year work program for a 50% interest in the two recently formed Guercif exploration permits. Riata will also fund back costs to the Company in the amount of U.S. $680,000. The Company would retain a 30% interest and operate the Guercif permits.

TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in Morocco, Turkey and Romania. Common shares of TransAtlantic are listed on the Toronto Stock Exchange under the symbol "TNP."

This news release contains statements concerning drilling plans, plans to acquire seismic data, plans to conduct technical studies, estimates of the costs to drill or acquire the seismic and conduct studies and estimates of when such plans will be executed as well as other expectations, plans, goals, objectives, assumptions, information or statements 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, oil and gas prices remaining relatively consistent with their current prices, access to the fields, availability of drilling rigs and other equipment, obtaining drilling success consistent with expectations, regulatory approvals being obtained and estimated timelines being met and the actual costs being consistent with estimated costs.

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 the political stability of Turkey, reliance on Turkey's current hydrocarbon and tax laws and regulations, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability of drilling and other well services, volatility of oil and gas prices, fluctuations in currency and interest rates, The Company's ability to access external sources of debt and equity capital, imprecision in estimating the timing and costs of drilling and development, the Company's ability to secure adequate product transportation, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions.

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.

(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)

Contacts: TransAtlantic Petroleum Corp. Scott C. Larsen President (214) 220-4323 Website: www.tapcor.com

2008-03-28 19:30:58 0322531 MARKETWIRE