TransAtlantic Petroleum Corp.: Year End 2007 Financial Results; Annual Information Form

CALGARY, ALBERTA -- (MARKET WIRE) -- 03/31/08 -- TransAtlantic Petroleum Corp. (TSX: TNP) today reported the following (all results in U.S. dollars):

Year End 2007 Results

TransAtlantic's consolidated revenues for the year ended December 31, 2007 were $653,000, which represented a decrease of $960,000 (or 59%) from the $1.6 million reported for 2006. The decrease in revenue is primarily due to lower production at South Gillock and the sale of the South Gillock and Jarvis Dome properties in the fourth quarter. The consolidated net loss for 2007 was $7.9 million or $0.18 loss per share (basic), compared to consolidated net loss of $9.4 million or $0.25 loss per share (basic) for last year. The decrease in the loss for 2007 as compared to 2006 is a result of exiting unprofitable operations in the U.S. Cash used in operations in 2007 was $6.8 million compared to $3.3 million in 2006.

The Company held its U.S. operations for sale during 2007 and disposed of most of its U.S. oil and gas properties as of year end 2007. Loss from discontinued operations was $3.4 million in 2007 compared to $4.7 million in 2006. Cash used in discontinued operations was $800,000 in 2007 as compared to $200,000 in 2006.

During the year, the Company incurred $2.7 million in general and administrative expenses of which $554,000 was stock-based compensation expense. The Company incurred and expensed $2.3 million in costs related to the pre-acquisition, reconnaissance and evaluation of our international oil and gas activities including technical, professional and administrative costs.

Lease operating expenses decreased 34% to $1.2 million as compared to $1.8 million incurred in the prior year. Depreciation, depletion and accretion ("DDA") decreased to $2.2 million for 2007 as compared to $4.6 million for 2006. The decreases in lease operating expenses and DDA are due to the sale of the Company's South Gillock and Jarvis Dome properties and to a higher impairment charge in 2006. In 2007, DDA includes a write-down of the U.S. properties to their sales value. At year-end the Company had cash and short-term investments of $2.2 million, current debt of $2.0 million and negative working capital of $202,000.

The Company recently announced that it has entered into strategic relationship with Riata Management LLC and its affiliates ("Riata") under which Riata will, subject to regulatory and shareholder approval, make an equity investment into the Company, replace the farm-in partner in both of the Company's Moroccan properties and provide a short term credit facility to the Company. For more information, please see the Company's press release dated March 28, 2008.

Annual Information Form

TransAtlantic Petroleum Corp. has filed its Annual Information Form on SEDAR which contains the National Instrument Form 51-101 F1 information (Statement of Reserves Data and other Oil and Gas Information). It has also filed National Instrument Forms 51-101 F3 on SEDAR. The information can be accessed electronically from the SEDAR system at www.sedar.com.

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 regarding expectations, plans, goals, objectives, assumptions or information 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, the ability of the Company to continue to develop and exploit attractive foreign initiatives.

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 continuing ability of the Company to operate effectively internationally, reliance on current oil and gas laws, rules and regulations, volatility of oil and gas prices, fluctuations in currency and interest rates, imprecision of resource estimates, the results of exploration, development and drilling, imprecision in estimates of future production capacity, 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

2008-03-31 20:14:36 0324126 MARKETWIRE