In the first stage of the private placement, the Company issued 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. The net proceeds of the first stage of the private placement will be used for general corporate purposes. The head of Riata, Malone Mitchell 3rd, has been appointed to the Board of Directors of the Company.

In connection with the closing of the first stage of the private placement, Riata has loaned the Company U.S. $2.0 million which the Company used to repay the U.S. $2.0 million loan due to Quest Capital Corp. The new Riata loan bears interest at 12% and is 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, Sphere Petroleum QSC ("Sphere") has assigned to Riata all of Sphere's rights and interests under the Guercif Participation Agreement and the Tselfat Option and Farmout Agreement in exchange for Riata assuming all of Sphere's obligations under those agreements and the Tselfat and Guercif permits in Morocco. The transfer of Sphere's interests in the Guercif exploration permits to Riata is subject to government approval.

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. LarsenPresident(214) 220-4323Website: www.tapcor.com