TransAtlantic Petroleum Provides Update on Stream Oil and Gas Acquisition


HAMILTON, Bermuda, Aug. 20, 2015 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (GLOBE NEWSWIRE) (NYSE MKT:TAT) (TSX:TNP) (the "Company" or "TransAtlantic") today announced that as of 5:00 p.m. (Vancouver Time) on August 18, 2015 (the "Contingent Payment Deadline"), neither TransAtlantic nor its indirect, wholly-owned subsidiary, TransAtlantic Albania Ltd. (formerly Stream Oil & Gas Ltd. ("Stream")), have received final approval of agreements amending the terms of Stream's petroleum agreements relating to the Gorisht-Kocul, Balish-Hekal and Cakran-Mollaj oil fields and the Delvina gas field in Albania (the "Amending Agreements") as contemplated in the plan of arrangement (the "Plan of Arrangement") under the Business Corporations Act (British Columbia) completed on November 18, 2014.

As a result, no Purchaser Contingent Shares (as defined in the Plan of Arrangement) will be issued to the former shareholders of Stream. All Contingent Share Rights (as defined in the Plan of Arrangement) previously issued to Stream shareholders in accordance with the terms of the Plan of Arrangement have terminated.

TransAtlantic continues to work with the Albanian government and expects to receive final approval of the Amending Agreements in the near future.

About TransAtlantic

TransAtlantic Petroleum Ltd. is an international oil and natural gas company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company holds interests in developed and undeveloped properties in Turkey, Albania and Bulgaria.

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

Forward-Looking Statements

This news release contains statements concerning the issuance of earnings releases, timing of earnings conference calls, and other 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, market prices for natural gas, natural gas liquids and oil products; estimates of reserves and economic assumptions; the ability to produce and transport natural gas, natural gas liquids and oil; the results of exploration and development drilling and related activities; economic conditions in the countries and provinces in which the Company carries on business, especially economic slowdowns; actions by governmental authorities, receipt of required approvals, increases in taxes, legislative and regulatory initiatives relating to fracture stimulation activities, changes in environmental and other regulations, and renegotiations of contracts; political uncertainty, including actions by insurgent groups or other conflict; outcomes of litigation; the negotiation and closing of material contracts; shortages of drilling rigs, equipment or oilfield services.

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.



            

Contact Data