Exhibit 99.1

TransAtlantic Petroleum Ltd. Announces Unaudited Year End 2011 Results, Announces Definitive Agreement to Sell Viking and Provides Operational Update

Hamilton, Bermuda (March 16, 2012) – TransAtlantic Petroleum Ltd. (TSX: TNP)(NYSE-AMEX: TAT) (the “Company”)

announces unaudited results for the quarter and year ended December 31, 2011, including a summary of year-end proved reserves, announces a definitive agreement to sell Viking and provides an operational update.

Selected Highlights



TransAtlantic signed a definitive stock purchase agreement to sell its oilfield services business for an aggregate purchase price of $164 million, subject to adjustment in limited circumstances;



Successful first Thrace Basin multi-zone fracture stimulation (“frac”) recently completed at a peak rate of 3.0 million cubic feet (“MMcf”) of natural gas per day ;



Goksu-2, a successful offset to our recent Molla discovery, was completed with an initial production rate of approximately 400 barrels (“bbls”) of oil per day;



Net sales volumes in the fourth quarter of 2011 averaged 5,367 barrels of oil equivalent (“boe”) per day, an increase of 43% over the same period in 2010 and 7% over the third quarter of 2011; Adjusted EBITDAX from continuing operations for the fourth quarter of 2011 totaled $21.9 million (Adjusted EBITDAX is a non-GAAP financial measure that is defined and reconciled to net income later in this press release);



Year-end 2011 PV-10 of $645.8 million ($1.76 per current common share outstanding), an increase of 20% from the year-end 2010 PV-10 of $536.3 million ($1.46 per current common share outstanding) (PV-10 is a non-GAAP financial measure that is defined and reconciled to the standardized measure later in this press release)Proved reserves as of December 31, 2011 totaled 13.4 million barrels of oil equivalent (“MMboe”);



Fourth quarter of 2011 results were impacted by $4.8 million of unrealized mark-to-market derivative losses, $2.7 million of foreign exchange losses, a $25.9 million impairment charge related to unproved oil and natural gas properties in Bulgaria due to recent legislation enacted by the Bulgarian Parliament, an $18.8 million impairment related to certain natural gas reserves, and other items that increased production expense and general and administrative expense by a combined total of $3.0 million.

Fourth Quarter 2011 Operating Summary


     For the three months ended  
     December 31, 2011      December 31, 2010      September 30, 2011  

Net Sales


Oil (Mbbls):

     231         196         222   

Natural Gas (MMcf):

     1,576         887         1,426   










Total Net Sales (Mboe):

     494         344         460   

Total Net Sales (boe/day):

     5,367         3,743         4,996   

Realized Commodity Pricing


Oil ($/bbl – Unhedged):

   $ 101.28       $ 91.67       $ 104.43   

Oil ($/bbl – Hedged):

   $ 97.22       $ 74.17       $ 98.56   

Natural Gas ($/Mcf – Unhedged):

   $ 7.25       $ 7.85       $ 6.53   

Natural Gas ($/Mcf – Hedged):

   $ 7.25       $ 7.85       $ 6.53   

The following information was filed by Transatlantic Petroleum Ltd. (TAT) on Friday, March 16, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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