2009-05-20-2008-10-01-2009-03-01

Bought company, gaining interest in Ouezzane-Tissa and Asilah exploration permits in northern Morocco.

TransAtlantic Petroleum Corp., Calgary, (Toronto: TNP) has acquired Longe Energy Ltd., an entity associated with TransAtlantic chairman N. Malone Mitchell III, for C$36.4 million in shares and 10 million share warrants. Longe Energy entered a farm-in with TransAtlantic in the Ouezzane-Tissa and Asilah exploration permits held by Direct Petroleum Morocco Inc. and Anschutz Morocco Corp. in northern Morocco. The Direct exploration permits cover seven blocks with a combined area of 12,287 square kilometers (3,036,068 acres). TransAtlantic and Longe originally planed to close the deal in early November, but delayed the closing due to regulatory hold-ups. During this period, Longe acquired rigs, equipment and consumables purchased for approximately C$40 million. TransAtlatic also engaged Viking Drilling, another affiliate of Mitchell, to acquire additional equipment such as vehicles, bits, tubulars and spare parts. TransAtlantic will acquire these additional assets from Longe and Viking Drilling for C$20 million sometime after closing. Mitchell says, "These are unprecedented times for the industry. The dramatic downturn in commodity prices combined with a drastic shift in the mood of credit and capital markets have given all operators pause to consider the wisdom of accelerating any discretionary exploration. Historically, exploration and development activity has always been curtailed in down cycles, which has led to a tightening of supply and served as the basis for a return to higher prices. Although this cycle may be longer with the demand side of the equation being affected by a world-wide recession, I believe the decline of existing production will cross the demand curve within the next 12 to 18 months."