2009-08-19-2007-10-01

To acquire 50% interest in Tselfat permit in farmin; covers 900 sq. km. (222,000 acres),contains three abandoned fields: Haricha, Tselfat, Bou Draa.

Privately owned, Perth, Australia-based Sphere Petroleum QSC plans to acquire a 50% interest in the Tselfat permit in northern Morocco in a farmin from TransAtlantic Petroleum Corp., Calgary, (Toronto: TNP-U) for an undisclosed price. The Tselfat exploration permit covers 900 square kilometers (222,000 acres) and contains three now abandoned oil and gas fields: Haricha, Tselfat and a portion of the Bou Draa Field. The Moroccan national oil company Office National des Hydrocarbures et des Mines is carried for 25% during the exploration phrase while Sphere and TransAtlantic will each hold 37.5%. In exchange for the option, Sphere will fund the costs to acquire a 110-square kilometer 3-D seismic survey on Haricha field and the northern portion of Brou Draa Field in early 2008 and will also fund additional geological studies for approximately US$4.5 million. Upon exercising its option, Sphere will fund the drilling and testing of an exploratory well, and replace its bank guarantee deposited with the Moroccan government. TransAtlantic will remain operator through the exploration phase, which extends to May 2009.