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HAMILTON, Bermuda, Feb. 4, 2013 (GLOBE NEWSWIRE) --
TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-AMEX:TAT)
(the "Company" or "TransAtlantic") announced today that Mustafa Yavuz, TransAtlantic's Chief Operating Officer, has resigned from the Company effective January 31, 2013. In light of the recent appointments of Ian Delahunty to the position of President, Mitch Whatley as Vice President, Drilling and Justin Davis as Vice President, Engineering, and the Company's ongoing evolution to a U.S.-based hub-and-spoke management structure, TransAtlantic does not intend to seek a replacement for the Chief Operating Officer position. Selami Uras will continue as the Company's Turkey Country Manager, overseeing staff, government relations and in-country business development, as he has since TransAtlantic's entry into Turkey in 2006.
N. Malone Mitchell 3
rd, TransAtlantic's Chairman and Chief Executive Officer, said, "Mustafa Yavuz accomplished much to integrate the previous companies we acquired and set a professional order to our operations in Turkey. He contributed greatly to the growth of Thrace Basin Natural Gas into an efficient and well regarded natural gas producer. Our decision to implement an aggressive push to utilize North American technology and management to exploit our recent discoveries resulted in a change of organizational structure whereby we are relocating many of the senior geoscientists to Dallas and engineering and production disciplines will also answer to Dallas-based departmental management. Mustafa felt that his time would be best served in Tekirdag near his family and his personal businesses. I will continue to seek Mustafa's advice and value his friendship."
TransAtlantic Petroleum Ltd. is an international energy company engaged in the acquisition, development, exploration and production of oil and natural gas. The Company holds interests in developed and undeveloped oil and natural gas properties in Turkey, Bulgaria and Romania.
The TransAtlantic Petroleum Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=12745(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 regarding the resignation of the Company's Chief Operating Officer, the Company's intention to not replace its Chief Operating Officer, the realignment of staff, 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.