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HAMILTON, Bermuda, May 2, 2013 (GLOBE NEWSWIRE) --
TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE MKT:TAT) (the "Company") announced today that the Company received notice from NYSE MKT LLC (the "Exchange") regarding the Company's efforts to regain compliance with the Exchange's continued listing standards and Sections 134 and 1101 of the Exchange's Company Guide (the "Company Guide").
The Company was afforded an opportunity to submit a plan of compliance to the Exchange, and on April 16, 2013, the Company presented its plan to the Exchange. On April 25, 2013, the Exchange notified the Company that it accepted the Company's plan of compliance and granted the Company an extension until July 1, 2013 to regain compliance with the continued listing standards. The Company will remain listed and will be subject to the periodic review by the staff of the Exchange during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by July 1, 2013 could result in the Company being delisted from the Exchange.
The Company had previously announced that it is not in compliance with Sections 134 and 1101 of the Company Guide and is in material violation of its listing agreement with the Exchange due to its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2012 with the Securities and Exchange Commission (the "SEC").
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.
(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 preparation of statements, plans or reports, including financial statements, the filing of statements, plans or reports with the SEC or the Exchange, as well as 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.