TransAtlantic Petroleum Ltd. provided an operational update on its current production and drilling program. TransAtlantic's current average 7-day net production rate is approximately 6,220 BOEPD, comprised of approximately 5,360 BOPD and approximately 5.2 MMCFPD of natural gas. Daily net oil equivalent production increased approximately 10% (net oil production increased 20%) from the end of the second quarter of 2015, primarily due to re-work operations in Southeast Turkey, which commenced in September 2015. Natural gas production was lower in the last week of September 2015, compared with the third quarter average of 6.4 MMCFPD, mainly due to a national holiday in Turkey.

In the third quarter of 2015, TransAtlantic had average net production of approximately 5,340 BOEPD, a 3% increase over net production in the third quarter of 2014 and a 9% decrease from net production in the second quarter of 2015. Net production for the third quarter of 2015 was comprised of approximately 4,270 BOPD and 6.4 MMCFPD of natural gas.

In September 2015, the Company began a planned re-work program to install artificial lift, open behind-pipe-pay and increase artificial lift capacity on several wells in Southeast Turkey. In the Bahar field, commercial production was established from the Hazro F3 sand, which was previously neither productive nor reserved. TransAtlantic expects to continuously re-work wells to increase production through year end. In the third quarter of 2015, TransAtlantic drilled the Bahar-7 well (100% working interest). The well was drilled to a total depth of 10,850 feet with two strings of cemented casing, and is the first well drilled to the Bedinan formation with this efficient casing design. Initial log analysis indicates prospective pay in the Bedinan, Dadas and Hazro zones, as projected. The well was structurally lower in the Bedinan than offsetting wells in the area and from what was projected by the Company. If successfully completed, the well may significantly expand the oil productive area in the Bedinan to the west of the currently mapped closure. Following the completion of the drilling of the Bahar-7 well, the rig was released. TransAtlantic expects to spud the Guney Resideri well (50% working interest), a gas exploration well in the Thrace Basin, in November 2015. In the third quarter of 2015, the Company drilled and began completion operations, which are ongoing, on the Bahar-9 well (100% working interest). The South Goksu-1 well (50% working interest), a 5,900 foot exploratory well drilled two miles south of the Goksu field, is currently undergoing completion, but has tested non-commercial amounts of hydrocarbons to date. The Company expects all drilled wells to be completed during the fourth quarter of 2015.