HAMILTON, BERMUDA, Nov. 4 /CNW/ -- TransAtlantic Petroleum Ltd. (the "Corporation" or "TransAtlantic" - TNP: TSX) is pleased to announce that it has filed a preliminary short form prospectus in the Canadian provinces of British Columbia, Alberta and Ontario in connection with a public offering (the "Offering") of common shares of TransAtlantic (the "Common Shares"). The Offering will be conducted through a syndicate of underwriters co-led by Canaccord Capital Corporation and Genuity Capital Markets (the "Underwriters"). Pursuant to the terms of the Offering, the Corporation has agreed to grant the Underwriters an over-allotment option to purchase additional Common Shares of up to 15% of the Common Shares sold pursuant to the Offering, exercisable at any time, in whole or in part, up to 30 days from the closing of the Offering.

The Offering will be priced in the context of the market with the final terms of the Offering to be determined at the time of pricing. The net proceeds of the Offering will be used towards the Corporation's 2010 capital expenditure program and for general corporate purposes.

The Common Shares will be sold publicly in Canada in the Provinces of Ontario, Alberta and British Columbia and in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act"), on a private placement basis in the United States pursuant to exemptions from the registration requirements of the 1933 Act and in the United Kingdom in accordance with applicable local securities legislation and regulations such that no prospectus, registration statement or similar document is required to be filed in such jurisdiction and may be sold in such other jurisdictions as may be agreed to by the Corporation and the Underwriters. The Offering is scheduled to close on or about November 23, 2009 and is subject to certain customary conditions and regulatory approvals, including the approval of the Toronto Stock Exchange.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction outside of Canada, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares offered have not been registered under the 1933 Act, or any state securities laws and may not be offered or sold in the United States or to a U.S. person absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.