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October 8, 2015

by AEA

GEOTHERMAL ENERGY RESOURCES IN ALBANIA

Introduction: Energy Supply in Albania

Even for a country like Albania where over 95% of electricity and 20-23% of total primary sources are provided by hydro, use of other renewables is important because improves security of energy supply and energy sector sustainability. If we add to these positive facts reduction of foreign trade deficit for any net importer country – and Albania is such a country – it is clear why an analysis of the status of RE development in comparison with other similar countries is important too.

Worldwide, in the last decade, most of the debate concerning the promotion of renewable sources was focused on the financial support schemes and on improving grid access conditions for renewable electricity. No doubt, these are essential issues which will continue to be in the center of policy makers’ attention now and in the future. However, during the last few years, “the importance of” identifying and “tackling non-financial and non-technical barriers to renewable electricity has attracted attention of analysts” and governments.

According to the most recent energy balance for Albania issued by International Energy Agency (IEA) – for 2008 – from a total net consumption of primary energy sources of 2088 ktoe only a equivalent of 333 ktoe are generated by hydro and other RE sources, so a share of 15.9 %. The biomass contribution in TPES was about 10%.

Geothermal energy in Albania in general as well as in main parts of Korca Prefecture in particular

Geothermal resource consists of underground layers or springs that contain water with a temperature level which is enough to gain useful forms of energy. Usually, the water is heated through the highest temperatures in the earth core. The water temperate level can be used in the buildings for heating in low temperature directly or with the help of heat pumps. In case of very high temperatures or when the water is in the form of steam, electricity is produced. Here, focus is on the utilization of geothermal resources for heating purposes, where it is expected that most resources are on a moderate temperature level, i.e. they need to be ‘thermally treated’ by heat pumps.

Albanidet represent the main geological structures laid out in Albanian territory in general as well as in main parts of Korca in Particular. They are localized between Dinaridëve in the north and Helenidëve in the south. Together they form Dinarik Branch of Mediterranean Alpine Belt. In the depth up to 500 m, the temperature is 12-15°C and over 500 m is 21-41°C. In the depth 6000 m in the center of the sedimental ponds the temperature goes up to 105.8°C. In this pond geothermal gradient is about 18.7 mK/m.in the south direction, in the Ofiolitik belt the gradient has maximum values abot 32.2 mK/m. Geothermal situation of Albanideve offers two direction for geothermal energy using, which up to now is not used.

First, thermal sources in low enthalpy and maximum temperature up to 80°C. These are natural resources in Albanian territory from the south part of Albania near the border Albania-Greece , even in north-east part. Second, using the deep vertical wells. A considerable number of abounded gas and oil wells may be used for geothermal purposes. Actually, Albania is in the study phase for the possibilities of the exploitation of Geothermal Energy.

2 Methods use for the study

Geothermal studies made in Albania have been oriented in the studies of trying to know the distribution of geothermal fields and sources of thermal waters and wells. Also it is calculated the geothermal gradient and the density of hot water discharge from those natural geothermal resources. There have been made measurements for temperatures in 145 m deep wells and shalow ones, in mines in different levels.

The temperature in the wells has been registered in regular intervals. Absolut mistake from the measurements is 0.3°C. The measurements have been carried out in the sustainable regime of wells filled with water and clay. The collected data have been registered and processed, using analyses of the first and second grade. There have been founded even the chemical components of the water. It has been assessed the hydrology compound of the resources and wells.

For any country, energy renewable sources development is important because helps country to fulfill at least 2 of its strategic objectives: security of supply and sustainability. However, Albania is a special case because its electricity generation is done in large majority using hydro big and medium sized power plants. Also, about 10-13% of the Total Primary Energy Sources (TPES) of the country – including imports – are provided by biomass, especially wood for fire.

However, the country’s reliance on hydropower makes it vulnerable to changes in hydrologic conditions, as witnessed during a period of drought in 2007, 2011and this reduced dramatically the electricity security of supply. In this respect, the World Bank organized a conference to analyze increased risk of bad hydrology as effect of climate change in Albania[2]. Even if the next following 3 years (2008, 2009, 2010) recorded normal hydrological conditions, the threat still remains, since it is almost clear that power generation from hydro on ongoing year (2011) is lower than average. Another difficulty is the continuing delay of hydro power plants equipment rehabilitation that carries to the reduction of their energy availability.

On the other hand, Albania has important imports of energy which vary – depending on yearly conditions – between 30 and 60% of TPES. Renewable energy can be a solution for reducing this strategic dependence on imports and improve not only security of energy supply but also country’s economic and political macro security by decreasing country’s budget deficit. Finally, development of renewable energy projects attracts foreign investment and generates new jobs for a Albania with lower level of income per capita.

Geothermal energy in Albania in general as well as in main parts of Korca Prefecture in particular

2 Methods use for the study

Geothermal studies have been layed out in all Albanian territory. In the west part, where the oil and gas reserves are located, the temperature is registered in 120 wells. In the north-east and south-east part have been studied about 25 drilling and 8 thermal water resources. Also chemical analyses has been carried out.

3 Results

Results of geothermal studies have been shown in the maps and geothermal sections. Temperature maps have been collected in different level up to 5000m depth. Also have been created geothermal gradient maps and hot flow density for Albania in general as well as in main parts of Korca in particular. In the following, author has prepared three important maps which are the basic parameters of geothermal energy for Albania in general and for Korca in particular.

Figure 1-Heat Flow Density Map

Figure 2 – Geothermal Thematic Map

Figure 3- Temperature Map at the depth 100 m

4 Geothermal areas and their reservoirs

There are a lot of thermal wells and sources with low enthalpy in Albania in general as well as in main parts of Korca in particular. The temperature of the water goes up to 60°C. These thermal water resources are located mainly in the regions with tectonic fracture. The water moves through carbonic rocks in several km deepth. The water of these sources contains salt, bromium jodur, absorbed gas and some organic substances. In most of oil and gas wells there are several thermal water sources which come out with a temperature of interval of 32-65.5°C.

Table 1: Geothermal resources and their main characteristics

N° of wells	location	Temperature in °C	salt mg/l	Flow l/s
1	Llixha Elbasan	60	0.3	15
2	Peshkopi	5-43	9	14-17
3	Kranë-Sarandë	34		<10
4	Langareci-Përmet	6-31		30-40
5	Shupal-Tiranë	29.5		>10
6	Sarandoporo-Leskovik(Korca Prefecture)	26.7		>10
7	Tervoll- Gramsh	24		>10
8	Mamurras-Tiranë	21	26	>10

Geothermal water resources and wells are located in three spaces (zones). Krujë, Ardenicës,and Korca area (including the Peshkopia). Also there are even separated resources. Geothermal reservoirs are located in sismic active belts locations. Thermal waters contain high free CO₂, which varies from 0.004 – 0.5425 g/l for example:

0.004 g/l in geothermal well of Ardenica.
0.0783 g/l thermal resources of Mamurras.
0.196 g/l thermal resources of Llixhas.

5425 g/l thermal resources of Korca area (including Peshkopi).

Figure 5- Geothermal Energy of Permet-Leskovik zone

Figure 4- Geothermal Clinics of Elbasan

Geothermal Space of Kruja (second zone) has the biggest geothermal resources in Albania, with a total length 180 Km and width of 4.5 Km, identifying 5.9 x 10⁸ – 5.1 x 10⁹ The geothermal zone starts in Adriatic Sea, in the north-west part of Tirana and keep going in the south-east part in Greek territory.
Thermal spaces of Ardenica (first zone) is concentrated in the coastline. The water comes out from the wells with a temperature 32-38°C, and flow 15-18 l/s. The thickness of water layers in Ardenica is about 900 m, starting from 1095-1955 m. Water sand layers has a thickness which goes from some cm up to 15-20 m.
Geothermal spaces of Peshkopia-Elbasan-Korca-Leskovik Areas (including Peshkopia) (third zone) is located in the north-east part of Albania, 2 Km in the east part of Peshkopia and continue up to Leskovik. There are located some thermal resources near of each other. Flow is 14-17 l/s. Water temperature is 43.5°C.

From above mentioned analyze results that the status of geothermal regime of the surface is of such a levels that allows exploitation of their heat for heating or conditioning spaces of offices, hospitals, libraries, schools, theaters and cinemas, aero ports, even houses. The heat of these layers has caused the heating of waters of the zone.

Table 2: Main data of geothermal wells

N°	Name	Temperature në °C	Salt mg/l	Flow l/s
1	Kozani – 8 Part of Peshkopia—Elbasan-Korca-Leskovik belt	65.5	4.6	4.5
2	Ishmi 1/b	64	19.3	3.5
3	Galigati 2	45-50	5.7	0.9
4	Bubullima 5	48-50	35
5	Ardenica 3	38	15-18	15-18
6	Ardenica 12	32
7	Semani 1	35	5	5
8	Verbasi 2	29.3	1-3	1-3

Temperatures of water layers have been calculated of 145-250°C. Surface temperature is calculated from 30°C to 65.5°C. The flow is about 3.5-15 l/s.

Pusi Kozani 8 (Part of Peshkopia—Elbasan-Korca-Leskovik belt geothermal resources)

From hot water may be produced several chemical elements like jodine, brom, clorand other natural salts, necessary for preparation of different medicaments. Sulfhidrytes and CO₂ may be produced from these waters.

Based on geothermal energy capacities in Albania and also world experience according to the exploitation of this source of energy, it has to be stressed that there are possibilities in Albania in general as well as in main parts of Korca in particular for building new businesses in some directions by utilizing the geothermal resources:

Cascade and integral using of the heat of geothermal waters. Since the zones where these resources are located are urban areas in general the use of thermal waters becomes more easy. Up to now some of the thermal waters in Albania are used for medical support (Peshkopi-Elbasan-Korce-Leskovik, Bilaj of Fushkrujes). But these waters may be used also for curative purposes for different deaseses.

a) geothermal ecotourism. It has to be mentioned that in Italy geothermal complexes are visited by 2.5 milion turist /year. It may have be constructed hotels with hot water pools, with sauna, intertainment bars also in Albania especially on Peshkopi-Elbasan-Korce-Leskovik and Bilaj of Fushkruje.

b) Modern medical clinics: in order to attract tourists who like to use geothermal water building up modern clinics will be good business for the areas of Peshkopi-Elbasan-Korce-Leskovik, Bilaj of Fushkruja

c) Heating of greenhouses and the development of acquaculture

d) Releasing of useful minerals and salts.

5. TECHNOLOGIES FOR USING GEOTHERMAL ENERGY
5.1 SPACE HEATING
The wells are constructed in the garden of the houses in a distance of 8 m from each other, they are 65m deep and have hot probe made by four plastic pipes, with a diameter of 25mm, in which circulates a containing of 75% water and 25% glikopropilen (which prevent freezing). The space between the hole and probe is filled with a mixture of the cement and clay. Specific average of the location of the probe is 50W/m. Land temperature in in the deep is 10°C.

Geothermal Systems

Figure 8: System with heating pump connected to the land

The system consists:

Absorbing heat ground and serving as artificial “geothermal resources” through vertical wells.
The heat is absorbed from the ground in a constant temperature and it is transported through fluid in a heating pump.

After that, it is returned to the hot probe, in order to help the circulation in the well.

5.2 CASCADE USING OF GEOTHERMAL ENERGY

Diagram shows the scheme of regional heating with distributing cascade of hot water from 90°C/70°C to 60°C/45°C and finally 45°C/30°C, which is an injected temperature.

ENVIRONMENTAL IMPACT OF GEOTHERMAL ENERGY

To evaluate the environmental impact of geothermal energy the following figures 9 and 10 are given:

Comparing of the emission of CO₂ emitted by a Geothermal THPP and a TPP using conventional fuel like (gas, wood, coal).

ÄComparing of the amount of dangerous gases (gr/kWh) through a system with solar fuel and heating pumps water/water, which work with geothermal energy.

Figure 9: CO2 emissions per unit of electricity generation (g/kWh) (for steam geothermal, combine cycle (natural gas-gas&steam turbine); natural gas-steam turbine; natural gas-gas turbine; oil steam turbine; wood-steam turbine; coal-steam turbine)

Figure 10: Gases emissions for heating pumps and district heating

October 6, 2015

by AEA

When hydropower isn’t green: hydroelectric emissions

Hydropower is often considered a clean energy source, free of climate-warming carbon dioxide emissions. But although dams have been demonized for disrupting fish migrations and flooding valleys inhabited by families for generations, this so-called renewable form of energy has largely escaped scrutiny for its climate impacts. After all, how could the atmosphere be harmed by letting a river flow through a few energy-generating turbines encased within a 50-foot wall of concrete and steel?

Hydropower is the world’s leading form of renewable energy, accounting for more than 16 percent of global electricity generation. But dam enthusiasts who tout hydro’s climate credentials may not like the news about its emissions numbers.

Studies conducted over the past decade have shown that greenhouse gases, such as carbon dioxide and methane, are produced by hydroelectric systems in potentially huge amounts.

In some cases, emissions from hydropower can even exceed those that would have been produced from burning conventional fossil fuels instead. For example, a 2014 study finds that the Curuá-Una Reservoir in Brazil emitted 3.6 times more greenhouse gases than would have been emitted had the electricity come from oil.

How hydroelectric dams produce greenhouse gases

When a dam is built for energy generation, the land upstream of the impoundment is flooded. The more than 45,000 large dams built around the world cover a combined area the size of Montana (Barros et al., 2011). For many, within their depths lies former forest land.

As the submerged trees, grasses, shrubs and soil decompose, microbes convert the carbon stored in the vegetation into gas that can bubble up to the surface and escape to the atmosphere. Carbon trapped within the soil percolates out in the form of carbon dioxide.

Age matters. Studies show that younger reservoirs may be bigger emitters than older ones, because most carbon is released from drowned vegetation within the first several years of flooding.

Location matters, too. Emissions seem to be highest from dams built in the tropics, presumably because higher temperatures give decomposer microbes the metabolic boost to do their work.

Methane matters

Methane is of particular concern. The gas is made anywhere methanogenic (methane-producing) bacteria can thrive without oxygen — so, in the guts of pigs and people, peat bogs and permafrost. Unfortunately, methane is also 25 times more potent a planet warmer than carbon dioxide over 100 years. And warm, tropical places can produce more of it.

Methane has plenty of opportunities to escape during the hydropower process: It bubbles up from the oxygen-free muck that accumulates at the bottom of reservoirs. It is churned out in the spray coming off spinning turbines. For miles, it wafts off the newly agitated surface of the river downstream from a dam.

So much methane is produced that studies suggest more than 20 percent of what humans are responsible for may come from dams, which may be releasing up to 104 teragrams of the gas annually. (This may be more than all the methane produced per year from burning fossil fuels, according to NASA.)

Lack of information or regulatory failure?

Of course, impacts from big hydro projects go beyond greenhouse gas emissions to include altered land use, the collapse of migratory fish populations and the displacement of people. Coastal erosion can occur downstream from reservoirs when sediment becomes trapped behind dam impoundments, preventing the silty particles from reaching the sea where they build and stabilize coastlines.

Despite large hydro’s detrimental impacts on life, land and atmosphere, many nations fail to include emissions associated with dams in their total greenhouse gas reporting. This gap in information makes hydro emissions difficult to track — and to regulate.

Most hydropower is concentrated in Asia, but more than 150 countries employ the technology for at least some of their energy. The Worldwatch Institute reports that “in 2008, four countries — Albania, Bhutan, Lesotho and Paraguay — generated all their electricity from hydropower,” and “15 countries generated at least 90 percent of their electricity from hydro.”

Moreover, when nations have made steps to report hydro emissions, the international hydroelectricity industry has attempted to muddy the waters by downplaying the amount of carbon degassing from their projects.

Take down the dams?

Before you think tearing down all dams is the answer, consider this: Taking down a large dam may actually release more greenhouse gases from the newly exposed, carbon-rich soil than were produced throughout the entire life of the dam.

For example, decommissioning Arizona’s Glen Canyon Dam in the United States, which provides power from Lake Powell, would theoretically produce nine times more methane following takedown than all the methane produced during Glen Canyon’s 100-year operation.

What is the solution?

What many believe would be a good first step is for the Intergovernmental Panel on Climate Change, the world’s foremost scientific authority on the subject, to ask all participating nations to report greenhouse gas emissions from hydroelectric reservoirs. Can that happen with so many questions left unanswered?

More research on the climate impacts of hydropower is needed, in more places and at all stages of big dams’ lifecycles. Until then, policymakers may be overlooking a potentially significant contributor to climate change, perhaps difficult to calculate but ever present, hidden at the bottom of a placid reservoir.

October 5, 2015

by AEA

Oil, gas exploration dominates Albania’s foreign investments

TIRANA: Oil and gas exploration has dominated Albania’s foreign investments, the Bank of Albania said on Saturday.

In early 2014, the extracting industry accounted for about 58 percent of Albania’s total foreign investments with an amount of 504 million euros ($564.88 million). However, it dropped 14 percent compared to 2013, yet still remained dominant in the foreign investments market. Albania’s biggest foreign investor Bankers Petroleum Canadian Company caused the increase of its foreign investments in oil and gas exploration this year. Telecommunication ranks the second in Albania’s foreign investments, which reached 122 million euros ($136.74 million) in 2014, accounting for about 13 percent of Albania’s total foreign investments, according to the Bank of Albania. Albania’s foreign investments also involve energy and real estate, with 8.5 percent of total foreign investments respectively. The Albanian government is providing investors with incentives and facilities, trying to encourage energy investments, which it believes has a high potential. Canada is currently reported as the biggest investor in Albania with an investment of about 400 million euros ($448.32 million), followed by Greece with 118 million euros ($132.25 million) in the communication sector. Other foreign investors include the Netherlands, Switzerland, Turkey and Italy.

October 5, 2015

by AEA

Turkey to compensate for lack of Russian gas via TANAP

If Russia limits supplies of natural gas, Turkey is going to compensate for this by the gas delivered through the Trans-Anatolian (TANAP) pipeline, Minister of Energy and Natural Resources of Turkey Ali Rıza Alaboyun said Oct.5.

“I don’t think that Russia will limit the supply of natural gas in the winter months,” said the minister.

He went on to add that in 2019, Russia will limit supplies of natural gas through Ukrainian territory. “Every year we get 14 billion cubic meters of gas through this territory,” the minister said. “Therefore, in 2019 we may face a shortage of gas. Turkey also plans to compensate for the lack of natural gas through TANAP in 2019.”

TANAP project envisages transportation of gas of Azerbaijan’s Shah Deniz field from Georgian-Turkish border to the western borders of Turkey. The project’s total cost is estimated at $10 billion.

The initial capacity of TANAP pipeline is expected to reach 16 billion cubic meters of gas per year. Around six billion cubic meters of this gas will be delivered to Turkey and the remaining volume will be supplied to Europe.

Turkey will get gas in 2018 and after completing the construction of Trans-Adriatic Pipeline (TAP), it will be delivered to Europe in early 2020.

BP with 12 percent became one of the shareholders of the pipeline in accordance with the agreement signed with the TANAP consortium in April.

Currently, the shareholders of TANAP are: the State Oil Company of Azerbaijan (SOCAR) – 58 percent, Botas – 30 percent and BP – 12 percent.

TAP envisages transportation of gas from the Azerbaijani gas condensate Shah Deniz II field to the EU countries.

The approximately 870 km long pipeline will connect with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

The pipeline construction is to be launched in 2016.

TAP’s initial capacity will be 10 billion cubic meters per year, expandable to 20 billion cubic meters per year.

The first gas as part of the Shah Deniz-2 project will be transported to Europe via TAP in early 2020.

TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Statoil (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).

October 5, 2015

by AEA

TAP project progressing according to schedule

The Trans Adriatic Pipeline (TAP) project, designed to transport gas from the giant Shah Deniz II field in Azerbaijan to Europe, is progressing well and is on schedule to transport gas in early 2020, Lisa Givert, TAP Head of Communications told Trend.

“TAP will begin construction next year as we are aligned to Shah Deniz’s schedule,” Givert said adding that the overall construction phase will take approximately 3.5 years.

She also mentioned that some large contracts are expected to be awarded within TAP by the end of this year.

“While the contracts for access roads and bridges, turbo compressors and ball valves have already been concluded, TAP aims to award several large contracts by the end of 2015, including onshore and offshore pipeline construction as well as line pipes,” Givert said.

Recently TAP launched pre-qualification contracts for the supply and delivery of the Supervisory Control and Data Acquisition (SCADA) system and fibre optic cable, which are the final large package contracts to be awarded by TAP for project construction as company provided items.

TAP’s initial capacity will be 10 billion cubic meters per year, expandable to 20 billion cubic meters per year.

TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Statoil (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).

October 2, 2015

by AEA

TransAtlantic Petroleum Provides Operational Update

HAMILTON, Bermuda, Oct 01, 2015 (GLOBE NEWSWIRE via COMTEX) —

TransAtlantic Petroleum Ltd. (nyse mkt:TAT) (TNP) (the “Company” or “TransAtlantic”) today provided an operational update on its current production and drilling program.

Production Update

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.

Drilling and Completion Update

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.

Share Buyback

As of September 30, 2015, the Company has repurchased 323,079 shares for an aggregate amount of $943,075 (approximately 0.8% of the Company’s outstanding shares). During the third quarter of 2015, TransAtlantic initiated the repurchasing of shares through its share repurchase program, which was approved by the Company’s board of directors in March 2015. Under the share repurchase program, Transatlantic may repurchase shares in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The repurchase program may be suspended or discontinued at any time.

Hedge Update

On September 14, 2015, TransAtlantic monetized a portion of its hedges, resulting in net proceeds of $12.8 million. The proceeds were used to pay down debt under the Company’s senior secured credit facility (the “Senior Credit Facility”) with BNP Paribas (Suisse) SA and the International Finance Corporation. Pursuant to requirements under the Senior Credit Facility, the Company acquired Brent puts with a $50 strike price in replacement of a portion of the unwound volumes. On September 30, 2015, the overall hedge portfolio was valued at approximately $32 million.

Third Quarter 2015 Earnings Call

TransAtlantic will provide additional operational and financial results on its third quarter 2015 earnings call, which it expects to host in early November 2015.

About TransAtlantic Petroleum Ltd.

TransAtlantic Petroleum Ltd. is an international oil and natural gas company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company holds interests in developed and undeveloped properties in Turkey, Albania and Bulgaria.

(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 concerning the drilling, completion and cost of wells, the production and sale of oil and natural gas, secondary recovery operations, the hosting of an earnings conference call, 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.

Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to, market prices for natural gas, natural gas liquids and oil products; estimates of reserves and economic assumptions; the ability to produce and transport natural gas, natural gas liquids and oil; the results of exploration and development drilling and related activities; economic conditions in the countries and provinces in which the Company carries on business, especially economic slowdowns; actions by governmental authorities, receipt of required approvals, increases in taxes, legislative and regulatory initiatives relating to fracture stimulation activities, changes in environmental and other regulations, and renegotiations of contracts; political uncertainty, including actions by insurgent groups or other conflict; outcomes of litigation; the negotiation and closing of material contracts; shortages of drilling rigs, equipment or oilfield services.

The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Note on BOE

Barrels of oil equivalent, or BOE, are derived by the Company by converting natural gas to oil in the ratio of six thousand cubic feet (“MCF”) of natural gas to one barrel of oil. A BOE conversion ratio of 6 MCF to 1 barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. BOE may be misleading, particularly if used in isolation.