8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 4, 2011

TRANSATLANTIC PETROLEUM LTD.

(Exact name of registrant as specified in its charter)

Bermuda	001-34574	None
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
5910 N. Central Expressway, Suite 1755 Dallas, Texas		75206
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (214) 220-4323

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

On February 4, 2011, TransAtlantic Petroleum Ltd. (the “Company”) posted an investor presentation relating to Bulgaria to its website at www.transatlanticpetroleum.com. A copy of the investor presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to this Current Report in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description of Exhibit
99.1	TransAtlantic Petroleum Ltd. Bulgaria Investor Presentation dated February 4, 2011.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 4, 2011

TRANSATLANTIC PETROLEUM LTD.
By:	/s/ Matthew McCann
	Matthew McCann Chief Executive Officer

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EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	TransAtlantic Petroleum Ltd. Investor Presentation dated February 4, 2011.

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EX-99.1

Permian Basin, TX ‘38

Gas

Flare

Deventci

R-1

well

February, 2011

Bulgaria Overview

Exhibit 99.1

Disclaimer

2

Outlooks, projections, estimates, targets, and business plans in this presentation or any related subsequent discussions are forward-looking

statements. Actual future results, including TransAtlantic  Petroleum Ltd.’s own production growth and mix; financial results; the amount and mix

of capital expenditures; resource additions and recoveries; finding and development costs; project and drilling plans, timing, costs, and capacities;

revenue enhancements and cost efficiencies; industry margins; margin enhancements and integration benefits; and the impact of technology

could differ materially due to a number of factors. These include changes in long-term oil or gas prices or other market conditions affecting the

oil, gas, and petrochemical industries; reservoir performance; timely completion of development projects; war and other political or security

disturbances; changes in law or government regulation; the outcome of commercial negotiations; the actions of competitors; unexpected

technological developments; the occurrence and duration of economic recessions; unforeseen technical difficulties; and other factors discussed

here and under the heading  “Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2009 and our Quarterly Reports

on Form 10-Qfor the quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 available at our website at

www.transatlanticpetroleum.com  and www.sec.gov. See also TransAtlantic’s 2009 audited financial statements and the accompanying

management discussion and analysis. Forward-looking statements are based on management’s knowledge and reasonable expectations on the

date hereof, and we assume no duty to update these statements as of any future date.

The information set forth in this presentation does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities

of the Company. The information published herein is provided for informational purposes only. The Company makes no representation that the

information and opinions expressed herein are accurate, complete or current. The information contained herein is current as of the date hereof, 

but may become outdated or subsequently may change. Nothing contained herein constitutes financial, legal, tax, or other advice.

Estimates of resources were prepared internally by Direct Petroleum. They have not been audited or evaluated by a third party reservoir engineer.

Forward-Looking Statements

Expansion into Bulgaria and Increased Presence in Morocco

(February 3, 2011) –

TransAtlantic

has entered into an agreement with Direct

Acquisition of Direct Bulgaria and the Direct Morocco Subsidiaries

Direct Bulgaria

3

“The acquisition of Direct Bulgaria will add

significant opportunities for the Company, and

geographically it bridges our operations in Turkey

and Romania.  The deep gas potential evidenced by

the Deventci discovery well and the significant shale

potential in the Etropole formation provide near-

term and long-term catalysts for the Company,

without unnecessarily diverting resources from our

core assets in Turkey.  The addition of the interests

in Morocco allows TransAtlantic to consolidate our

ability to develop the prospects there,” said Malone

Mitchell, the Company’s Chairman.

Under the terms of the Purchase Agreement, at closing TransAtlantic Worldwide

will pay DPE $2.0 million in cash and the Company will issue to DPE 8,924,478

shares of the Company’s common stock in a private placement.  In addition, based

on the achievement of three distinct defined milestones (primarily keyed to

commercially viable success on certain licenses in Morocco and Bulgaria), DPE

would be entitled to receive additional shares of the Company’s common stock

with an aggregate value of up to $26.0 million.

Upon the closing of the transaction, TransAtlantic will be the parent company of

Direct Bulgaria, which owns 100% of the working interests in the A-Lovech

exploration license and the Aglen block license, covering an aggregate of

approximately 600,000 acres (2,288 square kilometers) in Bulgaria. The A-Lovech

license contains the Deventci R-1 well, which discovered a hydrothermal dolomite

reservoir in the Jurassic Orzirovo formation at a depth of approximately 4,200

meters.  The well is currently producing approximately 250 mcf per day, on a

limited test basis, which is processed in a CNG facility adjacent to the Deventci R-1

well.  The Company plans to appraise this discovery by drilling a second well, the

Deventici-R2, on the A-Lovech license later this year which will be located based

upon a recently acquired 3D survey over the discovery area.  

The A-Lovech license is also estimated to contain over 300,000 acres prospective

for Etropole shale (at a depth of approximately 3,800 meters) which was recently

certified as a geologic discovery by the Bulgarian government.  It is anticipated that

coring the Etropole interval in the Deventici R-2 well will greatly enhance the

technical understanding of the potential of this shale play.  The third established

prospective area is a deep gas field on the Aglen block license that produced

approximately 9 Bcf before being abandoned in the late 1990s.  

Petroleum Exploration, Inc. (“DPE”) under which TransAtlantic would acquire 100%

ownership of Direct Bulgaria the Direct Morocco Subsidiaries.  Closing of the

transaction, which is expected to occur by February 15, 2011, is subject to

regulatory approvals, approval of DPE’s shareholders and other customary closing

conditions.

Why Bulgaria?

Complementary to

operations in Turkey

and Romania w/o

diverting

resources

Gas Discovery at

Deventci R-1

Minimizes Risk

Upside  from

Etropole Shale and

Aglen field re-

development

Attractive for JV

Near term

Catalyst with

Deventci R-2

“Drill Ready”

Attractive fiscal terms

promoting development of gas

resources

End user gas prices

approximately $10.00 /mcf

Royalty

2.5% -

30% (oil)

2.5% -

30% (gas)

Tax

10%

Large acreage with gas

discovery, field re-development

and conventional and

unconventional upside

Close proximity to the existing

Bulgarian gas pipeline system

Bulgaria imports ~ 90% of its

energy from Russia

’09 Average BOPD

Consumption   125k

Production

3k

Net Imports

122k

Crude Oil Consumption vs. Production

’09 Average BCF/d

Consumption     0.26

Production

0.02

Net Imports

0.24

Natural Gas Consumption vs. Production

4

Bulgaria

DPE Bulgaria’s license areas are located in close proximity to the existing

Bulgarian gas pipeline system cutting across the southeastern portion of the

A-Lovech

Block.

The

block

is

within

driving

distance

from

TransAtlantic’s

yard

in the Thrace Basin. The oil service industry in Romania provides

additional

access

to

services

and

supplies.

The

port

of

Varna

on

the

Black

Sea

is

well

placed

for

the

importation

of

materials

as

is

the

Danube

River.

General location of

DPE License Area

5

A-Lovech

Block

(Approximately

600,000

acres)

6

Seismic Coverage

7

Seismic Type Section

Rakita half graben

Hydrothermal fluids

Carboniferous coals

Bachiishte Shale

Etropole Shale

Aglen Ridge Play

Lukovit Prospect

Deventci Type Play

Ozirovo

8

Line seismic near the Deventci R-1 well

Denv-1

projection

Possible

alteration zone

9

Koynare Production Concession

Contingent Resources* for Deventci

Area

P(90)   92 Bcfe

P(50) 245 Bcfe

P(10) 586 Bcfe

Structure Map on Top of Ozirovo

10

Deventci

Discovery

(P90)

(P10)

(P50)

Direct Petroleum has completed the filing for the Koynare Production Concession (“KPC”), covering some 160,000 acres on the A-Lovech Block. The KPC is comprised of the primary

development area to be known as Deventci and three prospective resource areas along the geological trend as shown above with the brown labels.

Final approval of the KPC is expected late Q1 2011.

*Resource evaluation was prepared internally by Direct Petroleum and has not been evaluated by a third party reservoir engineer.

Planned Koynare/Aglen Pipeline and

Proximity to Existing Infrastructure

Discovered Gas fields

Known structures to be drilled

The historical facilities serving the 2

previously producing wells on Aglen

have been abandoned including the

original gas plant. A new interconnect

to the Bulgarian gas transit system is

needed as well as modern production

facilities

Initial Portion of Koynare

Production Concession

DPE Aglen Field

Redevelopment

Project

11

Etropole Shale Potential

12

Etropole

Fm

Shipkovo

mbr

Lopjan

or Nefela

mbr

Ozirovo

Fm

Stefanetz

mbr

Bukorovtsi

mbr

Suhundol

mbr

Borima

Fm

Dolni

Lukovit

mbr

Perfs

in Deventci

Gas shows

Shale

potential

Etropole

Shale Play

13

30%

49%

21%

Clay

Carbonates

Other

Aglen Field Re-development

14

Structure Map Showing Extent of Aglen

Field

15

The Aglen field was originally discovered by the Bulgarians in the late 1980s with the assistance of Soviet oil and gas experts. After the initial two wells drilled on top of the structure

proved successful, drilling was continued on the flanks of the structure to establish the gas/water contact. Production from the initial two wells resulted in the production of 9 bcf

without the aid of reservoir stimulation or modern production optimization.

Permian Basin, TX ‘38

Gas Flare Deventci R-1 well

Appendix

Bulgaria’s Energy Profile

Area

110,879 km2

Comparative Area

Slightly larger than Tennessee

‘09 Population Est.

7.58 million

’09 GDP (Nominal)

$50.6 billion

Fitch Sovereign

BBB Stable

Risk Rating

‘09 Proved Reserves

15 million BBLS / 0.55 BCF

‘09 Daily Consumption

125k BOPD /  0.33 BCF/d

‘09 Daily Production

3.2k BOPD /  0.02 BCF/d

Royalty

2.5% -

30% (oil)

2.5% -

30% (gas)

Corporate Tax

10%

Oil is sold at world market prices

Oil and Gas imports from Russia

Only 10% demand met by domestic supply

Source: IEA, CIA -

The World Fact Book, and IHS

17

Crude Oil Consumption vs. Production

000

BOPD

EU Member

Natural Gas Consumption vs. Production

BCF/d

’09 Average BOPD

Consumption   125k

Production

3k

Net Imports

122k

’09 Average BCF/d

Consumption   0.26

Production

0.02

Net Imports

0.24

(see next page)

Description of Bulgarian Licenses

License Holder:

DP Bulgaria (100%)

Term & Work

Program:

Prospecting and Exploration Permit for A-Lovech Block

•

Appraisal extension granted till end of November, 2011.

•

Each commercial discovery within the block can hold the

entire geological trend portion of the block by

converting into long term Production Concession.

•

Application for the Koynare Production Concession was

made on 11 November 2010.

•

Exploration Permit for Aglen Block

•

Primary term with extensions through April 2014.

•

Initial work commitments for first 3 years have been

fulfilled.

•

Commitment to drill 2 wells (2,500 meter minimum) in

years 4-7 (2010 thru 2014).

Production Concessions

have a primary term of 35 years

with a possible 15 year extension.

Royalty:State of Bulgaria

Based on “R”

factor and calculated by:  R=TCR/TCC,

where:

•

TCR is the amount of the total cumulative revenues from

the work, connected to the object of concession, for all

periods under  review, where the paid concession

remuneration is deducted

•

TCC is the amount of total cumulative costs for the work

connected to the object of concession (exploration,

prospecting, valuation, exploitation, development) for all

periods under review.

R-Factor

DPE

has

run

economic

calculations

on

the

royalty

percentages

for ranges

of “R.”

These are guidelines only as actual percentages are

determined by the Production Concession

Bonuses:

No bonuses paid during production concession

Taxes:Income tax of 10%

Royalty

-

1.50

2.50%

1.50

1.74

5.00%

1.75

1.99

10.00%

2.00

2.49

12.50%

2.50

2.99

22.50%

3.00

10.00

30.00%

R-Factor Range

18

19

Hydrothermal Dolomite

This

core

section

from

the

Aglen

R2

shows

typical

“Zebra”

fabric

diagnostic

of

some

Hydrothermal

Dolomite

reservoirs (“HDT”). The black areas are porous reservoir with extensive fracturing also present.

GEOMETRIES  OF  HYDROTHERMALLY

ALTERED  RESERVOIRS

From G. Davies and L Smith 2006

20

HTD found in the

Deventci

well

Etropole

Fm

Bachiishte

Fm

Carboniferous coal

Bulgarian

Stratigraphic

column

21