TransAtlantic Petroleum Ltd. revised capital expenditure budget guidance for the twelve months ending December 31, 2014. The board of directors of the company approved a revised capital expenditure budget of $106.0 million for the twelve months ending December 31, 2014, a 20% increase over the previously announced budget of $88.5 million. The additional capital will be used to support drilling, based on results in the second half of 2014, as determined by management. The company expects to establish a budget for Bulgaria and other activity as geology and well results dictate. The company may adjust its 2014 capital expenditures based on pending 3D seismic interpretation and drilling results. Actual expenditures may deviate from the initial plan according to seismic interpretation, drilling results, commodity prices and cash flow. The company expects to fund its 2014 capital expenditures with cash on hand, cash flow and available credit.

The company expects to exit the year 2014 with a production rate of 6,000 -6,500 BOEPD. The company anticipates oil to comprise at least 70% of forecasted production.