Summary of TRANSATLANTIC PETROLEUM LTD.

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On November 16, 2012, TransAtlantic Petroleum Ltd. (the "Company") received a deficiency letter from NYSE MKT LLC (the "Exchange") indicating that the Exchange has determined that the Company is not in compliance with Sections 134 and 1101 of the Exchange's Company Guide (the "Company Guide") due to the Company's failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 (the "Quarterly Report") with the Securities and Exchange Commission (the "SEC"). In addition, the Exchange asserted that the Company's failure to timely file its Quarterly Report is a material violation of its listing agreement with the Exchange. Pursuant to the Exchange's rules, the Company has until November 30, 2012 to submit a plan advising the Exchange of actions it has taken, or will take, that would bring the Company back into compliance with Sections 134 and 1101 of the Company Guide by no later than February 14, 2013.

Currently, the Company expects to file its Quarterly Report with the SEC on or before November 30, 2012. In the event that the Company is unable to file its Quarterly Report on or before November 30, 2012, the Company expects to submit a plan to the Exchange on or before November 30, 2012 advising the Exchange of actions it has taken, or will take, that would bring the Company back into compliance with the Company Guide by no later than February 14, 2013. The Exchange will evaluate the plan and determine whether the Company has made a reasonable demonstration in the plan of an ability to regain compliance with the applicable continued listing standards by February 14, 2013, in which case the plan will be accepted and the Company will have until February 14, 2013 to regain compliance with the continued listing standards.

On November 21, 2012, the Company issued a press release announcing the receipt of the Exchange's deficiency letter. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.