TAT: Schedule Boosts Confidence

NEAL DINGMANN, SunTrust Robinson Humphrey (05/26/2010)
"We were on the road with TransAtlantic Petroleum Corp. (TAT) management and came away believing there is production upside over the next several quarters. As a result, we are increasing our price target to $5.00 per share from $4.25 as we move to a cash flow based model (versus net asset value previously), now that we have more confidence in our forecasted production through 2011. However, we still believe that the assets are worth at least $4.25 per share, providing upside over the current share price. A big part of our production upside confidence is derived from the Zorlu acquisition being completed and continued developmental and exploration successes."

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