Document:

Credit Agreement

 Exhibit 10.2 
 Final Execution 
 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT (this “Agreement”) dated as of March 15, 2012 (“Effective Date”) is between: 

DALEA PARTNERS, LP, an Oklahoma limited partnership, having an office at 16803 North Dallas Parkway, Addison,
Texas 75001 
 (the “Lender”) 
 AND: 
 TRANSATLANTIC PETROLEUM LTD., a limited exempted
company incorporated under the laws of Bermuda, having its corporate seat and registered office at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda, and office at TransAtlantic Petroleum (USA) Corp., 16803 North Dallas Parkway,
Addison, Texas 75001; 
 TRANSATLANTIC WORLDWIDE, LTD., a company incorporated in the
Commonwealth of the Bahamas having its corporate seat and registered office at Trident Corporate Services (Bahamas) Limited, 1st Floor, Kings Court, Bay Street, P.O. Box N-3944, Nassau, Bahamas, and an office at TransAtlantic Petroleum (USA)
Corp., 16803 North Dallas Parkway, Addison, Texas 75001; and 
 THRACE BASIN NATURAL GAS (TURKIYE)
CORPORATION, a company incorporated in the British Virgin Islands having its corporate seat and registered office at Jayla Place, Wickhams Cay I, P.O. Box 3190 Road Town, Tortola, British Virgin Islands VG1110, and an office at TransAtlantic
Petroleum (USA) Corp., 16803 North Dallas Parkway, Addison, Texas 75001. 
 (the “Borrowers”) 

RECITALS 
 A. The Borrowers have identified certain needs for funds for business operations. 
 B. Lender has agreed to lend funds to the Borrowers so that the Borrowers can fund the costs and expenses associated with the sale of Viking International Limited, Viking Geophysical Services, Ltd., and
other related entities and assets, or any part thereof (the “Viking Sale”) and to further the general corporate purposes of the Borrowers, the Lender has agreed to lend to the Borrowers and the Borrowers have agreed to borrow
from the Lender in multiple advances the aggregate principal amount of up to the Committed Amount (as defined below), on the terms and subject to the conditions of this Agreement. 

 AGREEMENTS 
 For good and valuable consideration, the receipt and sufficiency of which each party acknowledges, the parties agree as follows: 

1. Definitions. In this Agreement: 

(a) Adjustment Date has the meaning set forth in paragraph 5. 

(b) Arrangement Fee means USD$250,000, payable upon the Initial Advance; 

(c) Business Day means a day which is not a Saturday, Sunday or a day on which commercial
banks in the State of Texas are authorized or required to be closed; 
 (d) Committed
Amount means USD $15,000,000; 
 (e) Commitment Fee means a fee equal to
2.75% per annum of the difference between the Committed Amount and the Outstanding Balance measured and payable on the last day of each fiscal quarter. 

(f) Commitment Termination Date means June 1, 2012. 

(g) Contract Rate has the meaning set forth in paragraph 5. 

(h) Disclosure Record has the meaning set forth in clause (g) of paragraph 7;

 (i) Effective Date has the meaning set forth in the first paragraph above.

 (j) Event of Default has the meaning set forth in paragraph 10; 

(k) Exchanges means the Toronto Stock Exchange and the NYSE Amex exchange. 

(l) Indemnitee has the meaning set forth in paragraph 13; 

(m) Initial Advance has the meaning set forth in paragraph 2; 

(n) LIBOR Rate means a rate of interest equal to the three month London interbank offered
rate as published in the “Money Rates” section of The Wall Street Journal on the Business Day immediately preceding (i) the date of the Initial Advance, and (ii) each Adjustment Date (or, if such source is not available,
such alternate third party reporting source as reasonably determined by the Lender). 

  
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AGREEMENT - PAGE | 2 

 (o) Loan means the loan to be made by the
Lender to the Borrowers pursuant to paragraph 2; 
 (p) Maturity Date has the
meaning set forth in paragraph 4; 
 (q) Maximum Rate has the meaning set forth in
paragraph 22; 
 (r) Note has the meaning set forth in paragraph 2; 

(s) Outstanding Balance has the meaning set forth in paragraph 4(a); 

(t) Subsequent Advance has the meaning set forth in paragraph 2; 

(u) Subsidiaries means, with respect to each of the Borrowers, any corporation of which at
least a majority of the outstanding shares to which there is attached voting power under ordinary circumstances to elect a majority of the board of directors of such corporation, shall at the relevant time be owned directly or indirectly by one or
more of the Borrowers, one or more Subsidiaries of the Borrowers, or any combination thereof, and “Subsidiary” shall mean any one of them; and 

(v) Viking Sale has the meaning set forth in recital B. 

2. The Loan. Subject to and upon the fulfilment of the conditions precedent contained in paragraph 6 of this
Agreement, the Lender will advance to the Borrowers in one or more advances the aggregate principal amount of up to the Committed Amount (the “Loan”). Notwithstanding anything to the contrary, the Loan shall be denominated (and deemed
made) in U.S. Dollars and the Outstanding Balance shall be denominated, calculated and determined in U.S. Dollars, and shall be prepaid or paid when due in U.S. Dollars. The initial advance under the Loan (the “Initial
Advance”) shall be no less than $5,000,000.00. Further advances under the Loan (each, a “Subsequent Advance”) shall be in multiples of $1,000,000.00. For any such advance, the Borrower shall provide written
notice to the Lender and the Lender shall, if satisfied that all conditions hereunder have been met, provide the Borrower with such advance within three (3) Business Days. The Lender’s commitment to make the Loan shall expire at 5:00 pm
Dallas, Texas time on the Commitment Termination Date. The Initial Advance and each Subsequent Advance will be evidenced by the promissory note in the form attached hereto as Exhibit A (the “Note”). 

3. Use of Proceeds. The Borrowers covenant and agree with the Lender that the proceeds of the Loan will be used by
the Borrowers for to fund the costs and expenses associated with the Viking Sale, and for general corporate purposes of the Borrowers and their Subsidiaries. 
 4. Term, Prepayment and Payments Generally 

(a) The aggregate unpaid principal amount of the Loan, together with all accrued but unpaid interest and
other costs, expenses or charges payable hereunder from time to time (collectively the “Outstanding Balance”), will be immediately due and payable by the Borrowers to the Lender on the earliest of: 

  
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AGREEMENT - PAGE | 3 

	 	(i)	  July 1, 2012 (the “Maturity Date”); and 

 

	 	(ii) 	 the occurrence of an Event of Default and a demand for payment by the Lender pursuant to paragraph 10 below. 

(b) If after the making of the Loan, or any portion thereof, the Borrowers or any of their Subsidiaries
close one or more debt financings (other than any loans obtained in the ordinary course of business and secured by a purchase money security interest, or any equipment leases entered into in the ordinary course of business), the Borrowers will
promptly pay or cause to be paid to the Lender all proceeds from such financings, net of reasonable transaction and financing costs, up to the full amount of the Outstanding Balance, to be applied to the repayment of the Loan. 

(c) If after the making of the Loan, or any portion thereof, the Borrowers consummate the Viking Sale,
the Borrowers will promptly pay or cause to be paid to the Lender all proceeds from sale, net of reasonable transaction and financing costs, up to the full amount of the Outstanding Balance, to be applied to the repayment of the Loan. 

(d) The Borrowers may prepay the Loan in whole at any time before maturity, without penalty. 

(e) All payments to be made by the Borrowers will be made without deduction for any counterclaim,
defence, recoupment or setoff and free and clear, and without deduction for, or withholding of any and all taxes (other than taxes upon net income of the Lender imposed by the United States of America and the State of Texas). If the Borrowers are
required by law to deduct or withhold any taxes (other than taxes upon the net income of the Lender imposed by the United States of America or the State of Texas) from payments due hereunder, the amount payable by the Borrowers to the Lender shall
be increased as necessary so that after making all required deductions and withholdings, the Lender receive the amount it would have received had there been no deduction or withholding, and the Borrowers shall pay the full amount required to be
deducted or withheld to the appropriate taxing authority. 
 (f) Amounts prepaid or repaid under
this Agreement may not be re-borrowed. 
 5. Interest. Interest will accrue on the Outstanding Balance
from time-to-time outstanding during the period from the date the Initial Advance is made to the date the entire Outstanding Balance is repaid, at the LIBOR Rate plus 5.50% per annum (the “Contract Rate”). The Contract
Rate will be adjusted on the first day of each month (the “Adjustment Date”) and remain fixed until the next Adjustment Date. The Borrowers will pay all accrued interest monthly in arrears on the last day of each month, and
at any time principal is due and payable as provided in paragraph 4. 

  
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AGREEMENT - PAGE | 4 

 6. Conditions Precedent. 

(a) Conditions Precedent to Making of the Initial Advance. As conditions precedent to the making
of the Initial Advance by the Lender: 
  

	 	(i)	 the Borrowers shall have delivered a certified copy of any applicable directors’ resolutions authorizing the borrowing contemplated by this
Agreement and the execution and delivery of this Agreement, and all agreements, documents and instruments referred to herein, together with an officer’s certificate, certifying certain factual matters, in form and terms satisfactory to the
Lender; 

  

	 	(ii)	 the Borrowers shall have executed and delivered or caused to be executed and delivered the Note; 

 

	 	(iii)	 the Borrowers shall have paid to the Lender the Arrangement Fee; 

 

	 	(iv)	 the Borrowers shall have executed and delivered to the Lender an officer’s certificate and other supporting documents satisfactory to Lender
that the proceeds of the Initial Advance shall be used by the Borrower for the purpose of (a) funding costs and expenses associated with the Viking Sale, or (b) general corporate purposes; 

 

	 	(v)	 the representations and warranties of the Borrowers contained in paragraph 7 will be true and correct in all material respects and the Borrowers
will have complied with all covenants required to be complied with by them under this Agreement and all other documents delivered hereunder, prior to the making of the Loan by the Lender; 

 

	 	(vi)	 the Lender will have completed and, in their sole and absolute discretion, be satisfied with their due diligence review of the Borrowers and their
respective properties and assets and will have received all necessary approvals; and 

  

	 	(vii)	 the Lender will, in their sole and absolute discretion, be satisfied as to the creditworthiness of the Borrowers and each of their Subsidiaries.

 (b) Conditions Precedent to the Making of any Subsequent Advance. As
conditions precedent to the making of any Subsequent Advance by the Lender: 
  

	 	(i)	 the representations and warranties of the Borrowers contained in paragraph 7 will be true and correct in all material respects and the Borrowers
will have complied with all covenants required to be complied with by them under this Agreement and all other documents delivered hereunder, prior to the making of the Subsequent Advance by the Lender; 

 

	 	(ii)	 the Borrowers shall have executed and delivered to the Lender an officer’s certificate and other supporting documents satisfactory to the
Lender that the proceeds of the Subsequent Advance shall be used by the Borrowers for the purpose of (a) funding costs and expenses associated with the Viking Sale, or (b) general corporate purposes; 

	 	

  
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	 	(iii)	 the Borrowers shall have paid to the Lender all Commitment Fees due and payable at the time of such Subsequent Advance; and

  

	 	(iv)	 there shall have been no adverse material change in the business, operations, assets or ownership of the Borrowers since the Initial Advance or any
Subsequent Advance. 

 The Lenders’ commitment to make the Initial Advance or any Subsequent Advance
shall automatically terminate on an Event of Default or the Commitment Termination Date regardless of whether the above conditions precedent have been satisfied or waived, and no further amounts may be advanced by the Lender in respect of the Loan
after such Event of Default or the Commitment Termination Date. 
 7. Representations and Warranties of the
Borrowers. The Borrowers represent and warrant jointly and severally to the Lender as follows: 
 (a) the Borrowers each exist under the laws of the jurisdiction in which they are created, and each has not discontinued or been dissolved under any applicable laws and is in good standing with respect to
the filing of annual reports and all other such requirements pursuant to the laws thereof; 

(b) the Borrowers each have the power and authority to (i) carry on their businesses as now being
conducted and are each licensed or registered or otherwise qualified in all jurisdictions wherein the nature of each of their assets or the business transacted by them makes such licensing, registration or qualification necessary, (ii) acquire,
own, hold, lease and mortgage or grant security in their assets including real property and personal property and (iii) enter into and perform their obligations under this Agreement and all other documents or instruments delivered hereunder;

 (c) this Agreement and all ancillary instruments or documents issued, executed and delivered
hereunder by the Borrowers have been duly authorized by all necessary action of the Borrowers and each constitutes or will constitute a legal, valid and binding obligation of the Borrowers, enforceable against the Borrowers, in accordance with their
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights and remedies of creditors and to the general principles of equity; 

(d) neither the Borrowers nor any Subsidiary is in breach of or in default under any obligation in
respect of borrowed money, and the execution and delivery of this Agreement and all ancillary instruments or documents issued and delivered hereunder or thereunder, and the performance of the terms hereof and thereof will not be, or result in, a
violation or breach of, or default under, the Borrowers’ or any Subsidiary’s charter documents, any law, judgment, agreement or instrument to which they are a party or may be bound; 

  
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AGREEMENT - PAGE | 6 

 (e) execution, delivery and performance of this Agreement
and all other documents and instruments contemplated hereby will not constitute a breach or default under or in respect of any agreement to which the any of the Borrowers is bound, and no consent, filing, authorization, approval or other action is
prudent or necessary under the terms of any such agreement to proceed with the transactions contemplated herein; 
 (f) no litigation or administrative proceedings before any court or governmental authority are presently ongoing, or have been threatened in writing, or to the best of each of the Borrowers”
knowledge are pending, against the any of the Borrowers, any Subsidiary or any of their respective properties or assets or affecting any of their respective properties or assets which could have a material adverse effect on their respective
business, properties or assets; 
 (g) the Borrowers or each Subsidiary, as the case may be, are
the legal and beneficial owner of the interests in the properties, business and assets referred to in the information circulars, prospectuses, annual information forms, offering memoranda, financial statements, material change reports and news
releases filed with the Exchanges and the securities regulatory authority or commission in each of the jurisdictions in which TransAtlantic Petroleum Ltd. is a reporting issuer on or during the twelve (12) months preceding the date hereof, and
any other disclosure materials provided to the Lender and their advisers in conjunction with this transaction (collectively, the “Disclosure Record”), as being owned by any of the Borrowers or such Subsidiary and has a valid
right to acquire all interests in properties, business and assets referred to in the Disclosure Record as being subject to options or other rights to acquire the same, and any and all agreements pursuant to which the Borrowers and each Subsidiary,
as the case may be, holds or will hold any such interests, options or rights in property, business or assets are in good standing in all material respects under the applicable statutes and regulations of the jurisdictions in which they are situated;

 (h) except as disclosed to the Lender in writing prior to the Effective Date, there has been
no material adverse change (actual, contemplated or threatened) in the property, assets, business or operations of the any of the Borrowers or any Subsidiary within the past twelve (12) months, except as disclosed in the Disclosure Record and
there has been no such material adverse change since December 31, 2011; 
 (i) the
Disclosure Record is complete and accurate in all material respects and omits no facts, the omission of which makes the Disclosure Record, or any particulars therein, misleading, misrepresentative or incorrect in any material respect; 

(j) the Borrowers and to the best of each of the Borrowers’ knowledge each Subsidiary, has conducted
and is conducting each of their businesses in material compliance with all applicable laws, bylaws, rules and regulations of each jurisdiction in which each of their businesses are now carried on and hold all licenses, registrations, permits,
consents or qualifications (whether governmental, regulatory or otherwise) required in order to enable each of their businesses to be carried on as now conducted or as proposed to be conducted, and all such licenses, registrations, permits, consents
and 

  
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AGREEMENT - PAGE | 7 

 
qualifications are valid and subsisting and in good standing and neither the Borrowers nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any
such licenses, registrations, permits, consents or qualifications which, if the subject of an unfavourable decision, ruling or finding, would materially adversely affect the condition of such businesses, operations, condition (financial or
otherwise) or income of the Borrowers or any such Subsidiary, as the case may be; 
 (k) no
order ceasing or suspending trading in securities of the Borrowers or prohibiting the sale or trading of securities by the Borrowers has been issued and no proceedings for this purpose have been instituted, are pending, contemplated or threatened;

 (l) no taxation authority has asserted or, to the best of the Borrowers’ knowledge, has
threatened to assert any assessment, claim or liability for taxes due or to become due in connection with any review or examination of the tax returns of the Borrower or any Subsidiary filed for any year which would have material adverse effect on
the assets, properties, business, results of operations, prospects or condition (financial or otherwise) of the Borrowers or any Subsidiary; 
 (m) neither the Borrowers nor any Subsidiary is a party to any material contract other than as disclosed in the Disclosure Record; 

(n) except as disclosed to the Lender in writing prior to the Effective Date of this Agreement, the
Borrowers and each Subsidiary owns each of their business, operations and assets, as more particularly described in the Disclosure Record; 
 (o) all factual information previously or contemporaneously furnished to the Lender by or on behalf of the Borrowers for purposes of or in connection with this Agreement or any transaction contemplated
hereby, is true and accurate in every material respect and such information is not incomplete by the omission of any material fact necessary to make such information not misleading; and 

(p) after giving effect to the consummation of the Viking Sale and the Loan contemplated in this
Agreement, the Borrowers and each Subsidiary are generally able to pay their debts as they come due. 
 8.
Affirmative Covenants of the Borrowers. The Borrowers covenant and agree jointly and severally that so long as any monies will be outstanding under this Agreement, they and each of them shall: 

(a) except for the Viking Sale, at all times maintain each of their existence and the existence of all of
each of their Subsidiaries, provided that Subsidiaries of the Borrowers may enter into intercompany mergers with other Subsidiaries of the Borrowers; 

(b) duly perform each of their obligations under this Agreement, and all other agreements and instruments
executed and delivered hereunder or thereunder; 

  
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AGREEMENT - PAGE | 8 

 (c) carry on and conduct each of their businesses in a
proper business-like manner in accordance with good business practice and will keep or cause to be kept proper books of account in accordance with generally accepted accounting principles; 

(d) at all times comply with all applicable laws, except such voluntary non-compliance as shall, in each
of their good faith business judgment, not have a material adverse effect on the business of the Borrowers or any Subsidiary, taken as a whole; 
 (e) at all times maintain any material contracts in good standing and fulfill all obligations thereunder, and immediately notify the Lender of any facts or circumstances which may arise which could
constitute a default thereunder and give rise to a right of termination under either such agreement, and take all steps as may be prudent or necessary to rectify or cure any such default; 

(f) pay and discharge promptly when due, all taxes, assessments and other governmental charges or levies
imposed upon it or upon its properties or assets or upon any part thereof, as well as all claims of any kind (including claims for labour, materials and supplies) which, if unpaid, would by law become a lien, charge, trust or other claims upon any
such properties or assets; provided, however, that the Borrowers shall not be required to pay any such tax, assessment, charge or levy or claim if the amount, applicability or validity thereof shall currently be contested in good faith by
appropriate proceedings and if the Borrowers shall have set aside on each of their books the reserve the extent required by generally accepted accounting principles in an amount which is reasonably adequate with respect thereto; 

(g) promptly furnish and give to the Lender such reports, certificates, financial statements, and such
other information with respect to the Borrowers as the Lender may reasonably request from time to time during the term of this Agreement; 
 (h) provide the Lender with written notice of any proposed financing made by or to the Borrowers concurrently with, but not prior to, public disclosure of such financing; and 

(i) furnish and give to the Lender (if such is the case) notice that an Event of Default has occurred
and, if applicable, is continuing or notice in respect of any event which would constitute an Event of Default hereunder and specifying the nature of same. 
 9. Negative Covenants of the Borrowers. The Borrowers covenant and agree jointly and severally with the Lender that the Borrowers will not, and each of them will not permit any Subsidiary to,
without first obtaining the written consent of the Lender (which consent the Lender will be free to withhold in their sole and absolute discretion): 

(a) make, give, create or permit or attempt to make, give or create any mortgage, charge, lien or
encumbrance over any assets of the Borrowers or any Subsidiary other than in connection debt or financing existing on the Effective Date, or purchase money security interests and equipment leases entered into in the ordinary course of business;

  
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AGREEMENT - PAGE | 9 

 (b) change the name of any of the Borrowers or the
jurisdictions of organization; 
 (c) in respect of each of them, declare or provide for any
dividends or other payments or distributions (whether in cash, assets or indebtedness) based on share capital; 
 (d) redeem or purchase any of their shares; 
 (e)
except for the Viking Sale, make or permit any sale of or disposition of any substantial or material part of their business, assets or undertaking, or that of any Subsidiary, including their interest in the shares or assets of any Subsidiary outside
of the ordinary course of business; 
 (f) save and except for purchase money security interests
and equipment leases entered into in the ordinary course of business, borrow or cause or permit any Subsidiary to borrow money from any person other than in a financing with the Lender, without first obtaining and delivering to the Lender a duly
signed assignment and postponement of claim by such person in favour of the Lender, in form and terms satisfactory to the Lender; 
 (g) in respect of each of the Borrowers or any Subsidiary, pay out or permit the payment out of any shareholders loans or other indebtedness to non-arm’s length parties; or 

(h) in respect of each of the Borrowers or any Subsidiary, guarantee or permit the guarantee of the
obligations of any other person, directly or indirectly, except in the ordinary course of business. 
 10.
Events of Default. Each and every one of the events set forth in this paragraph will be an event of default (“Event of Default”): 

(a) if the Borrowers fail to make any payment of principal or interest when due hereunder, and such
failure continues for two (2) Business Days; 
 (b) if the Borrowers or any Subsidiary
defaults in observing or performing any term, covenant or condition of this Agreement or any other loan document delivered hereunder or in connection herewith, other than the payment of monies as provided for in subparagraph (a) hereof, on
their part to be observed or performed and such failure continues for ten (10) Business Days; 
 (c) if any of the Borrowers’ or any Subsidiary’s representations, warranties or other statements in this Agreement or any other document delivered hereunder or in connection with the Loan were
at the time given false or misleading in any material respect; 

  
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AGREEMENT - PAGE | 10 

 (d) if the any of the Borrowers or any Subsidiary, either
directly or indirectly through any Subsidiary, ceases or threatens to cease to carry on business; 
 (e) if any order is made or issued by a competent regulatory authority prohibiting the trading in shares of any of the Borrowers or any successor thereof, or if the Borrowers’ common shares are
suspended or de-listed from trading on any stock exchange; 
 (f) if, in the reasonable opinion
of the Lender, an adverse material change occurs in the financial condition of any of the Borrowers and any of their Subsidiaries, taken as a whole; 

(g) if the Lender in good faith and on commercially reasonable grounds believe that the ability of the
Borrowers to pay any of the Outstanding Balance to the Lender or to perform any of the covenants contained in this Agreement is impaired in any material respect; 

(h) if the any of the Borrowers or any Subsidiary petitions or applies to any tribunal for the
appointment of a trustee, receiver or liquidator or commences any proceedings under any bankruptcy, insolvency, readjustment of debt or liquidation law of any jurisdiction, whether now or hereafter in effect; 

(i) if any petition or application for appointment of a trustee, receiver or liquidator is filed, or any
proceedings under any bankruptcy, insolvency, readjustment of debt or liquidation law are commenced, against the any of the Borrowers or any Subsidiary which is not opposed by such Borrower or any such Subsidiary in good faith, or an order, judgment
or decree is entered appointing any such trustee, receiver, or liquidator, or approving the petition in any such proceeding; or 
 (j) if there is any change of control of any of the Borrowers (“control” being defined as ownership of or control or direction over, directly or indirectly, 20% or more of the outstanding
voting securities of the Borrowers). 
 11. Effect of Event of Default. If any one or more of the Events
of Default occur or occurs and is or are continuing, the Lender may, without limitation in respect of any other rights they may have in law or pursuant to this Agreement or any other document or instrument delivered hereunder, demand immediate
payment of all monies owing hereunder; provided, however, that in the event an Event of Default of the type referred to in clause (h) or clause (i) occurs, all monies due hereunder shall automatically, without any demand or any other
action by the Lender or any other person or entity, become due and payable. 
 12. Legal Fees. The
Borrowers shall pay the legal fees and other costs, charges and expenses (including due diligence expenses) of and incidental to the preparation, execution and completion of this Agreement executed hereto. 

13. Indemnity. The Borrowers agree to indemnify and save harmless the Lender and each of their directors,
officers, employees, attorneys and agents (each being referred to as an “Indemnitee”) from and against all liabilities, claims, losses, damages and expenses 

  
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including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the any of the Borrowers
arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement and any other agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations
hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) the Loan or the use of proposed use of the proceeds thereof, (iii) any actual or alleged presence or release of hazardous materials on or
from any property owned or operated by any of the Borrowers or any Subsidiaries, or any environmental liability related in any way to the Borrowers or any Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any of the Borrowers or any of the Borrowers’ Subsidiaries, directors, shareholders or creditors, and
regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the
gross negligence or willful misconduct of such Indemnitee or (y) results from a claim brought by the Borrowers against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other document executed
pursuant hereto, if the Borrowers have obtained a final and nonappealable judgment in their favor on such claim as determined by a court of competent jurisdiction. All amounts due pursuant to this paragraph 13 shall be payable upon demand.

 14. Further Assurances. The Borrowers will do, whether before or after the occurrence of an Event of
Default, all such acts and things and execute and deliver all such documents, deeds, transfers, assignments and instruments as the Lender may require (a) to correct any material defect or error that may be discovered in this Agreement or any
other document or instrument executed or to be executed pursuant hereto or in the execution, acknowledgement, filing or recordation thereof, and (b) to do, execute, acknowledge, deliver, record, file, and register or to take any and all such
further acts, deeds, certificates, assurances and other instruments as the Lender may reasonably require from time to time in order to carry out more effectively the purposes of this Agreement. 

15. Notices. In this Agreement: 

(a) any notice or communication required or permitted to be given under this Agreement will be in writing
and will be considered to have been given if delivered by hand, transmitted by facsimile transmission or mailed by prepaid registered post to the address or facsimile transmission number of each party set out below: 

  
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AGREEMENT - PAGE | 12 

	 	(i)	 if to the Lender: 

 Dalea Partners, LP 
 16803 North Dallas Parkway 

Addison, Texas 75001 
 Attention: Mike Burnett 
 Fax No: (972) 590-9908 

Mike.burnett@riatacg.com 

With a copy to Christine Stroud at the same address. 

 

	 	(ii)	 if to the Borrowers: 

 TransAtlantic Petroleum Ltd. 
 TransAtlantic Worldwide Ltd.

 Thrace Basin Natural Gas (Turkiye) Corporation 

c/o TransAtlantic Petroleum (USA) Corp. 

16803 North Dallas Parkway 
 Addison, Texas 75001 
 Attention: Jeffrey S. Mecom Fax No:
(214) 265-4755 
 Jeff.mecom@tapcor.com 

or to such other address or facsimile transmission number as any party may designate in the manner set out above; and

 (b)     notice or communication will be considered to have been received: 

 

	 	(i)	 if delivered by hand during business hours on a Business Day, upon receipt by a responsible representative of the receiver, and if not delivered
during business hours, upon the commencement of business on the next Business Day; 

  

	 	(ii)	 if sent by facsimile transmission during business hours on a Business Day, upon the sender receiving confirmation of the transmission, and if not
transmitted during business hours, upon the commencement of business on the next Business Day; and 

  

	 	(iii)	 if mailed by prepaid registered post upon the fifth (5th) Business Day following posting; except that, in the case of a disruption or an impending or threatened disruption in
postal services every notice or communication will be delivered by hand or sent by facsimile transmission. 

 16. Assignment. The Borrowers acknowledge and agree that the Lender may assign all or part of the Loan, this Agreement and all agreements, documents or instruments delivered hereunder to one or
more assignees, free from any right of set-off or counterclaim or equity, subject only to the Lender’s notification of such assignment or assignments being given in writing to the Borrowers. 

  
 CREDIT
AGREEMENT - PAGE | 13 

 17. Agreement to Pay. Upon receipt of written notice and direction
from the Lender, the Borrowers covenant and agree to make all payments of interest, principal and structuring fees due under this Agreement to the Lender or any assignee, pro rata in accordance with their respective proportionate interests in the
Loan as set out in such written notice and direction, absent which all such payments may be made to the Lender. 

18. Enurement. This Agreement will enure to the benefit of and be binding upon the parties hereto and their
respective successors and permitted assigns. 
 19. Waivers. No failure or delay on the Lender’s
part in exercising any power or right hereunder will operate as a waiver thereof. 
 20. Remedies are
Cumulative. The Lender’s rights and remedies hereunder are cumulative and not exclusive of any rights or remedies at law or in equity. 
 21. Time. Time is of the essence of this Agreement and all documents or instruments delivered hereunder. 
 22. Interest Rate Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Note or any other documents as instrument executed pursuant to this Agreement, the interest
paid or agreed to be paid hereunder or thereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”). If the Lender shall receive interest in an amount that exceeds the
Maximum Rate, the excess interest shall be applied to the principal of the Loan or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by the Lender exceeds the
Maximum Rate, the Lender may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and
(c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the obligations thereunder. 

23. Invalidity. If at any time any one or more of the provisions hereof is or becomes invalid, illegal or
unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions hereof will not in any way be affected or impaired thereby to the fullest extent possible by law. 

24. Governing Laws. This Agreement will be governed by and interpreted in accordance with the laws of the State of
Texas. The Borrowers submit to the non-exclusive jurisdiction of the Courts of the State of Texas and agree to be bound by any suit, action or proceeding commenced in such Courts and by any order or judgment resulting from such suit, action or
proceeding, but the foregoing will in no way limit the right of the Lender to commence suits, actions or proceedings based on this Agreement in any jurisdiction it may deem appropriate. 

  
 CREDIT
AGREEMENT - PAGE | 14 

 25. Amendment. This Agreement supersedes all prior agreements and
discussions between the parties with respect to the subject matter set forth herein. This Agreement may be varied or amended only by or pursuant to an agreement in writing signed by the parties hereto. 

26. Exhibits. All Exhibits attached hereto will be deemed fully a part of this Agreement. 

27. Counterparts. This Agreement may be signed in one or more counterparts, originally or by facsimile, each such
counterpart taken together will form one and the same agreement. 
 [Signatures on following page.] 

  
 CREDIT
AGREEMENT - PAGE | 15 

 Final Execution 
 TO EVIDENCE THEIR AGREEMENT each of the parties has executed this Agreement as of the date first above written. 
  

			
	DALEA PARTNERS, LP 
		
	By:	 	/s/ N. Malone Mitchell, 3rd
		 	Authorized Signatory

  

			
	TRANSATLANTIC PETROLEUM LTD. 
		
	By:	 	/s/ Jeffrey S. Mecom
		 	Authorized Signatory

  

			
	TRANSATLANTIC WORLDWIDE, LTD.
		
	By:	 	/s/ Jeffrey S. Mecom
		 	Authorized Signatory

 THRACE BASIN NATURAL GAS (TURKIYE) CORPORATION 

			
		
	By:	 	/s/ Jeffrey S. Mecom
		 	Authorized Signatory

 [SIGNATURE PAGE TO THE CREDIT
AGREEMENT] 

 Final Execution 
 EXHIBIT A 
 PROMISSORY NOTE 

Principal Amount: US$15,000,000 

For value received, TRANSATLANTIC PETROLEUM LTD., TRANSATLANTIC WORLDWIDE LTD., AND THRACE BASIN NATURAL GAS (TURKIYE) CORPORATION, (the
“Borrowers”) hereby promise to pay, jointly and serverally, to DALEA PARTNERS, LP, (the “Lender”) up to the principal sum of FIFTEEN MILLION UNITED STATES DOLLARS (US$15,000,000) on the earliest of:

 (i) the occurrence of an Event of Default as such term is defined in the Credit Agreement between the
Borrower and the Lender dated as of March 15, 2012, as may be amended from time to time (the “Credit Agreement”), and 
 (ii) the Maturity Date (as defined in the Credit Agreement); 
 together with
interest accruing on the outstanding principal amount from the date hereof at the “Contract Rate” defined in the Credit Agreement, before and after each of maturity, default and judgment, payable as provided in the Credit Agreement. All
payments under this promissory note will be made by in U.S. Dollars by certified cheque, bank draft or wire transfer (pursuant to wire transfer instructions provided by the Lender from time to time) and delivered to the Lender at 16803 North Dallas
Parkway, Addison, Texas 75001. 
 The undersigned is entitled to prepay this promissory note, in whole or in part, without
notice or penalty. The undersigned waives demand and presentment for payment, notice of non-payment, protest, notice of protest and notice of dishonour. This promissory note will be governed by and construed in accordance with the laws of the State
of Texas. 
 Dated: March             , 2012 

TRANSATLANTIC PETROLEUM LTD. 

			
		
	By:	 	 
		 	 Authorized Signatory

 TRANSATLANTIC WORLDWIDE, LTD. 

			
		
	By:	 	 
		 	 Authorized Signatory

 THRACE BASIN NATURAL GAS (TURKIYE) CORPORATION 

			
		
	By:	 	 
		 	 Authorized Signatory

 CREDIT AGREEMENT - EXHIBIT A - PROMISSORY
NOTEManagement Services Agreement

 Exhibit 10.3 
 MANAGEMENT SERVICES AGREEMENT 
 THIS
MANAGEMENT SERVICES AGREEMENT (“Agreement”) dated as of March 15, 2012, between VIKING PETROL SAHASI HIZMETLERI A.S., a Turkish joint stock company (“VOS”), whose registered address is Nispetiye Caddesi Akmerkez B Blok Kat:
5, 34337 Etiler-Besiktas- ISTANBUL, and VIKING GEOPHYSICAL SERVICES, LTD., a Bahamian international business company (“VGS”), whose registered address is1st Floor, Kings Court, Bay Street, PO Box N-3944, Nassau, Bahamas. 

WHEREAS, VOS is the owner of certain seismic equipment, and related inventory and supplies, all of which is described on
the attached Exhibit A which is made a part hereof (such equipment and any additional seismic equipment owned by VOS is collectively referred to herein as the “Equipment”); 

WHEREAS, VGS and VOS have entered into that certain Master Service Agreement and Supplement 1 thereto (collectively, the
“Master Service Agreement”) with GX Technology Corporation and its affiliates (collectively, “GXT”), whereby VOS and VGS will each provide seismic data acquisition services to GXT and its affiliates in Poland (the
“PolandSPAN Project”); 
 WHEREAS, VGS has the knowledge and expertise to provide management and
personnel services to VOS regarding its Equipment; 
 NOW, THEREFORE, in consideration of the mutual promises
contained herein, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Services to be Provided. During the term of this Agreement, VGS agrees to provide VOS with the management and personnel services (the “Services”) necessary to enable the Equipment to
be used in Poland in accordance with the Master Service Agreement. 
 2. Standard of Care. VGS’s
standard of care with respect to the provision of Services pursuant to this Agreement shall be limited to providing services of the same general quality as VGS provides for its own internal operations, and VOS’s sole and exclusive remedy for
the failure by VGS to meet such standard of care in providing Services hereunder shall be to terminate such services as provided in this Agreement. Notwithstanding anything herein to the contrary, VGS shall be liable for losses sustained or
liabilities arising out of VGS’s gross negligence or willful misconduct. VGS makes no representations or warranties of any kind, whether express or implied (i) as to the quality or timeliness or fitness for a particular purpose of services
it provides hereunder, or (ii) with respect to any supplies or other material purchased on behalf of VOS pursuant to this Agreement, the merchantability or fitness for any purpose of any such supplies or other materials. UNDER NO CIRCUMSTANCES
SHALL VGS HAVE ANY LIABILITY HEREUNDER FOR DAMAGES IN EXCESS OF AMOUNTS PAID BY VOS UNDER THIS AGREEMENT OR FOR CONSEQUENTIAL OR PUNITIVE DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS. 

  
 1 

 3. Payment. In consideration of the provision of Services under this
Agreement, VGS shall be entitled to payment from VOS for all actual costs and expenses associated with the provision of Services. In addition, VGS shall be entitled to a monthly management fee equal to eight percent (8.0%) of the total amount
invoiced for direct labor costs for employees of VGS providing Services pursuant to this Agreement. VOS shall pay all invoices within thirty (30) days of receipt unless VOS has disputed an invoice in writing. In the event of a dispute, the
parties shall work in good faith to resolve such dispute. 
 4. Master Service Agreement Participation.
It is contemplated that one of either VOS’ or VGS’ seismic acquisition crews will operate in Poland prior to the arrival of the other seismic acquisition crew in Poland. Accordingly, during the term of the Master Service Agreement:

 (a) all revenues and expenses generated from providing seismic data acquisition services in connection with
the PolandSPAN Project: 
 (i) will be shared fifty percent (50%) by VOS and fifty percent (50%) by
VGS during the period that VOS and VGS both have a seismic acquisition crew operating in Poland; and 
 (ii)
will be for the sole account of either VOS or VGS during the period that VOS or VGS, as applicable, has the sole seismic acquisition crew operating in Poland. 
 (b) all revenues and royalties generated for the account of VOS and VGS by the sale of PolandSPAN Project seismic data will be shared fifty percent (50%) by VOS and fifty percent (50%) by VGS.

 5. Term. This Agreement shall terminate upon the termination of the Master Service Agreement. Upon
termination of this Agreement, VGS shall be paid for Services rendered pursuant to this Agreement through the effective date of the termination and shall be entitled to receive the monthly management fee through the last month of the term.
Thereafter, the parties shall have no further liability to each other as to unperformed services not yet due hereunder (except for those obligations expressly surviving such termination). 

6. Insurance. If requested by VGS, VOS shall secure and maintain insurance of the types and in the amounts
necessary to protect itself and the interests of VGS against hazards or risks of loss with regard to the Equipment. VOS shall cause VGS to be listed as an additional insured and/or loss payee on such insurance policies. VOS shall invoice VGS for the
actual cost of such insurance, and VGS shall pay such invoices within thirty (30) days of receipt of such invoice. 
 7. Representations and Warranties. VOS represents and warrants that the Equipment is in good operating condition and repair, and is suitable for immediate use for their intended purpose.

  
 2 

 8. Indemnification. VGS shall fully defend, indemnify and hold VOS,
its shareholders, partners, officers, directors, employees and agents, harmless from and against any and all losses, claims, demands, damages, suits, expenses, causes of action, and any sanctions of every kind and character (including reasonable
attorneys’ fees, court costs, and costs of investigation) which may be made or asserted by VGS, VGS’s assigns, VGS’s employees, agents, contractors, and subcontractors and employees thereof, or by any third parties (including
governmental agencies) for personal injury, death, property damage, property confiscation, breach of contract, taxes, duties, tariffs, pollution, environmental damage, and regulatory compliance, any fines or penalties asserted on account of such
damage, and causes of action alleging liability caused by, arising out of the provision of Services by VGS from and after the date of this Agreement. This indemnity shall not apply to losses sustained or liabilities arising out of
(a) VOS’s gross negligence or willful misconduct, or (b) defects in the design or construction of the Equipment. 
 9. No Waiver or Amendment. No waiver of any of the terms, provisions or conditions hereof, or any modification of such terms, provisions or conditions, shall be effective unless in writing and
signed by a duly authorized officer of each party. 
 10. Assignment. This Agreement and the duties,
rights and obligations of the parties hereunder shallbe assignable by either party with the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. Subject to the preceding sentence, this Agreement
shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assignees. 
 11. Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Texas without regard to its principles regarding conflicts of laws. Venue for any
action tried hereunder will be in Dallas, Texas, whether in federal or state court. 
 12. Independent
Contractor. VGS shall perform the Services hereunder solely in the capacity of an independent contractor. VGS and VOS agree that nothing herein shall in any manner constitute either party as the agent or representative of the other party for any
purpose whatsoever. Without limiting the foregoing, neither party shall have the right or authority to enter into any contract, warranty, guarantee or other undertaking or obligation in the name of or for the account of the other party, or to assume
or create any obligation or liability of any kind, express or implied, on behalf of the other party, or to bind the other party in any manner whatsoever, or to hold itself out as having any right, power or authority to do any of the foregoing,
except, in each case, as to actions taken by a party at the express written request and direction of the other party. Nothing in this Agreement, express or implied, shall create a partnership relationship between the parties (including any of their
respective successors and assigns). 
 13. Entire Agreement. This Agreement represents the entire
agreement between the parties, and supercedes and nullifies all prior representations, negotiations, proposals and statements. 

  
 3 

 14. Notices. Any notice, request, demand, statement, routine
communications, or invoices will be in writing and delivered to the parties at the addresses or facsimile numbers identified below. Notice will be deemed given when physically delivered to the other party in person, when transmitted to the other
party by confirmed facsimile transmission, or when deposited in the U.S. Mail or with a delivery service, postage pre-paid. Either party may change its address or facsimile number by providing notice of same in accordance with this provision.

  

			
	VIKING PETROL SAHASI HIZMETLERI A.S.	 	VIKING GEOPHYSICAL SERVICES LTD.
	 	 	 
	 Nispetiye Caddesi Akmerkez B Blok Kat: 5, 34337 Etiler- Besiktas - ISTANBUL Facsimile: 90 212.317 25 97
	 	 Sehit Erhan Caddesi 24/7, 06680 Cancaya - ANKARA

Facsimile: 90 312.426 02 04

 15. Counterparts. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 IN
WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed in its corporate name by its corporate officers, as of the day and year first above written. 
 VIKING PETROL SAHASI HIZMETLERI A.S. 

			
		
	By:	 	/s/ N. Malone Mitchell, 3rd
	Name:	 	N. Malone Mitchell, 3rd
	Title:	 	Authorized Signatory

 VIKING GEOPHYSICAL SERVICES, LTD. 

			
		
	By:	 	/s/ Jeffrey S. Mecom
	Name:	 	Jeffrey S. Mecom
	Title:	 	Vice President

  
 4 

 EXHIBIT “A” 

DESCRIPTION OF EQUIPMENT 

  
 5

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