Dr. Sotirios Kapotas reports

STREAM ANNOUNCES THIRD QUARTER 2014 RESULTS

Stream Oil & Gas Ltd. has released its financial and operating results for the three and nine months ended Aug. 31, 2014.

                             THIRD QUARTER 2014 SUMMARY OF RESULTS
                                 ($000s (U.S.), except as noted)

                                            Three months ended               Nine months ended
                                                    Aug. 31,                      Aug. 31,
                                                  2014    2013           2014             2013
Financial
Revenue                                         $8,300  $7,210        $24,399          $26,588
Revenue, net of mineral tax royalty              8,173   6,489         23,127           23,929
Net operating income                             6,362   5,462         17,764           15,459
Funds from (used in) operations                    251   6,115         11,285           17,158
Net income (loss)                                1,194   1,713          4,145            1,898
Per share -- basic and diluted                    0.02    0.03           0.06             0.03
Cash additions to property and equipment
and exploration and evaluation assets           (1,189)  7,586         11,224           16,882

Operating
Average production (boe/d)
Gross production                                 1,487   1,598          1,530            1,662
Albpetrol share                                    534     585            552              610
Net production (Stream's share)                    954   1.013            978            1.052
Gross price ($/boe/d)                           $61.06  $72.85         $70.47           $74.39
Netback ($/boe/d)                                44.81   47.91          46.12            46.83

During the nine months ended Aug. 31, 2014, the company focused its resources on operating its oil fields, preparing to restart drilling in its gas field and attending to matters related to the announced transaction with TransAtlantic Petroleum Ltd. During the period, the company maintained its gross oil field production at approximately 1,488 barrels per day. Jointly with Albpetrol, the company continued its efforts to finalize the amending agreements for the neutralization of the mineral royalty tax, including the elimination of the related share production share obligation resulting from the temporary reversal of the March, 2013, agreement.

Third quarter 2014 highlights:

• Gross production remained stable compared with the preceding quarter.
• Gross revenue remained stable compared with the preceding quarter.

Subsequent events:

Subsequent to the period-end, the company entered into the following transactions:

1. In the beginning of September, the company entered into an arrangement agreement with TransAtlantic for merging Stream into TransAtlantic.
2. In mid-October, the company issued its circular relating to the TransAtlantic transaction.

Outlook

During the third quarter, the company continued its fields operations at prior-period levels in compliance with its obligations of the TransAtlantic transaction agreements. Management is focused on maintaining ordinary course business operations while supporting the completion of the contemplated transaction.

Additional information

Stream has filed its consolidated financial statements for the three months ended Aug. 31, 2014, and its related management's discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained on SEDAR or the company's website.

TransAtlantic open houses

On Nov. 3 and 4, TransAtlantic Petroleum will host open house events in Toronto, Calgary and Vancouver, Canada, to discuss its arrangement with Stream. At the open houses, management of TransAtlantic will give a brief presentation followed by a question-and-answer session. Interested parties should contact Taylor Beach of TransAtlantic at Taylor.Beach@tapcor.com or 1-214-265-4746 to confirm attendance.

Toronto open house

Nov. 3, 2014, 12 p.m. EST

One King West Hotel

1 King St. West, Toronto, Ont., M5H 1A1, Canada

Lunch will be served.

Calgary open house

Nov. 4, 2014, 8 a.m. MST

Fairmont Palliser Hotel

133 9th Ave. Southwest, Calgary, Alta., T2P 2M3, Canada

Breakfast will be served.

Vancouver open house

Nov. 4, 2014, 12 p.m. PST

Fairmont Pacific Rim Hotel

1038 Canada Place, Vancouver, B.C., V6C 0B9, Canada

Lunch will be served.

We seek Safe Harbor.