UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 3, 2011

TRANSATLANTIC PETROLEUM LTD.

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code: (214) 220-4323

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Item 1.01 Entry into a Material Definitive Agreement.

On March 3, 2011, TransAtlantic Worldwide, Ltd. (the “Borrower”), a wholly-owned subsidiary of TransAtlantic Petroleum Ltd. (the “Company”), entered into an Amendment (the “Amendment”) to that certain Credit Agreement, as amended (the “Credit Agreement”), dated as of August 25, 2010, among the Borrower, the Company, TransAtlantic Petroleum (USA) Corp., Amity Oil International Pty Limited, Petrogas Petrol Gaz ve Petrokimya Ürünleri Inşaat Sanayi ve Ticaret A.Ş. (“Petrogas”) and Standard Bank Plc. The Amendment is effective as of February 28, 2011.

Prior to the Amendment, Section 2.4(b)(vi) of the Credit Agreement required the Borrower to repay $4.0 million of the outstanding principal amount under the Credit Agreement (or if less than $4.0 million is outstanding at such time, such outstanding amount) if the Energy Market Regulatory Authority of the Republic of Turkey had not granted a natural gas wholesale license to Petrogas by March 1, 2011. The Amendment extends the compliance date in Section 2.4(b)(vi) from March 1, 2011 to April 1, 2011.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is filed hereto as Exhibit 10.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 8, 2011

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EXHIBIT INDEX

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