TransAtlantic Petroleum Provides Operational Update
HAMILTON, Bermuda, Oct. 1, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum
Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today
provided an operational update on its current drilling program.
TransAtlantic ended the third quarter of 2013 with production of more than
4,500 Boe/d and expects its 2013 year-end exit rate to be at least 5,000
Boe/d. The Company currently has three active rigs in southeastern Turkey and
two active rigs in the Thrace Basin in northwestern Turkey. In the fourth
quarter of 2013, TransAtlantic expects to add one drilling rig in Bulgaria and
release one drilling rig in the Thrace Basin in Turkey to maintain a five rig
operation going forward. The Company spudded 18 wells in the third quarter of
2013 and 27 wells year-to-date. TransAtlantic plans to drill a total of 38
wells in 2013.
Southeastern Turkey – Şelmo Field Redevelopment
TransAtlantic recently drilled a horizontal well in the Şelmo field (100%
working interest) targeting the MSD zone at a depth of approximately 5,200
feet for $2.2 million. The Company is currently drilling a second horizontal
MSD well and will complete both wells in October 2013. TransAtlantic plans to
drill two to five additional Şelmo horizontal wells targeting the MSD zone in
the fourth quarter of 2013.
Based on the success of the Şelmo-13H horizontal well, which targeted the LSD
zone at a depth of approximately 6,000 feet and is currently producing more
than 300 Bbls/d of oil, TransAtlantic expects to drill two additional Şelmo
horizontal wells targeting the LSD zone in the fourth quarter of 2013.
Southeastern Turkey – Molla Drilling Program
In August 2013, TransAtlantic drilled the Göksu-5H horizontal well (100%
working interest) to the Mardin zone at a total measured depth of 5,400 feet
for a cost of $2.8 million. The Company has five horizontal wells in
southeastern Turkey awaiting completion with a coiled tubing unit including
the Göksu-5H, Alibey-1, Oba-1 and two Şelmo wells. TransAtlantic expects to
complete and test these wells in the fourth quarter of 2013.
The Company is currently drilling two exploration wells in the Molla Area. The
Tepe-1 (100% working interest) has a targeted depth of 9,500 feet in the
Mardin and Bedinan formations on an exploration license the Company acquired
in May 2013. The Ambarcik-2 (50% working interest) has a planned total depth
of 9,750 feet targeting the Bedinan formation in the Arpatepe license. The
Company expects to drill at least one vertical well in the Arpatepe field (50%
interest) in the fourth quarter of 2013.
TransAtlantic continues to make progress on its 800 square kilometer (300
square mile) 3D seismic program over Molla and the surrounding areas. To date,
approximately 365 square kilometers (140 square miles) have been shot and the
data is being processed in Dallas, Texas. A detailed map of the Molla 3D
seismic program is available on TransAtlantic's website at
Northwestern Turkey – Thrace Basin Development
TransAtlantic completed and is currently production testing the BTD-4H (41.5%
working interest), its second horizontal well in the southern Thrace Basin.
The well cost $3.3 million to drill to a total depth of 5,800 feet and
features a 2,100-foot lateral section within a porous and permeable
gas-bearing member of the Teslimkoy formation.
In the central Thrace Basin, TransAtlantic drilled the Karanfiltepe-5 (41.5%
working interest) in the third quarter of 2013 and is currently running logs
to identify completion targets to test for the presence of hydrocarbons. An
offset well, the Karanfiltepe-4 (41.5% working interest) continues to produce
2.5 MMcf/d. The Company also spudded the Yildirim-3 in September 2013,
targeting the Osmancık formation at a depth of 4,500 feet.
In the northern Thrace Basin, the Company drilled six shallow, vertical
natural gas wells in the Edirne field after negotiating a low cost, group rate
drilling and completion package in the third quarter of 2013. One well was a
dry hole and five wells will be completed in the fourth quarter of 2013.
The Company began a 234 square kilometer (90 square mile) 3D seismic program
in the Osmanlı area of the southern Thrace Basin. A detailed map of the
Osmanlı 3D seismic program is available on TransAtlantic's website at
TransAtlantic expects to spud the Deventci-R2 (50% working interest) in
October 2013, which will be a directional exploration well targeting the Dolni
Lukovit zone at a depth of approximately 14,500 feet. The Company's joint
venture partner will assume 75% of TransAtlantic's initial $40 million work
program in Bulgaria.
Third Quarter 2013 Earnings Call
The Company will provide more detailed operational and financial results on
its third quarter 2013 earnings call, which it expects to host in the first
week of November 2013.
TransAtlantic Petroleum Ltd. is an international oil and natural gas company
engaged in the acquisition, exploration, development and production of oil and
natural gas. The Company holds interests in developed and undeveloped
properties in Turkey and Bulgaria.
(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS
APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
This news release contains statements concerning the drilling, completion and
cost of wells, the production and sale of oil and natural gas, the acquisition
and processing of seismic data, the hosting of an earnings conference call, as
well as other expectations, plans, goals, objectives, assumptions or
information about future events, conditions, results of operations or
performance that may constitute forward-looking statements or information
under applicable securities legislation. Such forward-looking statements or
information are based on a number of assumptions, which may prove to be
incorrect. In addition to other assumptions identified in this news release,
assumptions have been made regarding, among other things, the ability of the
Company to continue to develop and exploit attractive foreign initiatives.
Although the Company believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue reliance
should not be placed on forward-looking statements because the Company can
give no assurance that such expectations will prove to be correct.
Forward-looking statements or information are based on current expectations,
estimates and projections that involve a number of risks and uncertainties
which could cause actual results to differ materially from those anticipated
by the Company and described in the forward-looking statements or information.
These risks and uncertainties include, but are not limited to, market prices
for natural gas, natural gas liquids and oil products; estimates of reserves
and economic assumptions; the ability to produce and transport natural gas,
natural gas liquids and oil; the results of exploration and development
drilling and related activities; economic conditions in the countries and
provinces in which the Company carries on business, especially economic
slowdowns; actions by governmental authorities, receipt of required approvals,
increases in taxes, legislative and regulatory initiatives relating to
fracture stimulation activities, changes in environmental and other
regulations, and renegotiations of contracts; political uncertainty, including
actions by insurgent groups or other conflict; outcomes of litigation; the
negotiation and closing of material contracts; shortages of drilling rigs,
equipment or oilfield services.
The forward-looking statements or information contained in this news release
are made as of the date hereof and the Company undertakes no obligation to
update publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise, unless so
required by applicable securities laws.
Note on Boe
Barrels of oil equivalent, or Boe, are derived by the Company by converting
natural gas to oil in the ratio of six thousand cubic feet ("Mcf") of natural
gas to one bbl of oil. A Boe conversion ratio of 6 Mcf to 1 bbl is based on an
energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead. Boe may be
misleading, particularly if used in isolation.
CONTACT: Taylor Miele
Director of Investor Relations
TransAtlantic Petroleum Ltd.
16803 Dallas Parkway
Addison, Texas 75001
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