TransAtlantic Petroleum Announces 2014 Capital Expenditure Budget and Outlook

TransAtlantic Petroleum Announces 2014 Capital Expenditure Budget and Outlook

HAMILTON, Bermuda, Dec. 23, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum
Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today
announced its capital expenditure budget for 2014 and outlook for its 2014
production exit rate.

2014 Capital Expenditure Budget

TransAtlantic's Board of Directors has approved the following initial capital
expenditure budget for Turkey for the twelve months ending December 31, 2014.
The Company expects to establish a budget for Bulgaria, horizontal completions
and other activity as geology and well results dictate.

                                         Drilling &  Facilities,     Expected
Area                      Planned Wells  Completions Recompletions,  Total Net
                                                     Seismic & Other Capital
Turkey                                                            
Şelmo Field Development   9 – 11 wells   $26.0 MM    --              $26.0 MM
Şelmo Field Waterflood    --             --          $2.5 MM         $2.5 MM
Pilot
Molla: Bahar Appraisal    6 – 8 wells    $28.0 MM    $2.0 MM         $30.0 MM
Campaign
Molla: Mardin Drilling    3 – 6 wells    $8.0 MM     --              $8.0 MM
Molla: 3D Seismic Program --             --          $4.0 MM         $4.0 MM
Arpatepe Appraisal and    1 – 2 wells    $3.5 MM     $0.5 MM         $4.0 MM
Waterflood
Thrace Basin Development  14 – 22 wells  $10.5 MM    --              $10.5 MM
Thrace Basin              15-25          --          $3.5 MM         $3.5 MM
Recompletions             recompletions
                          33 – 49 wells
Total                     15-25          $76.0 MM    $12.5 MM        $88.5 MM
                          recompletions

TransAtlantic is focused on areas with known hydrocarbons and expects to
target wells more efficiently in 2014 with the use of recently acquired 3D
seismic. The Company believes its maintenance capital expenditures to sustain
production flat at 5,000 Boed net (2013 year-end guidance) is approximately
$37 million. To maintain flat oil production of 3,000 Bopd net, TransAtlantic
estimates a cost of $17 million. The Company estimates a cost of $20 million
to sustain flat natural gas production at 12 MMcf/d net.

Based on the success of two recent MSD horizontal completions, which each had
7-day average initial gross production of 350 Boe/d in December 2013 and the
LSD horizontal completion of Şelmo-13H, which had 30-day initial gross
production of 200 Boe/d in August 2013, TransAtlantic plans to further develop
the Şelmo Field (100% working interest) in southeastern Turkey by drilling
between 9 and 11 horizontal development wells in 2014 for a cost of $26
million. A majority of the wells will target the MSD zone and will further
delineate the structure revealed in the Company's static field model, which
was developed in 2013 after it reprocessed existing 3D seismic. The Company's
third horizontal MSD well, the Şelmo-36H, is currently awaiting completion.
TransAtlantic intends to conduct three waterflood pilot tests in 2014 for a
total cost of $2.5 million to assess the effectiveness of secondary recovery
in the Şelmo Field.

The Company plans to execute a $28 million appraisal drilling campaign in the
Bahar Field (100% working interest) in the Molla area of southeastern Turkey
based on newly acquired 3D seismic. TransAtlantic expects to initially drill
at least two vertical wells, including a vertical sidetrack of the Bahar-2H,
to appraise the Bedinan and Hazro zones. Once the Company confirms geologic
control, it may drill two-to-four horizontal development wells in the Bahar
Field in 2014.

Also in the Molla area of southeastern Turkey, TransAtlantic plans to drill
three-to-six Mardin appraisal and exploration wells (100% working interest) at
a total cost of $8 million based on the interpretation of pending 3D seismic
over the area. The Company continues to see strong production from the Göksu
Field and anticipates successful Mardin wells will achieve initial production
rates of 300 Bopd and EURs of 100k – 400k barrels of oil. TransAtlantic
expects to select drilling locations for the Mardin exploration campaign late
in the first quarter of 2014 and has heavily risked potential results from the
Mardin zone in its forecasts. Approximately $4 million of capital expenditures
are expected to be spent completing the Molla seismic program in the first
quarter of 2014.

TransAtlantic intends to drill one or two appraisal wells in the Arpatepe
Field (50% working interest) in southeastern Turkey for a net cost of $1.5 –
3.5 million. The Company also plans to execute one waterflood pilot test for a
net cost of $0.5 million in the field to assess the effectiveness of secondary
recovery.

In northwestern Turkey, TransAtlantic plans to drill between eight and twelve
conventional vertical wells in Thrace Basin South (41.5% working interest) for
a total net cost of $2 million. Following on the success of the BTD-4H, the
first commercial horizontal well in the Teslimkoy zone, which is currently
producing 2 MMcf/d gross, the Company expects to drill three-to-five Mezardere
horizontal wells and three-to-five Teslimkoy horizontal wells for a total net
cost of $8.5 million. Based on the positive results of recent one-stage
vertical well frac recompletions like the Kayı-14, which had 7-day initial
gross production of 5 MMcfd in October 2013, TransAtlantic plans to continue
its recompletion campaign by executing between 15 and 25 hydraulic fracture
vertical well recompletions in 2014 for a total net cost of $3.5 million. In
December 2013, the Company executed three recompletions into the Mezardere
zone that resulted in average initial production rates of 1.5 MMcfd.

In Bulgaria, TransAtlantic expects to drill additional wells in the Koynare
Concession (50% interest) and begin construction of a pipeline. The concession
sits directly between the largest oil and gas fields in the country. The
Company is currently drilling the Deventci-R2 well in the Koynare Concession
at a depth of more than 13,000 feet. A final budget for Bulgarian activities
will depend on well results.

TransAtlantic will adjust its 2014 capital expenditures based on pending 3D
seismic interpretation and drilling results. Actual expenditures are likely to
deviate from the initial plan according to seismic interpretation, drilling
results, commodity prices and cash flow. TransAtlantic expects to fund its
2014 capital expenditures with cash on hand, cash flow and available credit.

Outlook

TransAtlantic expects to exit the year 2014 with a production rate of 6,000 –
6,500 Boed.The Company anticipates oil to comprise at least 70% of forecasted
production.

Operations Update

TransAtlantic intends to issue an update on its operations during the week of
January 6, 2014.

About TransAtlantic

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.)

Forward-Looking Statements

This news release contains statements concerning the drilling, completion and
cost of wells, the production and sale of oil and natural gas, secondary
recovery operations, the acquisition and processing of seismic data, the
issuance of a press release,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
         (214) 265-4746
        
         Ian Delahunty
         President
         (214) 220-4323
        
         TransAtlantic Petroleum Ltd.
         16803 Dallas Parkway
         Addison, Texas 75001
         http://www.transatlanticpetroleum.com

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