TransAtlantic Petroleum Announces Production Update, Selmo Field Extension and
2014 Annual Meeting Webcast Access
HAMILTON, Bermuda, May 27, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum
Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today
provided an update on its current net sales, announced an extension on its
Şelmo field production lease and provided details to access its 2014 annual
meeting webcast, which will be broadcast live at 10 a.m. Central today.
Current Net Sales and Şelmo Field Extension
TransAtlantic's current net sales are approximately 5,300 BOEPD, comprised of
approximately 3,850 BOPD and approximately 8.8 MMCFPD. Oil sales increased 38%
from the Company's April 2014 average as a result of production increases in
the Şelmo and Arpatepe fields. The Company is currently developing the
southeastern portion of the Şelmo field, which is less developed than the
northwestern portion of the field. The Arpatepe-7 well (50% working interest)
had initial production of 330 BOPD gross (165 BOPD net).
TransAtlantic was also granted a new ten-year extension to its Şelmo field
production lease from the General Directorate of Petroleum Affairs of the
Republic of Turkey.
Chairman and Chief Executive Officer N. Malone Mitchell 3^rd commented, "Once
again, Turkey has shown itself to be a valuable partner and a supporter of
domestic oil and natural gas production. We are very pleased to extend our
Şelmo lease for another ten years and look forward to making additional
investments in Turkey."
2014 Annual Meeting Webcast
TransAtlantic will host its 2014 annual meeting of shareholders today at 10
a.m. Central at its U.S. headquarters, which is located at 16803 Dallas
Parkway, Addison, Texas, 75001. The Company will host a live webcast of the
event on its website. To view the live webcast of the annual meeting, please
visit the Company's website at www.transatlanticpetroleum.com, click on
"Investors" and select "Annual Meeting."
About TransAtlantic Petroleum Ltd.
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 hosting of an annual
meeting webcast, 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
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 barrel of oil. A BOE conversion ratio of six MCF to one barrel 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 Beach
Director of Investor Relations
Vice President and Chief Financial Officer
TransAtlantic Petroleum Ltd.
16803 Dallas Parkway
Addison, Texas 75001
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