TransAtlantic Petroleum Ltd., an international oil and natural gas company, engages in the acquisition, exploration, development, and production of oil and natural gas. Strategy Key elements of the company’s strategy include increasing reserves and production; utilizing new 3D seismic data to improve well targeting; expanding the use of horizontal drilling; and expanding fracture stimulation program. Properties and Operations Turkey As of March 1, 2014, the company held interests in 23 onshore and offshore exploration licenses and 12 onshore production leases covering a total of 2.1 million gross acres (1.3 million net acres) in Turkey. As of December 31, 2013, the company had total net proved reserves of 9,714 thousand stock tank barrels (Mbbl) of oil and 15,039 million cubic feet (Mmcf) of natural gas, net probable reserves of 8,120 Mbbl of oil and 23,030 Mmcf of natural gas and net possible reserves of 16,877 Mbbl of oil and 78,205 Mmcf of natural gas in Turkey. During 2013, its average wellhead production was approximately 4,375 net barrels of oil equivalent per day (Boepd) of oil and natural gas in Turkey. Southeastern Turkey: Substantially all of the company’s oil production is concentrated in southeastern Turkey, primarily in the Selmo, Goksu, Bahar and Arpatepe oil fields. These properties are in close proximity to the Zagros fold belt, which encompasses the oil fields of Iran and Iraq. In 2013, the company drilled 10 horizontal wells and 5 vertical wells in southeastern Turkey. The company holds a 100% working interest in the Selmo production lease. In 2013, the company drilled six horizontal developmental wells in the field, five of which were commercially successful. For 2013, its wellhead production of crude oil from the Selmo field was 670,711 barrels of oil (Bbls) at an average rate of approximately 1,838 Bbl/d. Turkiye Petrolleri Anonim Ortakligi (TPAO), a Turkish government-owned oil and natural gas company, and Türkiye Petrol Rafinerileri A.S. (TUPRAS), a privately-owned oil refinery in Turkey, purchase all of its crude oil production from the Selmo field, which is transported by truck to their neighboring facilities. As of March 1, 2014, the company had 50 producing wells in the Selmo field. The company holds a 100% working interest in each of its three Molla exploration licenses, which contain the Goksu and Bahar oil fields. In the Goksu field, the company is targeting the Mardin formation, and in the Bahar field, the company is primarily targeting the Bedinan and Hazro formations. In 2013, the company completed five horizontal wells and began shooting approximately 800 square kilo meters of 3D seismic over the Molla area. During 2013, the company also drilled the Catak-1 well in the Molla area. The company holds a 50% working interest in its Arpatepe production lease and exploration license. For 2013, its wellhead production of crude oil from the Arpatepe field was 56,561 Bbls at an average rate of approximately 155 Bbl/d. As of March 1, 2014, the company had five producing wells on the Arpatepe production lease. Northwestern Turkey: Substantially all of its natural gas production is concentrated in the Thrace Basin, which is one of Turkey’s most productive onshore natural gas regions. For 2013, its wellhead production of natural gas in the Thrace Basin was approximately 3,793 Mmcf, or approximately 10.4 Mmcf/d. In 2013, the company drilled 3 horizontal wells in southern Thrace Basin, 6 shallow vertical wells in northern Thrace Basin, and 11 conventional vertical wells in the Thrace Basin area. The company also completed a 234 sq. km. 3D seismic program in the Osmanli area of the southern Thrace Basin. As of March 1, 2014, the company had 123 producing wells on its Thrace Basin properties. Bulgaria As of March 1, 2014, the company held interests in 1 onshore exploration concession and 1 onshore production concession covering a total of 567,000 acres in Bulgaria. During 2013, its wellhead production was approximately 15.8 Mmcf of natural gas on a limited test basis in Bulgaria. Operations As of March 1, 2014, the company’s wellhead production was an aggregate of approximately 2,800 Bbl/d, primarily from the Selmo production lease, Arpatepe production lease and Molla exploration licenses, and approximately 11.1 Mmcf/d of natural gas, primarily from its various Turkey: During the first quarter of 2014, the company were drilling the Selmo-92H well, its fifth Selmo MSD horizontal well, and completing the Selmo-86H well. Bulgaria: The company reached target depth of 14,100 feet on the Deventci-R2 well on the Koynare Concession Area in the first quarter of 2014. Customers Oil: The company sells its oil to TUPRAS pursuant to a domestic crude oil purchase and sale agreement. Under the purchase and sale agreement, TUPRAS purchases oil produced by the company and delivered to its Boru Hatlari ile Petrol Tasima A.S. (BOTAS) Batman tanks and to the BOTAS Dörtyol plant. History TransAtlantic Petroleum Ltd. was founded in 1985. The company was incorporated under the laws of British Columbia, Canada in 1985 under the name Profco Resources Ltd. and continued to the jurisdiction of Alberta, Canada under the Business Corporations Act (Alberta) in 1997. In 1998, the company changed its name to TransAtlantic Petroleum Corp. In 2009, the company continued to the jurisdiction of Bermuda under the Bermuda Companies Act 1981 under the name TransAtlantic Petroleum Ltd.
transatlantic petroleum ltd
16803 Dallas Parkway
Addison, TX 75001
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