HAMILTON, Bermuda, April 8, 2015 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (NYSE-MKT:TAT) (TSX:TNP) (the "Company" or "TransAtlantic") today provided an operational update on its current drilling program.
TransAtlantic's current 7-day average net production rate is approximately 6,250 BOEPD, comprised of approximately 4,750 BOPD of oil and approximately 9.0 MMCFPD of natural gas. In the first quarter of 2015, TransAtlantic had average net production of approximately 6,265 BOEPD, a 2.5% increase over net production in the fourth quarter of 2014 and a 30% increase over net production in the first quarter of 2014. Net production for the first quarter of 2015 was comprised of approximately 4,825 BOPD of oil and 8.6 MMCFPD of natural gas.
In the first quarter of 2015, the Company drilled and completed the Gurgen-3 well, drilled and logged the Pinar-1 well and completed the Ebyat-2 exploration well. TransAtlantic Albania has installed a new management team and has developed a workover program which is expected to begin in the second quarter of 2015. The Company has undertaken significant cost saving efforts including staff reductions, office relocations, negotiations with suppliers and optimization of well designs.
Southeastern Turkey – Şelmo Field
TransAtlantic's first quarter net production in the Şelmo field averaged approximately 2,910 BOPD. The Company continues its secondary recovery program in this field and expects to convert several additional wells to injection as part of its waterflood operations in 2015.
Southeastern Turkey – Molla Drilling Program
TransAtlantic's first quarter net production in the Molla area averaged approximately 1,322 BOPD. In the second quarter of 2015, TransAtlantic plans to complete the Pinar-1 (100% working interest), an 11,700-foot vertical exploration well drilled to test a separate 3D seismic structure west of the Bahar field. Log analysis indicate approximately 100 feet of potential pay zone in the Bedinan and Hazro formations.
Southeastern Turkey – Idil Exploration
TransAtlantic has finished completion operations on the Ebyat-2 (50% working interest), a 7,880-foot vertical exploration well on its Idil license. The well tested non-commercial and has been plugged and abandoned. TransAtlantic's 50% joint venture partner, Onshore Petroleum Company AS funded approximately 96% of the total well cost.
Northwestern Turkey – Thrace Basin Development
TransAtlantic's first quarter net production from the Thrace Basin averaged approximately 8.6 MMCFPD. The Gurgen-3 was drilled and completed in the first quarter, producing at an average gross rate of 1.2 MMCFD in the first 30 days on production from the Osmancik.
TransAtlantic's first quarter net production in Albania averaged approximately 582 BOPD. During the quarter, temporary weather related disruptions and electrical infrastructure failures resulted in a loss of net production from the year-end 2014 rate of approximately 1,000 BOPD. Net production has recovered to a current 7-day average rate of 812 BOPD. Continuing infrastructure repair should restore production to pre interruption levels. The Company expects to commence the initial well work to increase production in the second quarter.
First Quarter 2015 Earnings Call
TransAtlantic will provide additional operational and financial results on its first quarter 2015 earnings call, which it expects to host in early May 2015.
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, Albania 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, secondary recovery operations, 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 barrel of oil. A BOE conversion ratio of 6 MCF to 1 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: Lizzy Chesnut Investor Relations (214) 265-4716 TransAtlantic Petroleum Ltd. 16803 Dallas Parkway Addison, Texas 75001 (214) 220-4323 http://www.transatlanticpetroleum.com
Source:TransAtlantic Petroleum Ltd.