HAMILTON, Bermuda, July 27, 2015 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (NYSE-MKT:TAT) (TSX:TNP) (the "Company" or "TransAtlantic") today provided an update on the recent share price decline. Over the last several days there has been unusually high trading volume of TransAtlantic's shares, which has resulted in a significant share price decline. Malone Mitchell, Company CEO and Chairman, commented, "While we cannot control the buying and selling of our shares, we assure our shareholders that there have been no material changes in our business since our operational update issued on July 9, 2015. All of our credit lines continue to remain intact and we continue to work with both our existing and prospective creditors on expanded financing opportunities. We expect to issue our second quarter earnings during the first week of August."
On June 10, 2015 TransAtlantic placed additional zero premium collars with a floor price of $66.50 for a portion of its Turkey oil production through 2016. On July 22, 2015 the overall hedge portfolio was valued at approximately $36 million. The Company continues to monitor the commodity price environment and will adjust its position as opportunities arise.
The Bahar-9 reached total depth at a depth of 10,865 feet and the rig is being moved to the Bahar-7 location. Initial log analysis on the Bahar-9 indicates prospective pay as projected. The Company plans to complete the well in August. In Albania, drilling on the Delvina-34 well has been suspended and the Company has released the rig.
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.
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.