HAMILTON, Bermuda, Sept. 22, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (NYSE-MKT:TAT) (TSX: TNP ) (the "Company" or "TransAtlantic") today provided an update on its recent well results in Turkey.
Southeastern Turkey – Molla Drilling Program
TransAtlantic recently completed several wells in its Bahar field. Well locations were selected using 3D seismic from the Company's 872 km 2 (337 mile 2 ) seismic program in 2013-2014, which was the largest in Turkey's history.
The Bahar-4 (100% working interest) had an initial production rate of more than 500 BOPD from its upper Bedinan zone at a depth of approximately 10,000 feet, and has produced an average rate of 450 BOPD during its initial seven days of production.
The Bahar-3 (100% working interest) had an initial production rate of more than 400 BOPD from its upper Bedinan zone, which produced an average rate of 350 BOPD during its initial seven days of production. Combined with production from the lower Bedinan zone, at a depth of approximately 10,550 feet, the average production rate for the Bahar-3 during the most recent 7 days is 470 BOPD. The Bahar-3 and Bahar-4 are currently flowing up casing. TransAtlantic expects to install production tubing on both wells in October 2014.
The Bahar-2ST (100% working interest) has been completed in the Hazro zone and is currently on a pump test.
Southeastern Turkey – Şelmo Field Development
TransAtlantic is currently completing the Şelmo-68H3 (100% working interest), in the MSD zone. In July 2014, the Company completed the Şelmo-85H1 (100% working interest), which produced an average rate of 320 BOPD during its initial 60 days of production. In June 2014, TransAtlantic completed the Şelmo-54H1 (100% working interest), which produced an average rate of 660 BOPD during its first 90 days. Average production for the initial 120 days of production from the Şelmo-84H2 (100% working interest) and Şelmo-86H2 (100% working interest) have been 370 BOPD and 375 BOPD, respectively.
Northwestern Turkey – Thrace Basin Development
The Company recently completed the TDR-5H (41.5% working interest), a horizontal well targeting the Teslimkoy formation. The well had an average initial production rate of 1.5 MMCFPD during its first 20 days.
TransAtlantic also successfully recompleted a discovery well in the Göçerler field (50% working interest), which tested 4.0 MMCFPD. The well is the Company's first completion in the Soğucak limestone reef reservoir. All of TransAtlantic's previous Thrace Basin completions have been in sandstone reservoirs. This discovery has increased the Company's interest in developing the limestone reef trend in the central Thrace Basin.
TransAtlantic is drilling a five-well campaign of shallow, conventional, vertical wells (41.5% working interest) in the Osmanlı area based on 3D seismic shot in the fourth quarter of 2013. The first vertical well tested 1.5MMCFPD. The Company recompleted two vertical wells into the Teslimkoy formation that have produced an average of 535 MCFPD in their initial 30 days of production.
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.)
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, 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.
Taylor Beach Director of Investor Relations (214) 265-4746 TransAtlantic Petroleum Ltd. 16803 Dallas Parkway Addison, Texas 75001 (214) 220-4323 http://www.transatlanticpetroleum.com
