HAMILTON, BERMUDA — (Marketwire) — 09/07/11 — (TSX: TNP) (NYSE Amex: TAT) is pleased to provide an operational update and introduce its new Vice President, Financial and Investor Relations.
. On License 4174, the Company completed the Goksu-1 well as a new field discovery in the Mardin group at approximately 5,500 feet (approximately 1,650 meters). The well was completed with a light acid skin stimulation and had an initial flow rate of 340 barrels of oil per day with a 20% water cut on restricted choke. Existing 2D seismic data indicates the Goksu structure may be approximately 2,500 acres (approximately 10 square kilometers) in extent. Oil samples recovered from the well indicate 23 degrees API gravity. The Goksu-1 well was originally drilled in 2010 to test the Bedinan sands, which was unsuccessful, and the Silurian-aged Dadas shale, which tested natural gas and condensate at non-commercial rates from a vertical completion. In light of the discovery, the Company is evaluating additional development on License 4174, in which the Company is the operator and 100% working interest owner.
. On License 3118, immediately to the south of License 4174, the Company recently participated in the drilling of two exploration wells. The Kocahoyuk-1 exploration well encountered the target Bedinan sands formation low to the prognosis and was plugged and abandoned. The Company owns a 50% working interest in License 3118, and the operator of the license, Aladdin Middle East, Ltd. (“AME”), paid all drilling costs for the well.
The Arpatepe-4 exploration well encountered the target Bedinan sands formation, and the Company is currently setting casing in anticipation of testing the well. The Company paid all drilling costs for the Arpatepe-4 well.
The Company and AME expect to drill at least two more development wells and one more exploration well on License 3118 this year, with AME funding all of the drilling costs of the two development wells and the Company funding all of the drilling costs of the exploration well.
. Following evaluation of physical and geological conditions, the Company and its license partners have resumed the pilot fracture stimulation program on certain of the shallow natural gas wells acquired when the Company purchased Thrace Basin Natural Gas (Turkiye) Corporation. Following the completion of the program, the Company plans to mobilize a fracture stimulation crew to conduct operations at the Company–s Selmo oil field in southeastern Turkey.
In addition, the Company has mobilized its Rig 8 to drill the Company–s first new drill deep test in the Thrace Basin. The Company expects to test the Mezarde sands at approximately 7,500 to 10,500 feet (approximately 2,300 to 3,200 meters), located under the shallower producing Alpullu gas field.
The Company has appointed Chad W. Potter to serve as its Vice President, Financial and Investor Relations effective September 12, 2011. Chad joins TransAtlantic after five years in equity research at RBC Capital Market, where his coverage was focused on producers of crude oil, natural gas and coal. Prior to RBC, Mr. Potter spent eight years at Wachovia/Prudential Securities holding positions in investment analysis and wealth management. Chad graduated from Texas State University with a B.B.A degree in Finance and is a CFA charterholder.
TransAtlantic Petroleum Ltd. is a vertically integrated, international energy company engaged in the acquisition, development, exploration, and production of crude oil and natural gas. The Company holds interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Bulgaria and Romania. The Company owns its own drilling rigs and oilfield service equipment, which it uses to develop its properties in Turkey. In addition, the Company–s drilling services business provides oilfield services and drilling services to third parties in Turkey and Iraq.
This news release contains statements regarding the drilling, testing, completion and production of oil and natural gas wells, 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 the continuing ability of the Company to operate effectively internationally, reliance on current oil and gas laws, rules and regulations, volatility of oil and gas prices, fluctuations in currency and interest rates, imprecision of resource estimates, the results of exploration, development and drilling, imprecision in estimates of future production capacity, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions.
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.