TransAtlantic Petroleum's CEO Discusses Q2 2012 Results - Earnings Call Transcript

TransAtlantic Petroleum Ltd. (TAT)

Q2 2012 Earnings Call

August 10, 2012 10:00 AM ET

Executives



Malone Mitchell – Chairman and CEO

Wil Saqueton – VP and CFO

Analysts



Neal Dingmann – SunTrust

Jonathan Fite – KMS Investments

Arvin Malik – KMS Investments

Jamie Somerville – TD Securities

Presentation

Operator

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Good day, ladies and gentlemen, and welcome to the TransAtlantic Petroleum Second Quarter 2012 Operations Conference Call. At this time, all participants are in a listen–only mode. Later, we will conduct a question–and–answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this call is being recorded.

I would now like to introduce your host for today’s conference, Mr. Malone Mitchell, you may begin.

Malone Mitchell

Good morning, ladies and gentlemen. We got Wil Saqueton and Chad Potter with us. As you can see from our press release, we have filed a five–day extension to file our financials. And this morning we’ll be discussing operations. Now, Wil will discuss this accounting further in his part.

In the Thrace Basin where we spent the majority of the past several months drilling three deep tests in our Tekirdag Field Area and drilling several exploration wells based upon seismic. The accumulative result of the completions has not been sufficient to offset our base decline in production. Conditional results other than Hayrabolu area north of our Tekirdag Field have been relatively poor.

Our Hayrabolu Field structure continues to have good results and we expect to drill several more delineation wells there this year and begin a development program there next year. We have fracked the first of our deeper wells in Tekirdag, the BTD–3 was fracked in the 2,500 meter interval, and initial production rates are in the 1 million cubic foot per day range for that single site.

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