This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

TransAtlantic Petroleum Provides Operational Update

HAMILTON, Bermuda, Oct. 1, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today provided an operational update on its current drilling program.

Operational Update

TransAtlantic ended the third quarter of 2013 with production of more than 4,500 Boe/d and expects its 2013 year-end exit rate to be at least 5,000 Boe/d. The Company currently has three active rigs in southeastern Turkey and two active rigs in the Thrace Basin in northwestern Turkey. In the fourth quarter of 2013, TransAtlantic expects to add one drilling rig in Bulgaria and release one drilling rig in the Thrace Basin in Turkey to maintain a five rig operation going forward. The Company spudded 18 wells in the third quarter of 2013 and 27 wells year-to-date. TransAtlantic plans to drill a total of 38 wells in 2013.

Southeastern Turkey – Şelmo Field Redevelopment

TransAtlantic recently drilled a horizontal well in the Şelmo field (100% working interest) targeting the MSD zone at a depth of approximately 5,200 feet for $2.2 million. The Company is currently drilling a second horizontal MSD well and will complete both wells in October 2013. TransAtlantic plans to drill two to five additional Şelmo horizontal wells targeting the MSD zone in the fourth quarter of 2013.

Based on the success of the Şelmo-13H horizontal well, which targeted the LSD zone at a depth of approximately 6,000 feet and is currently producing more than 300 Bbls/d of oil, TransAtlantic expects to drill two additional Şelmo horizontal wells targeting the LSD zone in the fourth quarter of 2013.

Southeastern Turkey – Molla Drilling Program

In August 2013, TransAtlantic drilled the Göksu-5H horizontal well (100% working interest) to the Mardin zone at a total measured depth of 5,400 feet for a cost of $2.8 million. The Company has five horizontal wells in southeastern Turkey awaiting completion with a coiled tubing unit including the Göksu-5H, Alibey-1, Oba-1 and two Şelmo wells. TransAtlantic expects to complete and test these wells in the fourth quarter of 2013.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,683.84 +5.61 0.03%
S&P 500 2,060.21 +4.06 0.20%
NASDAQ 4,881.0720 +17.71 0.36%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs