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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

TransAtlantic Petroleum Provides Operational Update

Stocks in this article: TAT TNP

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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