HAMILTON, Bermuda, Jan. 6, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today provided an operational update on its current drilling program.
TransAtlantic ended the fourth quarter of 2013 with seven-day average production of 8,481 BOEPD gross and 5,084 BOEPD net. Net production on December 30, 2013 reached 5,198 BOEPD. Seven-day average net production was comprised of 3,001 BOPD of oil and 12.5 MMCFPD of natural gas. The Company currently has three active rigs in southeastern Turkey, one active rig in the Thrace Basin in northwestern Turkey and one active rig in Bulgaria. TransAtlantic spudded eight wells in the fourth quarter of 2013 and 35 total wells in 2013. The Company plans to drill between 33 and 49 wells in 2014.Southeastern Turkey – Şelmo Field Development TransAtlantic recently completed the first of four stages of the Şelmo-36H1 (100% working interest), its third horizontal well targeting the MSD zone at a true vertical depth of approximately 5,750 feet and a total cost of $2.8 million. The first stage had one-day initial production of 300 BOPD gross. The Company will complete the additional stages and its fourth horizontal MSD well in January 2014. The two MSD horizontal wells that TransAtlantic completed in December 2013 each have current average gross production of 375 BOPD. The Company plans to continue development drilling in the Şelmo Field in 2014 with approximately ten additional horizontal wells targeting both the MSD and LSD fractured carbonate zones. In the first quarter of 2014, TransAtlantic plans to initiate its first Şelmo Field waterflood pilot test to assess the field's potential for secondary recovery. The Company expects to execute at least two additional waterflood pilot tests in 2014. Southeastern Turkey – Molla Drilling Program TransAtlantic continues to make progress on its 800 square kilometer (300 square mile) 3D seismic program over Molla and the surrounding areas. The Company is currently shooting seismic over the Göksu Field. To date, approximately 690 square kilometers (266 square miles) have been shot and the data is being processed in Dallas, Texas.