HAMILTON, Bermuda, April 4, 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.
For the first quarter of 2014, TransAtlantic had average net sales of approximately 4,600 BOEPD, a 5% increase over average net sales in the fourth quarter of 2013. Average net sales for the first quarter of 2014 were comprised of approximately 2,900 BOPD of oil and approximately 10.2 MMCFPD of natural gas. Several wells were shut-in to prepare for sidetrack operations, conversion to waterflood injection and polymer injection. The Company currently has three active rigs in southeastern Turkey and one active completion unit in Bulgaria. TransAtlantic spudded seven wells and completed seven new wells in the first quarter of 2014. The Company plans to drill between 33 and 49 gross wells in 2014.Southeastern Turkey – Şelmo Field Development TransAtlantic recently spudded its sixth MSD horizontal well, the Şelmo-84H (100% working interest) which is expected to have a total measured depth of approximately 7,000 feet. The Company's fifth MSD horizontal well, the Şelmo-92H (100% working interest) experienced wellbore instability due to the presence of an unexpected shale stringer in the formation. TransAtlantic sidetracked the Şelmo-92H and stimulated 100 feet of its lateral length. The well had initial production of 250 BOPD gross. The Company's fourth MSD horizontal well, the Şelmo-86H (100% working interest), experienced wellbore instability in the Antak-MSD transition zone. As a result the well was sidetracked and is currently being drilled in the lateral portion of the well. TransAtlantic expects to spud six additional horizontal wells in the Şelmo field in 2014. In the first quarter of 2014, TransAtlantic initiated a waterflood pilot test program in the Şelmo field. Two Şelmo wells were shut-in for conversion to injector wells. The first conversion was successfully completed and the Company has begun to inject water into the Şelmo field. TransAtlantic believes secondary recovery will increase production from the Şelmo field and intends to conduct at least two additional waterflood pilot tests in the field in 2014.
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