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, 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.

Operational Update

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.

1 of 5

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 18,068.86 +15.15 0.08%
S&P 500 2,092.63 +3.86 0.18%
NASDAQ 4,807.8280 +0.9690 0.02%

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