HAMILTON, Bermuda, Nov. 25, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (NYSE-MKT:TAT) (TSX:TNP) (the "Company" or "TransAtlantic") announced today its first successful completion in the Dadaş interval at a vertical depth of approximately 9,650 feet in the Molla area of southeast Turkey.
TransAtlantic performed a single-stage vertical frac of the Dadaş interval in its Bahar-6 well (100% working interest) over the weekend. The Dadaş interval stimulated is approximately 640 feet above the Bedinan interval. The Dadaş interval is geologically equivalent to the Woodford (SCOOP) or Marcellus formations in North America.
After stimulating the well with more than 1,800 barrels of fluid and 91,000 pounds of proppant, the isolated Dadaş interval had stable, 24-hour initial production of approximately 800 barrels of 35 degree API oil and 500 MCF at 350 PSI on a 24/64" choke. The Company will flow the isolated Dadaş interval for several days before commingling production with the Bedinan intervals and installing production equipment.
TransAtlantic's Chairman and Chief Executive Officer, N. Malone Mitchell 3rd commented, "We believe this result from an important resource play is great news for the country of Turkey and great news for TransAtlantic. We thank Viking Services International for its flawless execution in completing the well. We expect this successful Dadaş completion to accelerate our plans to drill horizontally in the interval in 2015."
About TransAtlantic
TransAtlantic Petroleum Ltd. is an international oil and natural gas company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company holds interests in developed and undeveloped properties in Turkey, Albania and Bulgaria.
(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
Forward-Looking Statements
This news release contains statements concerning the production and sale of oil and natural gas, as well as other expectations, plans, goals, objectives, assumptions or information about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.
Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to, market prices for natural gas, natural gas liquids and oil products; estimates of reserves and economic assumptions; the ability to produce and transport natural gas, natural gas liquids and oil; the results of exploration and development drilling and related activities; economic conditions in the countries and provinces in which the Company carries on business, especially economic slowdowns; actions by governmental authorities, receipt of required approvals, increases in taxes, legislative and regulatory initiatives relating to fracture stimulation activities, changes in environmental and other regulations, and renegotiations of contracts; political uncertainty, including actions by insurgent groups or other conflict; outcomes of litigation; the negotiation and closing of material contracts; shortages of drilling rigs, equipment or oilfield services.
The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Note on BOE
Barrels of oil equivalent, or BOE, are derived by the Company by converting natural gas to oil in the ratio of six thousand cubic feet ("MCF") of natural gas to one barrel of oil. A BOE conversion ratio of 6 MCF to 1 barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. BOE may be misleading, particularly if used in isolation.