TransAtlantic Petroleum Corp.
TSX : TNP.U

TransAtlantic Petroleum Corp.

February 21, 2007 19:14 ET

TransAtlantic Petroleum Corp. Announces Drilling of South Gillock Well

CALGARY, ALBERTA--(CCNMatthews - Feb. 21, 2007) - TransAtlantic Petroleum Corp. (TSX:TNP.U) is pleased to announce the drilling of the SGU #96 well on the Company's South Gillock project in Galveston County, Texas. The well was spudded on February 7th. As of today, at 2 PM MST, it has reached a vertical depth of about 7,085 feet (7,180 feet measured depth). The SGU #96 well will be drilled to a total vertical depth of 9,323 feet (9,459 feet measured depth) and will test the Big Gas Sand formation (about 8,125 feet) as well as certain deeper Frio formations. TransAtlantic holds 100% of the working interest in the well (77% net revenue interest). The cost of the completed well is estimated at $2.8 million.

The SGU #96 well will test the potential resources remaining in the gas cap of the Big Gas Sand formation in the South Gillock Unit. The well is located 1,903 feet northeast of and about 200 feet structurally high to the SGU #18 well which produced about 5 Bcf of gas from the Big Gas Sand formation. In addition, the well will evaluate several deeper Frio formations; certain of these deeper Frio sands are productive in wells located about 1.5 miles to the northwest of the SGU #96 location. Overall gas production from the South Gillock Unit is averaging 220 mcf per day for 2007; the reduced rate is because the SGU #83 well had to be shut in due to casing problems.

TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in the United States and in Romania, Morocco, Turkey and the U.K. North Sea. More information about TransAtlantic can be found at its website: www.tapcor.com.

This news release contains statements concerning drilling plans, estimates of the costs to drill and estimates of when such plans will be executed as well as other expectations, plans, goals, objectives, assumptions, information or statements 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, oil and gas prices remaining relatively consistent with their current prices, access to the fields, availability of drilling rigs and other equipment, obtaining drilling success consistent with expectations, regulatory approvals being obtained and estimated timelines being met and the actual costs being consistent with estimated costs.

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 the tax laws and regulations, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability of drilling and other well services, volatility of oil and gas prices, fluctuations in currency and interest rates, TransAtlantic's ability to access external sources of debt and equity capital, imprecision in estimating the timing and costs of drilling and development, TransAtlantic's ability to secure adequate product transportation, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions.

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.

(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)

Contact Information

  • TransAtlantic Petroleum Corp.
    Scott C. Larsen
    President
    (214) 220-4323
    Website: www.tapcor.com