TransAtlantic Petroleum Corp.
TSX : TNP.U

TransAtlantic Petroleum Corp.

March 20, 2007 14:52 ET

TransAtlantic Petroleum Corp. Announces Plans to Test South Gillock Well

CALGARY, ALBERTA--(CCNMatthews - March 20, 2007) - TransAtlantic Petroleum Corp. (TSX:TNP.U) is pleased to announce that the SGU #96 well on the Company's South Gillock project in Galveston County, Texas has been drilled to total measured depth of 9,860 feet (9,764 feet TVD). Gas bearing sands were encountered in the Big Gas Sand formation (Upper Frio) at 8,150 feet. The SGU #96 well is over 200 feet structurally higher than the SGU #18 well that was shut-in in 1972 after producing over 5 BCF of gas from the Big Gas Sand (as reported to the Texas Railroad Commission). Logs, gas shows and drilling breaks indicate the SGU #96 well also encountered nine potential pay intervals in the Middle Frio sands below the Big Gas Sand. Certain of these Middle Frio sands are productive in the adjacent Gillock and Dickinson fields, but have not been penetrated or produced in the South Gillock field. The SGU #96 well encountered high pressures below the Big Gas Sand which required the Company to stop drilling and set an intermediate string of casing to 8,210 feet. At total depth, the mud weight reached 14.2 pounds (equivalent to 7,210 psi). The Company will initiate testing of the well in about 10 days after the drilling rig is moved off and a pulling unit is moved on. TransAtlantic holds 100% of the working interest in the well (77% net revenue interest).

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 and testing 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. It should be noted that only after a well is tested can a determination be made whether the well will produce hydrocarbons in commercial quantities.

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, the ability to access external sources of debt and equity capital, imprecision in estimating the timing and costs of drilling and development, the 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