SOURCE: TransAtlantic Petroleum Ltd.

March 17, 2010 07:00 ET

TransAtlantic Petroleum Ltd. Provides Operations Update and Conference Call

HAMILTON, BERMUDA--(Marketwire - March 17, 2010) -  TransAtlantic Petroleum Ltd. (TSX: TNP) (NYSE Amex: TAT) is pleased to provide an operations update and conference call to report and discuss recent developments.

Operations Update
Selmo Oil Field
Production in the Selmo oil field recently topped 2,000 barrels of oil per day ("bopd") with production expected to exceed 2,200 bopd in the next several weeks. The Company commenced its in-fill drilling program at Selmo in the third quarter of 2009 and will spud its seventh in-fill well (S-61) in the next few days. The Company's sixth in-fill well (S-52) is currently being completed.

Thrace Basin
On the Edirne license, the Company has drilled the Yolboyu-1, a 6,500-foot exploratory well targeting deeper gas potential to the south of the existing 3D seismic survey. Based upon initial evaluation of the first logs, the well appears to have encountered pay.

Paleozoic Trend in Southeast Turkey
On the Arpatepe license, where the Company holds a 50% interest, the Company acidized the Arpatepe-1 well in early March 2010 to clean up perforations and eliminate damage incurred during the original completion of the Bedinan sandstone. The well is now flowing approximately 500 bopd with essentially no water. In the next several weeks the Company expects to acidize the Arpatepe-2 well to clean up perforations and eliminate damage incurred during the original completion. The Arpatepe-3 well, which was spud in late December, is expected to reach total depth soon.

On License 4174, the Company has cored a section of the Dadas shale in the Gosku-1 well, and has resumed drilling. The Company expects to encounter the Bedinan sandstone and reach total depth soon. The Company also holds an interest in a third well that is currently being drilled in the Paleozoic Trend.

Update Call
As previously announced, the Company will host a conference call today, March 17, at 8:30 a.m. Eastern, 7:30 a.m. Central. To access the call, please contact the conference call operator at 877-878-2762, or 678-809-1005 for international calls, approximately 10 minutes prior to the scheduled start time, and ask for the TransAtlantic conference call. The pass code is 61787381. A replay will be available until 12:00 p.m. Eastern on March 25, 2010. To access the conference call or conference call materials via the Internet, go to the Company's website at http://www.transatlanticpetroleum.com. To access the conference call and replay, click on "Investors," select "Events," and click on "Webcast" found below the event listing.

About TransAtlantic
TransAtlantic Petroleum Ltd. is a vertically integrated, international energy company engaged in the acquisition, development, exploration, and production of crude oil and natural gas. The Company holds interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Romania, and California. Additional information about the Company may be obtained by visiting the Company's website http://www.transatlanticpetroleum.com.

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

This news release contains statements regarding the future drilling, testing, completion and production of oil and natural gas wells, the timing for such drilling, testing, completion and production of oil and natural gas wells, 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 the continuing ability of the Company to operate effectively internationally, reliance on current oil and gas laws, rules and regulations, volatility of oil and gas prices, fluctuations in currency and interest rates, imprecision of resource estimates, the results of exploration, development and drilling, imprecision in estimates of future production capacity, 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.

Contact Information

  • Contact:
    Matt McCann, CEO
    Scott C. Larsen, President
    Phone: (214) 220-4323
    Internet: http://www.transatlanticpetroleum.com
    Address: 5910 N. Central Expressway, Suite 1755
    Dallas, Texas 75206