TransAtlantic Petroleum Announces Operational Update, Conversion of its West Molla License, Appointment of New Auditors and the Continuation of its Marketing Process
Total production for the second quarter of 2018 was approximately 2,777 barrels of oil equivalent per day (“BOEPD”). The Company’s current average seven-day net production rate is approximately 3,082 BOEPD, comprised of approximately 2,984 barrels of oil per day (“BOPD”) and approximately 585 thousand cubic feet per day (“MCFPD”) of natural gas. The increase in production is primarily due to workovers and new well completions in
The Company continues testing at its Cavuslu well following the discovery of hydrocarbons in the lower Bedinan formation and in the Dadas shale. The well has produced a cumulative 184 barrels of oil from the Dadas shale. The Company intends to test two additional zones in this well. Following this testing, we expect to begin long term production in one or more of the tested zones.
Drilling in the Bahar-8 well is ongoing, with the intermediate section being cased. Drilling will continue through the Bedinan zone. Following this well, the Company intends to move the rig to its Bahar-10 well location.
The Company expects to spud its Karli-1 well, a gas exploration well in the
The Company expects to commence rework operations on the Devenci R-1 well in
West Molla License Conversion
Appointment of External Auditors
As described in the Company’s
Strategic Alternatives and Marketing Process Remains Ongoing
The Company’s previously announced strategic alternatives process is ongoing and the Special Committee of the Board of Directors continues to work with its advisors and interested parties. The Company will provide a further update at the appropriate time.
The Company 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
(NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
This news release contains statements concerning the marketing of the Company, the Company’s ability to comply with public reporting requirements, the Company’s drilling program, the evaluation of the Company’s prospects in
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, access to sufficient capital; 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 products; 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; renegotiations of contracts; political uncertainty, including actions by insurgent groups or other conflict; outcomes of litigation; the negotiation and closing of material contracts; and other risks described in the Company’s filings with the SEC.
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 of natural gas (“MCF”) to one stock tank barrel, or 42 U.S. gallons liquid volume (“BBL”), of oil. A BOE conversion ratio of six MCF to one BBL 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.
Vice President, General Counsel and Corporate Secretary
Source: TransAtlantic Petroleum Ltd.