TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) today provided an update on its current net sales, announced an extension on its Selmo field production lease and provided details to access its 2014 annual meeting webcast, which will be broadcast live at 10 a.m. Central today.
Current Net Sales and Selmo Field Extension
TransAtlantic's current net sales are approximately 5,300 BOEPD, comprised of approximately 3,850 BOPD and approximately 8.8 MMCFPD. Oil sales increased 38% from the Company's April 2014 average as a result of production increases in the Selmo and Arpatepe fields. The Company is currently developing the southeastern portion of the Şelmo field, which is less developed than the northwestern portion of the field. The Arpatepe-7 well (50% working interest) had initial production of 330 BOPD gross (165 BOPD net).
TransAtlantic was also granted a new ten-year extension to its Şelmo field production lease from the General Directorate of Petroleum Affairs of the Republic of Turkey.
Chairman and Chief Executive Officer N. Malone Mitchell 3rd commented, "Once again, Turkey has shown itself to be a valuable partner and a supporter of domestic oil and natural gas production. We are very pleased to extend our Şelmo lease for another ten years and look forward to making additional investments in Turkey."
2014 Annual Meeting Webcast
TransAtlantic will host its 2014 annual meeting of shareholders today at 10 a.m. Central at its U.S. headquarters, which is located at 16803 Dallas Parkway, Addison, Texas, 75001. The Company will host a live webcast of the event on its website.
About TransAtlantic Petroleum Ltd.
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 and Bulgaria.
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