TransAtlantic Petroleum expects year-end production of 5K boe/day


In an operations update, TransAtlantic Petroleum (TAT +1.2%) says it ended Q3 with production of more than 4,500 boe/day and expects a 2013 year-end exit rate of at least 5,000 boe/day.

TAT currently has five active rigs in Turkey and during Q4 expects to add one drilling rig in Bulgaria and release one drilling rig in the Thrace Basin in Turkey to maintain a five-rig operation going forward.

Expects to spud a planned 14.5K-ft. directional exploratory well in Bulgaria in October.

TAT spudded 18 wells in Q3 and 27 wells YTD; the company plans to drill a total of 38 wells in 2013.

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