TransAtlantic Petroleum Ltd. is an international oil and natural gas company. The Company is engaged in the acquisition, exploration, development and production of crude oil and natural gas. As of December 31, 2013, it held interests in approximately 1.9 million net acres of developed and undeveloped oil and natural gas properties in Turkey and Bulgaria. The Company’s estimated proved reserves at December 31, 2013 were approximately 12,221 net million barrels of oil equivalent (MMBOE), of which 79.5% was oil. As of March 1, 2014, it held interests in 23 onshore and offshore exploration licenses and 12 onshore production leases, covering a total of 2.1 million gross acres (1.3 million net acres) in Turkey. During 2013, its average wellhead production was approximately 4,375 net barrels of oil equivalent per day (Boepd) of oil and natural gas in Turkey. During 2013, its wellhead production was approximately 15.8 Mmcf of natural gas on a limited test basis in Bulgaria.