TransAtlantic's current 7-day average net production rate is approximately 6,250 BOEPD, comprised of approximately 4,750 BOPD of oil and approximately 9.0 MMCFPD of natural gas. In the first quarter of 2015, TransAtlantic had average net production of approximately 6,265 BOEPD, a 2.5% increase over net production in the fourth quarter of 2014 and a 30% increase over net production in the first quarter of 2014. Net production for the first quarter of 2015 was comprised of approximately 4,825 BOPD of oil and 8.6 MMCFPD of natural gas.
In the first quarter of 2015, the Company drilled and completed the Gurgen-3 well, drilled and logged the Pinar-1 well and completed the Ebyat-2 exploration well. TransAtlantic Albania has installed a new management team and has developed a workover program which is expected to begin in the second quarter of 2015. The Company has undertaken significant cost saving efforts including staff reductions, office relocations, negotiations with suppliers and optimization of well designs.