TransAtlantic Petroleum Ltd. Announces Second Quarter 2012 Financial Results

HAMILTON, Bermuda, Aug. 14, 2012 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE Amex:TAT) (the "Company" or "TransAtlantic") announces financial results for the quarter ended June 30, 2012.

Selected Highlights

• Adjusted EBITDAX from continuing operations for the second quarter of 2012 totaled $21.2 million (Adjusted EBITDAX is a non-GAAP financial measure that is defined and reconciled to net income later in this press release);
• Second quarter of 2012 results were impacted by $15.1 million of unrealized mark-to-market derivative gains, $1.3 million of foreign exchange losses, a $2.0 million non-cash expense related to a contingent liability on a property in Bulgaria, a $1.2 million non-cash expense related to inventory count adjustments, $15.1 million net income from discontinued operations, and other items totaling $0.2 million of expense reductions.
• Net debt (outstanding borrowings less cash and cash equivalents) reduced to $4.9 million at June 30, 2012, allowing a change to the going concern assumption in TransAtlantic's Quarterly Report on Form 10-Q.

Second Quarter 2012 Results

For the three months ended June 30, 2012, total net sales increased to approximately 413 thousand barrels of oil equivalent ("Mboe"), compared to net sales of approximately 362 Mboe for the same period last year and approximately 452 Mboe in the first quarter of 2012. During the three months ended June 30, 2012, the Company sold an average of 4,544 boe per day. Total net sales were comprised of approximately 233 thousand net barrels ("Mbbls") of oil at an average rate of approximately 2,564 net bbls per day and approximately 1,081 net million cubic feet ("MMcf") of natural gas at an average rate of approximately 11.9 net MMcf per day.

For the quarter ended June 30, 2012, the Company's average realized price (unhedged) was $97.45 per bbl of oil and $8.48 per thousand cubic feet ("Mcf") of natural gas, compared to an average realized price of $109.28 per bbl and $7.34 per Mcf in the quarter ended June 30, 2011 and $108.38 per bbl and $7.60 per Mcf in the quarter ended March 31, 2012.

1 2 3 4 5 Next › Last »