Total revenues increased to $32.5 million for the three months ended June 30, 2012 compared to $31.6 million realized in the same period in 2011 and $34.9 million for the three months ended March 31, 2012. Net income from continuing operations for the three months ended June 30, 2012 was $7.9 million, or $0.02 per share (basic and diluted), compared to a net loss of $1.9 million, or $0.01 per share (basic and diluted), for the three months ended June 30, 2011 and $2.6 million, or $0.01 per share (basic and diluted) for the three months ended March 31, 2012. Reported net income for the second quarter of 2012 included $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.
Adjusted EBITDAX from continuing operations for the three months ended June 30, 2012 was $21.2 million compared to $17.7 million for the three months ended June 30, 2011 and $22.4 million for the quarter ended March 31, 2012.
Change of Going Concern Assumption
TransAtlantic's financial statements have included a "going concern" assumption since the Company's Annual Report on Form 10-K, filed on April 21, 2011. Following the close of the sale of TransAtlantic's oilfield services business on June 13, 2012, the Company used a portion of the net cash proceeds of $155.7 million to pay off its $73.0 million credit agreement with Dalea, its $11.0 million credit facility with Dalea, its $0.9 million promissory note with Viking Drilling, LLC, and its $1.8 million credit agreement with a Turkish bank. Subsequently, TransAtlantic used $45.2 million of the proceeds to reduce borrowings under its senior secured credit agreement ("credit facility") with Standard Bank Plc and BNP Paribas (Suisse) SA.
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