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TransAtlantic Petroleum Ltd. Announces Second Quarter 2012 Financial Results

As of June 30, 2012 the Company had outstanding borrowings on the credit facility of $32.8 million, cash and cash equivalents of approximately $27.9 million, and $44.7 million of availability under its credit facility. As a result, management believes that the conditions that led to the substantial doubt about our ability to continue as a going concern at December 31, 2011 no longer exist at June 30, 2012.

TransAtlantic Petroleum Ltd.
Consolidated Statements of Operations
(unaudited)
 
  For the Three Months Ended June 30,  For the Six Months Ended June 30,
U.S. dollars and shares in thousands, except per share amounts  2012 2011 2012 2011
         
Revenues:        
Oil and natural gas sales   $ 31,876  $ 30,755  $ 66,537  $ 59,431
Other   652  844  926  1,247
Total revenues   32,528  31,599  67,463  60,678
Costs and expenses:        
Production   5,032  4,156  8,667  8,258
Exploration, abandonment and impairment   6,884  4,463  9,680  11,695
Seismic and other exploration   768  1,725  1,432  3,977
Contingent consideration and contingency changes   --   1,250  --   1,250
General and administrative   9,613  9,319  19,361  18,404
Depreciation, depletion and amortization   9,434  8,477  18,603  13,107
Accretion of asset retirement obligation   163  338  415  552
Total costs and expenses   31,894  29,728  58,158  57,243
Operating income   634  1,871  9,305  3,435
Other (expense) income:        
Interest and other expense   (2,018)  (3,560)  (5,277)  (7,157)
Interest and other income   348  177  621  334
Gain (loss) on commodity derivative contracts   14,304  154  1,869  (9,157)
Foreign exchange gain (loss)   (1,344)  165  2,928  169
Total other (expense) income   11,290  (3,064)  141  (15,811)
Income (loss) from continuing operations before income taxes   11,924  (1,193)  9,446  (12,376)
Current income tax benefit (expense)   (422)  (1,124)  (2,442)  (3,662)
Deferred income tax benefit (expense)   (3,642)  461  (1,783)  2,335
Net income (loss) from continuing operations.   7,860  (1,856)  5,221  (13,703)
Net income (loss) from discontinued operations  (5,969)  (17,293)  (6,146)  (26,377)
Gain on disposal of discontinued operations   27,214  --   27,214  -- 
Income Tax Provision   (6,193)  (666)  (8,173)  (890)
Net income (loss) from discontinued operations  15,052  (17,959)  12,895  (27,267)
Net income (loss)  $ 22,912  $ (19,815)  $ 18,116  $ (40,970)
Other comprehensive income (loss)   345  (14,812)  14,719  (12,513)
Comprehensive income (loss)   $ 23,257  $ (34,627)  $ 32,835  $ (53,483)
Basic and diluted net loss per common share:        
From continuing operations   $ 0.02  $ (0.01)  $ 0.01  $ (0.04)
From discontinued operations  $ 0.04  $ (0.05)  $ 0.04  $ (0.08)
Basic weighted average number of shares outstanding  366,536  351,165  366,486  346,181
Diluted weighted average number of shares outstanding  368,855  351,165  368,288  346,181
         
         
TransAtlantic Petroleum Ltd.
Summary Consolidated Statements of Cash Flows
(unaudited)
 
  For the Six Months Ended
U.S. dollars in thousands June 30, 2012 June 30, 2011
     
Net cash provided by operating activities from continuing operations   $ 46,959 $ 35,263
Net cash used in investing activities from continuing operations   (26,880)  (32,037)
Net cash provided by (used in) financing activities from continuing operations   (125,757)  8,630
Net cash provided by (used in) discontinued operations   118,053  (20,179)
Effect of exchange rate changes on cash and cash equivalents   388  (49)
Net increase (decrease) in cash and cash equivalents   $ 12,763  $ (8,372)
     
     
TransAtlantic Petroleum Ltd.
Summary Consolidated Balance Sheets
 
  As of
U.S. dollars in thousands June 30, 2012 December 31, 2011
  (unaudited)  
ASSETS    
Current assets:    
Cash and cash equivalents   $ 27,879  $ 15,116
Accounts receivable   48,084  42,694
Prepaid and other current assets   9,665  8,810
Deferred income taxes   1,712  2,124
Assets held for sale   2,098  128,117
Total current assets   89,438  196,861
Property and equipment, net   242,913  235,724
Other   23,738  13,187
Total assets   $ 356,089  $ 445,772
     
LIABILITIES & SHAREHOLDERS' EQUITY    
Current liabilities:    
Accounts payable   34,146  26,056
Short term debt   --   80,732
Accrued liabilities and other   32,154  19,481
Derivative liabilities   1,180  3,716
Liabilities held for sale   9,372  26,714
Total current liabilities   76,852  156,699
Total liabilities   144,497  269,568
Total shareholders' equity   211,592  176,204
Total liabilities and shareholders' equity   $ 356,089  $ 445,772
     
Reconciliation of Net Income to Adjusted EBITDAX
 
  For the Three Months Ended June 30,  For the Six Months Ended June 30,
U.S. dollars in thousands  2012 2011 2012 2011
         
Net income (loss) from continuing operations   $ 7,860  $ (1,856)  $ 5,221  $ (13,703)
Adjustments:        
Interest and other, net   1,670  3,383  4,656  6,823
Income tax benefit   4,064  663  4,225  1,327
Exploration, abandonment, and impairment   6,884  4,463  9,680  11,695
Seismic and other exploration   510  939  693  2,428
Foreign exchange loss  1,344  (165)  (2,928)  (169)
Share-based compensation   608  400  1,103  957
Derivative (gain) loss   (14,304)  (154)  (1,869)  9,157
Accretion of asset retirement obligation   163  338  415  552
Depreciation, depletion, and amortization   9,434  8,477  18,603  13,107
Revaluation of contingent consideration   --   1,250  --   1,250
Bulgaria License Penalty   2,000  --   2,000  -- 
Inventory book to physical adjustment   1,223  --   1,223  -- 
Net other items   (237)  --   584  -- 
Adjusted EBITDAX from continuing operations   $ 21,219  $ 17,738  $ 43,606  $ 33,424
         

Adjusted EBITDAX is a non-GAAP financial measure that represents earnings from continuing operations before income taxes, interest, depreciation, depletion, amortization, impairment, abandonment, and exploration expenses, unrealized derivative losses and non-cash share-based compensation expense.

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