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TransAtlantic Petroleum Ltd. Provides Operations Update And Announces Delay In Filing Quarterly Report On Form 10-Q

Stocks in this article: TAT TNP

HAMILTON, Bermuda, Aug. 9, 2012 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE:TAT) (the "Company" or "TransAtlantic") today provides an operational update and announces the Company's intent to file a Form 12b-25 to provide an additional five days to file its Quarterly Report on Form 10-Q for the three months ended June 30, 2012.

Selected Highlights

  • Successful new field discovery with the Bahar-1 exploration well establishing oil productivity from the Bedinan formation, as well as identifying hydrocarbon potential in the Hazro, Mardin, and Dadaş shale;
  • Recent award of a 61,561 acre (24,913 hectare) exploration license immediately offsetting the Company's existing Molla licenses with prospectivity for the Mardin and Bedinan formations, as well as the Dadaş shale;
  • Net debt (outstanding borrowings less cash and cash equivalents) reduced to $4.9 million at June 30, 2012;
  • Net sales volumes in the second quarter of 2012 averaged 4,544 barrels of oil equivalent ("boe") per day;

Form 10-Q for the Quarter Ended June 30, 2012

TransAtlantic intends to file a Form 12b-25 to provide an additional five days to file its Quarterly Report on Form 10-Q for the three months ended June 30, 2012. The Company requires additional time to complete the documentation and review process required for the Form 10-Q, principally due to the added accounting complexity associated with the sale of the Company's oilfield services business.

Second Quarter 2012 Operating Summary
  For the three months ended
  June 30, 2012 June 30, 2011 March 31, 2012
Net Sales      
Oil (Mbbls): 233 219 224
Natural Gas (MMcf): 1,081 862 1,367
Total Net Sales (Mboe): 413 362 452
Total Net Sales (boe/day): 4,544 3,985 4,965
Realized Commodity Pricing      
Oil ($/bbl – Unhedged): $97.45 $109.28 $108.38
Oil ($/bbl – Hedged): $94.14 $103.32 $101.80
Natural Gas ($/Mcf – Unhedged): $8.48 $7.34 $7.60
Natural Gas ($/Mcf – Hedged): $8.48 $7.34 $7.60

Operational Review

During the second quarter of 2012, TransAtlantic and its subsidiaries spudded 24 gross wells, completed 10 gross wells and executed 12 fracs in eight wellbores. The Company's 7-day average net production rate as of August 6, 2012 was approximately 4,194 net boe per day, including approximately 10.3 MMcf per day of natural gas and approximately 2,489 bbls per day of oil.

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