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.
- 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 $4.9 million at June 30, 2012;
- Net sales volumes in the second quarter of 2012 averaged 4,544 barrels of oil equivalent ("boe") per day;
Form 10-Q for the Quarter Ended June 30, 2012TransAtlantic intends to file a Form 12b-25 to provide an additional five days to file its Quarterly Report on Form 10-Q for the three months ended June 30, 2012. The Company requires additional time to complete the documentation and review process required for the Form 10-Q, principally due to the added accounting complexity associated with the sale of the Company's oilfield services business.
|Second Quarter 2012 Operating Summary|
|For the three months ended|
|June 30, 2012||June 30, 2011||March 31, 2012|
|Natural Gas (MMcf):||1,081||862||1,367|
|Total Net Sales (Mboe):||413||362||452|
|Total Net Sales (boe/day):||4,544||3,985||4,965|
|Realized Commodity Pricing|
|Oil ($/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|
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