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TransAtlantic Petroleum Announces Operating Results, 2012 Proved Reserves, And Provides An Operational Update

Stocks in this article: TAT TNP

HAMILTON, Bermuda, March 13, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") announces operational results for the quarter-ended December 31, 2012, a summary of year-end proved reserves, and provides an operational update.

Selected Highlights

  • Net sales volumes in the fourth quarter of 2012 averaged 4,421 barrels of oil equivalent ("boe") per day, a decline from the same period in 2011 and an increase from the third quarter of 2012;
  • Continued strong production rates from the stacked pay zones on the Molla licenses in southeastern Turkey;
  • Proved reserves (1P) as of December 31, 2012 totaled 11.6 million barrels of oil equivalent ("MMboe"), proved plus probable reserves (2P) as of December 31, 2012 totaled 21.6 MMboe, and proved plus probable plus possible reserves (3P) as of December 31, 2012 totaled 54.2 MMboe;
  • Year-end 2012 Proved (1P) PV-10 was $511.1 million ($1.39 per current common share outstanding). Proved plus probable (2P) PV-10 was $925.6 million ($2.61 per current common share outstanding). (1P PV-10 is a non-GAAP financial measure that is defined and reconciled to the standardized measure later in this press release. 2P PV-10 does not have a directly comparable US GAAP measure.)

Fourth Quarter 2012 Operating Summary

  For the three months ended
  December 31, 2012 December 31, 2011 September 30, 2012
Net Sales      
Oil (Mbbls): 263 231 229
Natural Gas (MMcf): 864 1,576 928
Total Net Sales (Mboe): 407 494 384
Total Net Sales (boe/day): 4,421 5,367 4,168
Realized Commodity Pricing      
Oil ($/bbl – Unhedged): $100.41 $101.28 $105.81
Oil ($/bbl – Hedged): $97.63 $97.22 $102.08
Natural Gas ($/Mcf – Unhedged): $9.89 $7.25 $8.14
Natural Gas ($/Mcf – Hedged): $9.89 $7.25 $8.14

Fourth Quarter 2012 Operating Results

For the three months ended December 31, 2012, total net sales were approximately 407 thousand barrels of oil equivalent ("Mboe"), compared to net sales of approximately 494 Mboe for the same period last year and approximately 384 Mboe in the third quarter of 2012. During the three months ended December 31, 2012, the Company sold an average of 4,421 boe per day. Total net sales were comprised of approximately 263 thousand net barrels ("Mbbls") of oil at an average rate of approximately 2,856 net barrels ("bbls") per day and approximately 864 net million cubic feet ("MMcf") of natural gas at an average rate of approximately 9.4 net MMcf per day.

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