This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

On a volumetric basis the Company's proved plus probable reserves (2P) and proved plus probable plus possible reserves (3P) increased due primarily to the Goksu and Bahar discoveries on our Molla licenses.

TransAtlantic expects to conduct a midyear reserve evaluation to update performance from the Company's activity during the first six months of 2013, including expected horizontal completions in southeastern Turkey in the Bedinan formation and additional horizontal Mardin formation completions.

The following is a summary of the Company's estimated net proved, probable, and possible reserves at December 31, 2012 and December 31, 2011:
Reserves at December 31, 2012 Proved Developed Total Proved Proved+ Probable Proved+ Probable+ Possible
Oil and Condensate, Mbbls 5,132 9,501 17,449 32,682
Natural Gas, MMcf 8,115 12,463 24,608 128,855
Total Oil and Natural Gas, Mboe (1) 6,484 11,578 21,551 54,158
PV-10 (2), $MMs $309.0 $511.1 $962.2 $2,042.4
Reserves at December 31, 2011 Proved Developed Total Proved Proved+ Probable Proved+ Probable+ Possible
Oil and Condensate, Mbbls 5,373 11,215 16,016 27,672
Natural Gas, MMcf 10,520 13,223 25,892 131,118
Total Oil and Natural Gas, Mboe (1) 7,126 13,419 20,331 49,525
PV-10 (2), $MMs $344.0 $645.8 $925.6 $1,751.6

(1) Mboe is not included in the DeGolyer and MacNaughton reserve report and was derived by the Company by converting natural gas to oil in the ratio of six Mcf of natural gas to one bbl of oil. A boe conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. PV-10 was calculated using an overall weighted average price of $108.30 per bbl and $8.94 per Mcf.

(2) The total proved PV-10 value of the estimated future net revenue are not intended to represent the current market value of the estimated oil and natural gas reserves we own. Management believes that the presentation of PV-10, while not a financial measure in accordance with generally accepted accounting principles in the United States ("GAAP"), provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and natural gas companies. Because many factors that are unique to each individual company impact the amount of future income taxes estimated to be paid, the use of a pre-tax measure is valuable when comparing companies based on reserves. PV-10 is not a measure of financial or operating performance under GAAP. PV-10 should not be considered as an alternative to the standardized measure as defined under GAAP. PV-10 of probable or possible reserves represent the present value of estimated future revenues to be generated from the production of probable or possible reserves, calculated net of estimated lease operating expenses, production taxes and future development costs, using costs as of the date of estimation without future escalation and using 12-month average prices, without giving effect to non-property related expenses such as general and administrative expenses, debt service, and depreciation, depletion, and amortization, or future income taxes and discounted using an annual discount rate of 10%. With respect to pre-tax PV-10 amounts for probable or possible reserves, there do not exist any directly comparable US GAAP measures, and such amounts do not purport to present the fair value of our probable and possible reserves.

The following table provides a reconciliation of our Total Proved Reserves (1P) PV10 to our standardized measure:

5 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 0.00%
FB $117.81 0.00%
GOOG $701.43 0.00%
TSLA $211.53 0.00%
YHOO $36.94 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs