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

Stocks in this article: TAT TNP


U.S. dollars in thousands 2012 2011 Change (%)
Total PV-10: $511,078 $645,837 -20.9%
Future income taxes (1): (106,411) (171,592) -38.0%
Discount of future income taxes at 10% per annum: 31,213 57,522 -45.7%
Standardized measure: $435,880 $531,797 -18.0%

(1) DeGolyer and MacNaughton's reserve report does not contemplate income tax consequences. Future income taxes as displayed are estimated by TransAtlantic subsequent to DeGolyer and MacNaughton's reserve assessment.

Derivative Additions

TransAtlantic has added additional costless collar contracts since September 30, 2012. A summary of the new contracts is provided in the table below. 

Period Volume (bbl/day) Weighted Average Minimum Price ($/bbl) Weighted Average Maximum Price ($/bbl)
January 1, 2013 to March 31, 2013 436 $90.00 $121.10
April 1, 2013 to June 30, 2013 394 $90.00 $117.60
July 1, 2013 to September 30, 2013 354 $90.00 $115.10
October 1, 2013 to December 31, 2013 317 $90.00 $112.60
January 1, 2014 to March 31, 2014 266 $90.00 $110.85
April 1, 2014 to June 30, 2014 250 $90.00 $109.10
July 1, 2014 to September 30, 2014 232 $90.00 $107.35
October 1, 2014 to December 31, 2014 220 $90.00 $105.60

Conference Call

The Company expects to host a conference call on Tuesday, March 19, 2013 to discuss this operations release and TransAtlantic's Annual Report on Form 10-K for 2012 ("Form 10-K"), which the Company currently expects to file with the Securities and Exchange Commission ("SEC") by the prescribed deadline of March 18, 2013. Details of the conference call will be provided in a press release concurrent with the Form 10-K filing.  

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