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HAMILTON, Bermuda, April 2, 2013 (GLOBE NEWSWIRE) --
TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) today reported its preliminary financial results for the year and quarter ended December 31, 2012. TransAtlantic Petroleum Ltd. (the "Company") is providing these preliminary and unaudited results in an effort to keep its shareholders informed about the performance of the Company while it works to complete its Annual Report on Form 10-K (the "Form 10-K") for the year ended December 31, 2012.
Form 10-K for Year Ended December 31, 2012
On March 18, 2013, the Company filed a Form 12b-25 with the Securities and Exchange Commission (the "SEC") which gave the Company an additional fifteen days to file its Form 10-K for the year ended December 31, 2012. The Company does not expect to file the Form 10-K within the additional time period prescribed under Rule 12b-25 because it is still assessing the impact of certain unallocated well costs on depletion expense in prior and current period financial statements. As a result, the Company needs additional time to complete and review the financial statements and disclosures to be contained in the Form 10-K.
On March 21, 2013, the Company hired PT Platinum Consulting ("PT Platinum") to provide staff augmentation resources to assist the Company in reviewing certain accounting items and completing the remaining work needed to file the Form 10-K. The Company expects to complete the analysis of understated depletion expense within the next week, after which the Company will work with its independent registered accountants to assess the impact on prior and current period financial statements.
PT Platinum will also assist with the Quarterly Report on Form 10-Q for the three months ended March 31, 2013, on which the majority of TransAtlantic's permanent accounting staff are already focused.
Preliminary Financial Results
The Company expects total revenues for the quarter ended December 31, 2012 to be between approximately $37.0 million and $39.0 million, inclusive of $2.3 million from the sale of purchased natural gas. For the year ended December 31, 2012 the Company expects total revenues to be between $143 million and $145 million, including $7.9 million from the sale of purchased natural gas.