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TransAtlantic Petroleum Announces Financial Results For The Fourth Quarter And Year-End 2012

Stocks in this article: TAT TNP

HAMILTON, Bermuda, May 15, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today reported its financial results for the quarter and year ended December 31, 2012.

Filing Delay Summary

On March 18, 2013, the Company announced that it needed additional time to file its Annual Report on Form 10-K for the year ended December 31, 2012 (the "Form 10-K") due to its discovery of prior period errors related to the allocation of well costs to the Company's depletion schedules during the years 2009, 2010 and 2011, and the need to determine the impact of these errors on prior and current period financial statements. On April 2, 2013, the Company announced that it had hired Pt Platinum Consulting, LLC 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.

During the fourth quarter of 2012, the Company completed its analysis and discovered errors related to prior periods that consisted mainly of overstatements of depreciation, depletion and amortization expense of approximately $4.7 million and deferred income tax expense of $1.5 million that were offset by understatements of exploration, abandonment and impairment expense of $4.5 million and unrealized foreign exchange loss of $2.0 million during the years ended December 31, 2011, 2010 and 2009. The overall impact of these errors was not material to the prior period issued financial statements or to the financial statements for the year ended December 31, 2012.

Fourth Quarter Financial Results Summary

Total revenues for the quarter ended December 31, 2012 were $38.0 million, as compared to $34.8 million for the quarter ended December 31, 2011.

Net loss for the quarter ended December 31, 2012 was $12.2 million, as compared to a net loss of $71.7 million for the quarter ended December 31, 2011.

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