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TransAtlantic Petroleum Announces Preliminary Financial Results For First Quarter Of 2013

Stocks in this article: TAT TNP

HAMILTON, Bermuda, May 16, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company") today reported its preliminary financial results for the quarter ended March 31, 2013. 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (the "Form 10-Q").

First Quarter 2013 Preliminary Financial Results

The Company expects total revenues for the quarter ended March 31, 2013 to be between approximately $33.0 million and $37.0 million, as compared to $37.5 million for the quarter ended March 31, 2012.

The Company expects net income (loss) for the quarter ended March 31, 2013 to be between a net loss of approximately $2.0 million and net income of approximately $6.0 million compared to a net loss of $3.6 million for the quarter ended March 31, 2012. The Company cautions that the estimation of net income is preliminary and subject to change, possibly materially.

At March 31, 2013, the Company had approximately $19.0 million in cash and cash equivalents and approximately $40.0 million in long-term debt. The Company expects total shareholders' equity at March 31, 2013 to be between approximately $205.0 million and $220.0 million, as compared to $213.8 million as of December 31, 2012.

The Company cautions that all of these financial results are preliminary and subject to change, possibly materially, following the completion and analysis of the consolidated financial statements for the quarter ended March 31, 2013. The Company reiterates that the above preliminary and unaudited financial information does not represent all of the information that would normally be included in a Quarterly Report on Form 10-Q with respect to the Company's financial results.

About TransAtlantic

TransAtlantic Petroleum Ltd. is an international energy company engaged in the acquisition, development, exploration and production of oil and natural gas. The Company holds interests in developed and undeveloped oil and natural gas properties in Turkey and Bulgaria.

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