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TransAtlantic Petroleum Ltd. Announces First Quarter 2013 Financial Results, Provides An Operations Update And Schedules Conference Call And Annual Meeting

HAMILTON, Bermuda, May 23, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today announced financial results for the quarter ended March 31, 2013, provided an operations update and scheduled an investor conference call and annual meeting.

Highlights
  • Net income from continuing operations for the first quarter of 2013 was $3.0 million
  • Adjusted EBITDAX from continuing operations for the first quarter of 2013 totaled $19.5 million (Adjusted EBITDAX is a non-GAAP financial measure that is defined and reconciled to net income later in this press release)
  • Acquired bolt-on properties in Molla area of southeastern Turkey; 100% working interest and operatorship of more than 150,000 acres
  • Encouraging horizontal well results in the Mardin formation of southeastern Turkey
  • Expect to spud first horizontal well in the Kesan formation of northwestern Turkey in the summer of 2013
First Quarter 2013 Results
       
  For the Three Months Ended
  March 31, 2013 March 31, 2012 December 31, 2012
Net Sales:      
Oil (Mbbls) 239 224 263
Natural gas (MMcf) 801 1,367 862
Total net sales (Mboe) 373 452 407
Total net sales (boe/day) 4,144 4,967 4,424
       
Realized Commodity Pricing:      
Oil ($/bbl unhedged) $103.00 $108.14 $99.96
Oil ($/bbl hedged) $97.76 $101.56 $97.19
       
Natural gas ($/Mcf unhedged) $10.12 $7.64 $9.87
Natural gas ($/Mcf hedged)  $10.12 $7.64 $9.87

Total revenues were $35.5 million for the three months ended March 31, 2013, as compared to $37.5 million for the same period in 2012 and $38.0 million for the three months ended December 31, 2012. Net income from continuing operations for the three months ended March 31, 2013 was $3.0 million, or $0.01 per share (basic and diluted), as compared to a net loss of $1.5 million, or $0.00 per share (basic and diluted), for the three months ended March 31, 2012 and a net loss of $13.9 million, or $0.04 per share (basic and diluted) for the three months ended December 31, 2012. Net income for the first quarter of 2013 included $0.5 million of unrealized mark-to-market derivative gains and $0.5 million of foreign exchange losses.

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