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TheStreet Open House

TransAtlantic Petroleum Announces Second Quarter 2013 Financial Results And Provides An Operations Update

Stocks in this article: TATTNP

HAMILTON, Bermuda, Aug. 7, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE:TAT) (the "Company" or "TransAtlantic") today announced financial results for the quarter ended June 30, 2013 and provided an operations update.

Highlights

  • TransAtlantic's current production is 4,058 Boe/d
  • Net income from continuing operations for the second quarter of 2013 was $2.9 million
  • Adjusted EBITDAX from continuing operations for the second quarter of 2013 was $17.6 million (Adjusted EBITDAX is a non-GAAP financial measure that is defined and reconciled to net income at the end of this press release)
 
Second Quarter 2013 Results
 
  For the Three Months Ended
  June 30, 2013 June 30, 2012 March 31, 2013
Net Sales:      
Oil (Mbbls) 230 233 239
Natural gas (MMcf) 816 1,081 801
Total net sales (Mboe)  366 413 373
Total net sales (Boe/d)  4,022 4,538 4,144
       
Realized Commodity Pricing:      
Oil ($/bbl unhedged) $94.13 $97.49 $103.00
Oil ($/bbl hedged)  $92.03 $94.17 $97.76
       
Natural gas ($/Mcf unhedged)  $9.57 $8.49 $10.12
Natural gas ($/Mcf hedged)  $9.57 $8.49 $10.12

Total revenues were $31.8 million for the three months ended June 30, 2013, as compared to $34.4 million for the same period in 2012 and $35.5 million for the three months ended March 31, 2013. Net income from continuing operations for the three months ended June 30, 2013 was $2.9 million, or $0.01 per share (basic and diluted), as compared to net income from continuing operations of $8.6 million, or $0.02 per share (basic and diluted), for the three months ended June 30, 2012 and net income from continuing operations of $3.0 million, or $0.01 per share (basic and diluted) for the three months ended March 31, 2013. Net income for the second quarter of 2013 included $4.8 million of unrealized mark-to-market derivative gains and a $5.0 million revaluation of contingent consideration. These items were offset by $11.9 million of exploration, abandonment and impairment charges (only approximately $0.5 million of which represented cash expenses during the quarter) and $2.5 million of foreign exchange losses.

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