HAMILTON, Bermuda, Nov. 7, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today announced financial results for the quarter ended September 30, 2013 and provided an operations update.
- TransAtlantic's current production is more than 4,700 Boe/d
- The Company expects to exit the fourth quarter of 2013 with production of at least 5,000 Boe/d
- Adjusted EBITDAX from continuing operations for the third quarter of 2013 was $20.4 million (Adjusted EBITDAX is a non-GAAP financial measure that is defined and reconciled to net income at the end of this press release)
|Third Quarter 2013 Results|
|For the Three Months Ended|
|September 30, 2013||September 30, 2012||June 30, 2013|
|Natural gas (MMcf)||868||928||816|
|Total net sales (Mboe)||375||384||366|
|Total net sales (Boe/d)||4,076||4,174||4,022|
|Realized Commodity Pricing:|
|Oil ($/bbl unhedged)||$103.04||$105.81||$94.13|
|Oil ($/bbl hedged)||$99.05||$102.08||$92.03|
|Natural gas ($/Mcf unhedged)||$9.16||$8.14||$9.57|
|Natural gas ($/Mcf hedged)||$9.16||$8.14||$9.57|
Total revenues were $33.3 million for the three months ended September 30, 2013, as compared to $34.8 million for the same period in 2012 and $31.8 million for the three months ended June 30, 2013. For the three months ended September 30, 2013, TransAtlantic had a net loss from continuing operations of $4.8 million, or $0.01 per share (basic and diluted), as compared to net income from continuing operations of $0.5 million, or $0.00 per share (basic and diluted), for the three months ended September 30, 2012 and net income from continuing operations of $2.9 million, or $0.01 per share (basic and diluted) for the three months ended June 30, 2013. The net loss for the third quarter of 2013 included $2.9 million of foreign exchange losses, $2.2 million of unrealized mark-to-market derivative losses and $2.2 million of exploration, abandonment and impairment charges (of which approximately $1.8 million represented cash expenses during the quarter).