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TransAtlantic Petroleum Announces Fourth Quarter And Year-End 2013 Financial Results And Provides An Operations Update

Stocks in this article: TAT TNP

HAMILTON, Bermuda, March 13, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today announced financial results for the quarter and year ended December 31, 2013 and provided an operations update.


  • TransAtlantic's average net sales year-to-date were approximately 4,700 BOEPD and reflected several shut-in wells. One well was shut-in to prepare for sidetracking operations and several others were shut-in for conversion to waterflood injection pilot tests  
  • Average net sales for the fourth quarter of 2013 increased 8% quarter-over-quarter  
  • Adjusted EBITDAX from continuing operations for the fourth quarter of 2013 was $20.9 million (Adjusted EBITDAX is a non-GAAP financial measure that is defined and reconciled to net income at the end of this press release)

Fourth Quarter 2013 Results

    For the Three Months Ended
    December 31, 2013   September 30, 2013   December 31, 2012
Net Sales:            
 Oil (MBbls)   233   230   263
 Natural gas (MMCF)   1,028   868   864
Total net sales (MBOE)   404   375   407
Average net sales (BOEPD)   4,391   4,076   4,424
Realized Commodity Pricing:            
Oil ($/Bbl unhedged)   $ 104.04   $ 103.04   $ 100.41
Oil ($/Bbl hedged)    $ 100.33   $ 99.05   $ 97.64
Natural gas ($/MCF unhedged)   $ 8.93   $ 9.16   $ 9.89
Natural gas ($/MCF hedged)   $ 8.93   $ 9.16   $ 9.89

Total revenues were $33.9 million for the three months ended December 31, 2013, compared to $32.3 million for the three months ended September 30, 2013 and $38.0 million for the three months ended December 31, 2012. For the three months ended December 31, 2013, TransAtlantic had a net loss from continuing operations of $14.4 million, or $0.39 per share (basic and diluted), compared to a net loss from continuing operations of $4.8 million, or $0.13 per share (basic and diluted) for the three months ended September 30, 2013 and a net loss from continuing operations of $13.9 million, or $0.38 per share (basic and diluted), for the three months ended December 31, 2012. The net loss for the fourth quarter of 2013 included $3.7 million of foreign exchange losses, $2.2 million of unrealized mark-to-market derivative losses and $9.3 million of exploration, abandonment and impairment charges (of which approximately $3.1 million represented cash expenses during the quarter).

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