HAMILTON, Bermuda, Aug. 14, 2012 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE Amex:TAT) (the "Company" or "TransAtlantic") announces financial results for the quarter ended June 30, 2012. Selected Highlights
- Adjusted EBITDAX from continuing operations for the second quarter of 2012 totaled $21.2 million (Adjusted EBITDAX is a non-GAAP financial measure that is defined and reconciled to net income later in this press release);
- Second quarter of 2012 results were impacted by $15.1 million of unrealized mark-to-market derivative gains, $1.3 million of foreign exchange losses, a $2.0 million non-cash expense related to a contingent liability on a property in Bulgaria, a $1.2 million non-cash expense related to inventory count adjustments, $15.1 million net income from discontinued operations, and other items totaling $0.2 million of expense reductions.
- Net debt (outstanding borrowings less cash and cash equivalents) reduced to $4.9 million at June 30, 2012, allowing a change to the going concern assumption in TransAtlantic's Quarterly Report on Form 10-Q.