HAMILTON, Bermuda, April 2, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) today reported its preliminary financial results for the year and quarter ended December 31, 2012. TransAtlantic Petroleum Ltd. (the "Company") is providing these preliminary and unaudited results in an effort to keep its shareholders informed about the performance of the Company while it works to complete its Annual Report on Form 10-K (the "Form 10-K") for the year ended December 31, 2012. Form 10-K for Year Ended December 31, 2012 On March 18, 2013, the Company filed a Form 12b-25 with the Securities and Exchange Commission (the "SEC") which gave the Company an additional fifteen days to file its Form 10-K for the year ended December 31, 2012. The Company does not expect to file the Form 10-K within the additional time period prescribed under Rule 12b-25 because it is still assessing the impact of certain unallocated well costs on depletion expense in prior and current period financial statements. As a result, the Company needs additional time to complete and review the financial statements and disclosures to be contained in the Form 10-K. On March 21, 2013, the Company hired PT Platinum Consulting ("PT Platinum") to provide staff augmentation resources to assist the Company in reviewing certain accounting items and completing the remaining work needed to file the Form 10-K. The Company expects to complete the analysis of understated depletion expense within the next week, after which the Company will work with its independent registered accountants to assess the impact on prior and current period financial statements. PT Platinum will also assist with the Quarterly Report on Form 10-Q for the three months ended March 31, 2013, on which the majority of TransAtlantic's permanent accounting staff are already focused. Preliminary Financial Results The Company expects total revenues for the quarter ended December 31, 2012 to be between approximately $37.0 million and $39.0 million, inclusive of $2.3 million from the sale of purchased natural gas. For the year ended December 31, 2012 the Company expects total revenues to be between $143 million and $145 million, including $7.9 million from the sale of purchased natural gas.
The Company expects net loss for the quarter ended December 31, 2012 to be between approximately $19.0 million and $24.0 million. The Company expects net loss from continuing operations for the quarter ended December 31, 2012 to be between approximately $20.0 million and $25.0 million.For the year ended December 31, 2012, the Company expects net income to be between approximately $4.0 million and $9.0 million and expects net loss from continuing operations to be between approximately $12.0 million and $17.0 million. At December 31, 2012, the Company had $14.8 million in cash and cash equivalents and $32.8 million in long-term debt. The Company expects total shareholders' equity at December 31, 2012 to be between approximately $197.0 million and $202.0 million. The Company cautions that all of these financial results are preliminary and subject to change, possibly materially, following the completion and analysis of the financial statements for the year ended December 31, 2012. The Company reiterates that the above preliminary and unaudited financial information does not represent all of the information that would normally be included in an Annual Report on Form 10-K with respect to the Company's financial results. About TransAtlantic TransAtlantic Petroleum Ltd. is an international energy company engaged in the acquisition, development, exploration and production of oil and natural gas. The Company holds interests in developed and undeveloped oil and natural gas properties in Turkey, Bulgaria and Romania. (NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.) Forward-Looking Statements This news release contains statements regarding the Company's intent to file its Annual Report on Form 10-K for the year ended December 31, 2012, the expected amounts and reporting of financial results for the quarter and year ended December 31, 2012, as well as other expectations, plans, goals, objectives, assumptions or information about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.
Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to adjustments resulting from the completion of the Company's financial statements to be included in the Form 10-K, market prices for natural gas, natural gas liquids and oil products; estimates of reserves and economic assumptions; the ability to produce and transport natural gas, natural gas liquids and oil; the results of exploration and development drilling and related activities; economic conditions in the countries and provinces in which the Company carries on business, especially economic slowdowns; actions by governmental authorities, receipt of required approvals, increases in taxes, legislative and regulatory initiatives relating to fracture stimulation activities, changes in environmental and other regulations, and renegotiations of contracts; political uncertainty, including actions by insurgent groups or other conflict; the negotiation and closing of material contracts; shortages of drilling rigs, equipment or oilfield services.The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
CONTACT: Chad Potter, VP, Financial and Investor Relations (214) 220-4323 email@example.com http://www.transatlanticpetroleum.com 16803 Dallas Parkway, Suite 200 Addison, Texas 75001