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

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.

Highlights
  • 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
Net Sales:      
 Oil (Mbbls)  230 229 230
 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).

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