TransAtlantic Petroleum Announces Preliminary 2012 Financial Results; Delay in
Filing Annual Report on Form 10-K
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
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.
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.)
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
16803 Dallas Parkway, Suite 200
Addison, Texas 75001
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