TransAtlantic Petroleum Announces Third Quarter 2013 Financial Results and Provides an Operations Update

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         $9.16              $8.14              $9.57
unhedged)
Natural gas ($/Mcf         $9.16              $8.14              $9.57
hedged)

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).

Adjusted EBITDAX from continuing operations for the three months ended
September 30, 2013 was $20.4 million, as compared to $22.1 million for the
three months ended September 30, 2012 and $17.6 million for the three months
ended June 30, 2013.

Operational Update

TransAtlantic's current production is more than 4,700 Boe/d. The Company is
presently operating five drilling rigs: three in southeastern Turkey, one in
the Thrace Basin in northwestern Turkey, and one in Bulgaria. Maps of
TransAtlantic's operating areas are available on the Company's website at
http://www.transatlanticpetroleum.com/news.aspx.

Southeastern Turkey – Şelmo Field Redevelopment

The Company continues to drill its second horizontal Şelmo well targeting the
MSD zone (100% working interest), which encountered multiple pay zones in the
lateral section and has substantial oil shows reaching surface. After
encountering instability in the wellbore, TransAtlantic has re-drilled the
lower section of the well. The Company plans to complete its first two MSD
wells simultaneously upon reaching target depth of the second well.
TransAtlantic expects to spud five additional horizontal wells in the Şelmo
Field in the fourth quarter of 2013.

Southeastern Turkey – Molla Drilling Program

TransAtlantic has completed shooting 489 square kilometers (km^2) (188 square
miles) of its planned 800 km^2 (300 square miles) Molla 3D seismic program.
The Company has shot seismic over the Bahar Field and is processing the data
in Dallas, Texas. TransAtlantic believes that capturing 3D seismic data of the
Molla area will result in a more effective drilling program. The Bahar-1 well
has produced nearly 84,000 barrels of oil in its first eleven months of
production.

Upon completion of the Göksu-5H (100% working interest), a $3.5 million
horizontal well targeting the Mardin formation that is located 2.5 km (1.5
miles) southeast of the Göksu-3H, the ensuing production was nearly all water
and production was discontinued in mid-October 2013. TransAtlantic plans to
convert the Göksu-5H into a disposal well. The Company expects to drill one
additional Mardin well in the fourth quarter of 2013 upon interpretation of
the Molla 3D seismic data in the Bostanpinar area.

TransAtlantic successfully isolated the toe of the Oba-1H well (100% working
interest) and is preparing to put the well on a long-term production test. The
Company is currently executing a remediation plan to isolate the water zones
on the Alibey-1 well (100% working interest).

TransAtlantic recently drilled the Tepe-1 (100% working interest), a $3.0
million 9,500-foot vertical exploration well on a license the Company acquired
in May 2013. The well did not encounter hydrocarbons in the Bedinan zone and
has been plugged back to the Mardin zone for testing.

TransAtlantic is currently drilling a second vertical Bedinan exploration
well, the Ambarcık-2 (50% working interest) on its Arpatepe license. At a
depth of 8,200 feet, the well encountered 90 feet of oil-stained rock in the
Bedinan zone. TransAtlantic and its partners elected to drill an additional
1,500 feet to test the lower seismic reflector. The Ambarcık-2 is one of the
few wells in the basin to test the lower stratigraphic section of the Bedinan.
At a depth of 9,350 feet, the well encountered clean sands with gas shows
against 14 pound-per-gallon drilling mud. After drilling 250 feet of sand, the
drill string became stuck. Sidetracking operations are now underway to
re-drill and test the sand. The Company expects to drill and complete the well
for approximately $4.5 million to a depth of 9,700 feet. The Ambarcık-2 will
test the Mardin and Bedinan formations on a structure located 5 km (3 miles)
northeast of the Arpatepe Field. The Arpatepe-1 vertical well has produced
more than 300,000 barrels of oil in approximately 5.5 years.

Northwestern Turkey – Thrace Basin Development

TransAtlantic is preparing to spud its third horizontal well in the southern
Thrace Basin, the BTD-5H (41.5% working interest), which is targeting the
Teslimkoy formation with a 1,500-foot lateral section. The well is expected to
cost $2.2 million and is an offset to the BTD-4H (41.5% working interest),
which is currently producing 3 MMcf/d. The Company plans to drill one
additional horizontal well in the southern Thrace Basin by the end of the
year.

TransAtlantic continues its hydraulic fracture stimulation program to target
bypassed unconventional pay in the Thrace Basin. The Company recently
performed a fracture stimulation on the Kayı-14 (41.5% working interest), a
vertical well targeting the Mezardere formation in the southern Thrace Basin
at a depth of approximately 3,300 feet. Initial 7-day average production was
5 MMcf/d. In the northern Thrace Basin, TransAtlantic completed five shallow
Edirne wells (90% working interest), four of which are producing an average of
750 Mcf/d per well.

The Company began the Osmanlı 3D seismic shoot of approximately 234 km^2 (90
square miles) in the third quarter of 2013 and has completed approximately one
quarter of the program. TransAtlantic has the sole right to develop wells with
the acquired seismic data unless its partners pay 150% of their interest in
seismic costs in addition to their interest in well costs.

Bulgaria

TransAtlantic spud the Deventci-R2 (50% working interest) in early October
2013 and is currently drilling below 7,000 feet. It is a directional
exploration well targeting the Dolni Lukovit zone at a depth of approximately
14,500 feet. Per the Company's farmout agreement in Bulgaria, its partner will
assume 75% of TransAtlantic's initial $40 million work program in the country.

Outlook

TransAtlantic expects to exit the fourth quarter of 2013 with production sales
of at least 5,000 Boe/d. Year to date, the Company has drilled 31 wells and
completed 20 wells. TransAtlantic expects to drill 38 total wells in 2013.

Conference Call

The Company has scheduled a conference call for Friday, November 8, 2013 at
7:30 a.m. Central (8:30 a.m. Eastern) to discuss third quarter 2013 financial
results.

Investors who would like to participate in the conference call should dial
(877) 878-2762 or (678) 809-1005 approximately 10 minutes prior to the
scheduled start time and ask for the TransAtlantic conference call. The
conference ID is 93888062. A replay will be available through November 14,
2013 and may be accessed by dialing (855) 859-2056 or (404) 537-3406. The
conference ID is 93888062.

An enhanced webcast of the conference call and replay will be available
through the Company's website at www.transatlanticpetroleum.com. To access the
live webcast and replay, click on "Investors," select "Events &
Presentations," and click on "Listen to webcast" under the event listing. The
webcast requires iOS, Microsoft Windows Media Player or RealOne Player.

Quarterly Report on Form 10-Q

The Company expects to file its Quarterly Report on Form 10-Q for the three
and nine months ended September 30, 2013 on November 7, 2013.

                                                               
TransAtlantic Petroleum Ltd.
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
                                                               
                         For the Three Months Ended For the Nine Months Ended
                          Sept. 30,                  Sept. 30,
U.S. Dollars and shares
in thousands, except per  2013           2012        2013          2012
share amounts
                                                               
Revenues:                                                       
Oil and natural gas       $31,648        $32,603     $93,828       $99,160
sales
Sales of purchased        1,511          1,883       5,751         5,546
natural gas
Other                     144            329         999           2,043
Total revenues           33,303         34,815      100,578       106,749
Costs and expenses:                                             
Production               4,591          4,542       13,446        12,470
Exploration, abandonment  2,243          2,104       17,992        11,783
and impairment
Cost of purchased natural 1,437          1,862       5,483         5,498
gas
Seismic and other         5,052          1,725       6,385         3,236
exploration
Revaluation of contingent --             --         (5,000)       --
consideration
General and               6,367          6,744       20,783        25,301
administrative
Depreciation, depletion   11,487         8,147       30,044        26,698
and amortization
Accretion of asset        114            164         367           579
retirement obligations
Total costs and expenses 31,291         25,288      89,500        85,565
Operating income         2,012          9,527       11,078        21,184
Other income (expense):                                         
Interest and other        (919)          (1,086)     (2,764)       (6,363)
expense
Interest and other        282            1,019       964           1,501
income
(Loss) gain on commodity  (3,137)        (7,146)     365           (5,277)
derivative contracts
Foreign exchange (loss)   (2,923)        (133)       (5,953)       3,066
gain
Total other expense      (6,697)        (7,346)     (7,388)       (7,073)
(Loss) income from
continuing operations     (4,685)        2,181       3,690         14,111
before income taxes
Current income tax        1,284          (1,440)     (583)         (3,882)
benefit (expense)
Deferred income tax       (1,417)        (272)       (1,990)       (2,660)
expense
Net (loss) income from    (4,818)        469         1,117         7,569
continuing operations.
Net (loss) income from
discontinued operations,  (155)          6,525       (248)         20,904
net of taxes
Net (loss) income         $(4,973)       $6,994      $869          $28,473
Foreign currency          (10,626)       3,146       (27,005)      17,650
translation adjustment
Comprehensive (loss)      $(15,599)      $10,140     $(26,136)     $46,123
income
Basic and diluted net
(loss) income per common                                        
share:
From continuing           $(0.01)        $0.00       $0.00         $0.02
operations
From discontinued         $0.00          $0.02       $0.00         $0.06
operations
Basic weighted average
number of shares          371,503        367,960     369,785       366,981
outstanding
Diluted weighted average
number of shares          371,503        370,020     369,785       368,869
outstanding
                                                               

                                                           
TransAtlantic Petroleum Ltd.
Summary Consolidated Statements of Cash Flows
(Unaudited)
                                                           
                                          For the Nine Months Ended Sept. 30,
U.S. Dollars in thousands                  2013              2012
                                                           
Net cash provided by operating activities  $69,796           $54,569
from continuing operations
Net cash used in investing activities from (88,167)          (45,374)
continuing operations
Net cash provided by (used in) financing   17,174            (125,719)
activities from continuing operations
Net cash (used in) provided by             (208)             126,963
discontinued operations
Effect of exchange rate changes on cash   (1,092)           614
Net (decrease) increase in cash and cash   $(2,497)          $11,053
equivalents
                                                           

                                                           
TransAtlantic Petroleum Ltd.
Summary Consolidated Balance Sheets
                                                           
                                         As of
U.S. Dollars in thousands                 September 30, 2013 December 31, 2012
                                         (Unaudited)        
ASSETS                                                      
Current assets:                                             
Cash and cash equivalents                $12,271            $14,768
Accounts receivable                      40,847             52,769
Prepaid and other current assets         3,875              2,339
Deferred income taxes                    2,469              1,895
Assets held for sale                     601                1,619
Total current assets                     60,063             73,390
Property and equipment, net              261,106            256,152
Total other assets                       26,568             28,716
Total assets                             $347,737           $358,258
                                                           
LIABILITIES & SHAREHOLDERS' EQUITY                          
Current liabilities:                                        
Accounts payable                        $38,265            $28,498
Accrued liabilities and other           21,301             30,790
Derivative liabilities                  2,721              3,908
Liabilities held for sale               7,355              8,416
Total current liabilities                69,642             71,612
Total liabilities                        156,257            144,431
Total shareholders' equity               191,480            213,827
Total liabilities and shareholders'       $347,737           $358,258
equity
                                                           


Reconciliation of Net Income to Adjusted EBITDAX
                                                              
                         For the Three Months Ended For the Nine Months Ended
                          Sept. 30,                  Sept. 30,
U.S. Dollars in           2013          2012         2013         2012
thousands
                                                              
Net (loss) income from    $(4,818)      $469         $1,117       $7,569
continuing operations
Adjustments:                                                   
Interest and other, net  637           67           1,800        4,862
Income tax expense       133           1,712        2,573        6,542
Exploration, abandonment, 2,243         2,104        17,992       11,783
and impairment
Seismic expense          4,978         1,746        6,121        2,735
Foreign exchange loss     2,923         133          5,953        (3,066)
(gain)
Share-based compensation 450           403          1,328        1,506
Loss (gain) on commodity  3,137         7,146        (365)        5,277
derivative contracts.
Cash settlements on
commodity derivative      (919)         (853)        (2,655)      (3,100)
contracts
Accretion of asset        114           164          367          579
retirement obligation
Depreciation, depletion,  11,487        8,147        30,044       26,698
and amortization
Revaluation of contingent --            --           (5,000)      --
consideration
Net other items          --            842          (1,815)      4,649
Adjusted EBITDAX from     $20,365       $22,080      $57,460      $66,034
continuing operations
                                                              

Adjusted EBITDAX is a non-GAAP financial measure that represents earnings from
continuing operations before income taxes, interest, depreciation, depletion,
amortization, impairment, abandonment, and exploration expenses, unrealized
derivative gains and losses, foreign exchange gains and losses, non-cash
share-based compensation expense and significant non-recurring expenses.

The Company believes Adjusted EBITDAX assists management and investors in
comparing the Company's performance and ability to fund capital expenditures
and working capital requirements on a consistent basis without regard to
depreciation, depletion and amortization and impairment of oil and natural gas
properties and exploration expenses, which can vary significantly from period
to period. In addition, management uses Adjusted EBITDAX as a financial
measure to evaluate the Company's operating performance. Adjusted EBITDAX is
also widely used by investors and rating agencies.

Adjusted EBITDAX is not a measure of financial performance under GAAP.
Accordingly, it should not be considered as a substitute for net income,
income from operations, or cash flow provided by operating activities prepared
in accordance with GAAP. Net income, income from operations, or cash flow
provided by operating activities may vary materially from Adjusted EBITDAX.
Investors should carefully consider the specific items included in the
computation of Adjusted EBITDAX. The Company has disclosed Adjusted EBITDAX to
permit a comparative analysis of its operating performance and debt servicing
ability relative to other companies.

About TransAtlantic

TransAtlantic Petroleum Ltd. is an international oil and natural gas company
engaged in the acquisition, exploration, development and production of oil and
natural gas. The Company holds interests in developed and undeveloped
properties in Turkey and Bulgaria.

(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 concerning the drilling, completion and
cost of wells, the production and sale of oil and natural gas, the acquisition
and processing of seismic data, the holding of an earnings conference call, 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, 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; outcomes of litigation; 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.

Note on Boe

Barrels of oil equivalent, or Boe, are derived by the Company by converting
natural gas to oil in the ratio of six thousand cubic feet ("Mcf") of natural
gas to one bbl of oil. A Boe conversion ratio of 6 Mcf to 1 bbl is based on an
energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead. Boe may be
misleading, particularly if used in isolation.

CONTACT: Taylor Miele
         Director of Investor Relations
         (214) 265-4746
        
         Wil Saqueton
         VP & CFO
         (214) 220-4323
        
         TransAtlantic Petroleum Ltd.
         16803 Dallas Parkway
         Addison, Texas 75001
         http://www.transatlanticpetroleum.com

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