HAMILTON, BERMUDA -- (Marketwire) -- 04/21/11 -- TransAtlantic Petroleum Ltd. (TSX: TNP) (NYSE Amex: TAT) announced today its financial results for the year ended December 31, 2010. The Company's financial results are prepared in accordance with U.S. GAAP, and the reporting currency is U.S. dollars.
Selected Financial Highlights
Oil and gas revenues for the year ended December 31, 2010 increased to $69.8 million from $27.7 million for the year ended December 31, 2009. The increase was the result of increased production in the Selmo oil field, additional production in the Arpatepe oil field and new production in the Thrace Basin gas fields. The increase was also due to the increase in the average price received for our oil production. In addition, oilfield services revenue for 2010 increased to $15.7 million from $1.6 million in 2009. Net loss attributable to common shareholders for the year ended December 31, 2010 was $71.2 million, or $0.23 per share (basic and diluted), compared to $62.1 million, or $0.29 per share (basic and diluted), for year ended December 31, 2009. The following table sets forth selected financial data from the Company's Consolidated Statements of Operations and Comprehensive Loss.
U.S. dollars and shares in thousands, except per For the year ended
share amounts December 31,
2010 2009
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Total revenues $ 85,563 $ 29,269
Costs and expenses:
Production 20,286 10,168
Exploration, abandonment and impairment 32,615 24,791
Seismic and other exploration 12,319 10,538
International oil and gas activities 23,658 12,349
General and administrative 29,730 16,129
Depreciation, depletion, and amortization 28,219 7,942
Accretion of asset retirement obligations 470 164
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Total costs and expenses 147,297 82,081
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Operating loss $ 61,734 $ 52,812
Total other expense (income) 9,301 7,906
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Loss before income taxes 71,035 60,718
Net loss attributable to common shareholders 71,152 62,146
Other comprehensive loss (gain) 7,789 (9,601)
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Comprehensive loss $ 78,941 $ 52,545
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Net loss per share attributable to common
shareholders $ 0.23 $ 0.29
Basic and diluted weighted average number of
shares outstanding 312,488 212,320
As of December 31, 2010, the Company had unrestricted cash and cash equivalents of $34.7 million and a working capital deficit of $60.2 million compared to cash and cash equivalents of $90.5 million and working capital of $80.9 million at December 31, 2009. The following table sets forth selected financial data from the Company's Consolidated Balance Sheets.
As of December 31,
U.S. dollars in thousands 2010 2009
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ASSETS
Current assets:
Cash and cash equivalents $ 34,676 $ 90,484
Accounts receivable 33,186 9,753
Prepaid and other current assets 6,376 8,251
Deferred income taxes 991 1,580
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Total current assets 75,229 110,068
Property and equipment, net 367,225 177,264
Other long-term assets 29,893 19,751
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Total assets $ 472,347 $ 307,083
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 16,811 $ 8,460
Short term debt 106,673 7,501
Accrued liabilities and other 11,941 13,174
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Total current liabilities 135,425 29,135
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Total liabilities 197,717 42,476
Total shareholders' equity 274,630 264,607
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Total liabilities and shareholders' equity $ 472,347 $ 307,083
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About TransAtlantic
TransAtlantic Petroleum Ltd. is a vertically integrated, international oil and gas company engaged in the acquisition, development, exploration, and production of crude oil and natural gas. The Company holds interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Bulgaria, and Romania. The Company owns its own drilling rigs and oilfield service equipment, which it uses to develop its properties in Turkey and Morocco. In addition, the Company's drilling services business provides oilfield services and drilling services to third parties in Turkey and Iraq.
Forward-Looking Statements
This news release contains statements regarding 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 the continuing ability of the Company to operate effectively internationally, reliance on current oil and gas laws, rules and regulations, volatility of oil and gas prices, fluctuations in currency and interest rates, imprecision of resource estimates, the results of exploration, development and drilling, imprecision in estimates of future production capacity, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions. If one or more of these risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected.
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.
(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
Contact:
Matt McCann
CEO
(214) 220-4323
http://www.transatlanticpetroleum.com
5910 N. Central Expressway
Suite 1755
Dallas, Texas 75206
