TransAtlantic Petroleum Proclaims Third Quarter 2017 Financial Results And Provides An Operations Update NYSE:TAT

Ceramic pall ringHAMILTON, Bermuda, Nov. 08, 2017 (GLOBE NEWSWIRE) — TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE American:TAT) (the “Company or “TransAtlantic immediately announced the monetary results for the quarter ended September 30, 2017 and offered an operations replace. Further info may be found on the Company’s webpage at http://www.transatlanticpetroleum.com.

  • As of September 30, 2017, the company had no lengthy-term debt and $12.Four million in brief-term debt, as in comparison with $3.8 million in long-time period debt and $38.2 million briefly-term debt as of December 31, 2016. Through the quarter ended September 30, 2017, the corporate repaid $14.1 million in debt because it continues to focus on deleveraging its balance sheet.
  • Revenues for the third quarter of 2017 had been $12.7 million, as compared to $12.Three million for the second quarter of 2017 and $16.7 million for the third quarter of 2016.
  • The Company’s operating loss for the third quarter of 2017 was $0.Three million, as compared to working revenue of $2.1 million for the second quarter of 2017 and working revenue of $1.Zero million for the third quarter of 2016.
  • Internet loss from continuing operations was $four.4 million for the third quarter of 2017, as in comparison with internet revenue of $0.6 million within the second quarter of 2017, and a net lack of $four.6 million within the third quarter of 2016.
  • Adjusted EBITDAX from persevering with operations for the third quarter of 2017 was $7.3 million, as in comparison with $6.Eight million for the second quarter of 2017 and $12.Eight million for the third quarter of 2016.1
  • The Company’s average day by day web sales volumes from persevering with operations have been approximately 2,862 barrels of oil equal per day (“Boepd in the third quarter of 2017, as in contrast to 3,833 Boepd in the second quarter of 2017 and four,335 Boepd within the third quarter of 2016. Present day by day net sales volumes from continuing operations are roughly 2,900 Boepd.

1 Adjusted EBITDAX is a non-GAAP financial measure. See the reconciliation at the tip of the press launch.

Whole revenues have been $12.7 million for the three months ended September 30, 2017, as in comparison with $12.Three million for the three months ended June 30, 2017 and $16.7 million for the three months ended September 30, 2016. For the three months ended September 30, 2017, the corporate had a web loss from continuing operations of $four.4 million, or $0.09 per share (primary and diluted), as in comparison with net earnings from persevering with operations of $zero.6 million, or $zero.01 per share (basic and diluted), for the three months ended June 30, 2017, and a internet loss from continuing operations of $four.6 million, or $0.10 per share (basic and diluted), for the three months ended September 30, 2016. Capital expenditures, together with seismic and company expenditures totaled $6.Zero million for the three months ended September 30, 2017, as compared to $4.9 million for the three months ended June 30, 2017 and $1.5 million for the three months ended September 30, 2016.

Adjusted EBITDAX from persevering with operations for the three months ended September 30, 2017 was $7.Three million, as in comparison with $6.8 million for the three months ended June 30, 2017 and $12.Eight million for the three months ended September 30, 2016.

Operational Update

The next summarizes the Company’s operations by location during the third quarter of 2017:

Southeastern Turkey

Testing continued on the Bahar-eleven nicely throughout the third quarter of 2017 within the Bedinan, Dadas, and Hazro formations. Business oil was discovered in all three formations with a combined test rate of 280 Boepd. hydrogenation reactor The effectively was introduced on production in October 2017.

Testing continued on the Cavulsu-1 properly throughout the third quarter of 2017. The effectively flowed excessive API gravity hydrocarbon in two Bedinan benches. Testing will proceed all through the fourth quarter of 2017 to establish the potential of those intervals in addition to up-gap potential in the Dadas, Hazro, and Mardin formations.

Operations on the Pinar-1ST effectively had been briefly suspended through the third quarter of 2017 on account of priority restore and maintenance workover operations within the Bahar and Selmo fields. Testing will resume in the fourth quarter of 2017.

Bulgaria

The company continues to judge its position in Bulgaria with updated geologic models and continues to market a joint enterprise exploration program for its belongings in Bulgaria.

The corporate will host a live webcast and conference name on Thursday, November 9, 2017 at eight:00 a.m. Central time (9:00 a.m. Japanese time) to debate third quarter 2017 monetary results and supply an operations replace. Buyers who want to participate in the conference call should name (877) 878-2762 or (678) 809-1005 roughly 10 minutes prior to the scheduled start time and ask for the TransAtlantic conference call. The convention ID is 8898817.

A dwell webcast of the conference call and replay will probably be accessible by the Company’s website at www.transatlanticpetroleum.com. To entry the webcast and replay, click on “Investors, select “Events and Presentations, and click on “Listen to webcast beneath the event listing. The webcast requires IOS, Microsoft Home windows Media Participant, or RealOne Participant.

A telephonic replay of the call might be obtainable through November 10, 2017 and could also be accessed by dialing (855) 859-2056 or (404) 537-3406. The convention ID is 8898817.

Quarterly Report on Kind 10-Q

On November eight, 2017, the company filed its Quarterly Report on Type 10-Q for the quarter ended September 30, 2017.

Adjusted EBITDAX from persevering with operations (“Adjusted EBITDAX is a non-GAAP monetary measure that represents web (loss) revenue from continuing operations plus curiosity and different internet, current and deferred income tax expense, exploration, abandonment and impairment, seismic and different exploration expense, international exchange (acquire) loss, share-based compensation expense, loss (acquire) on commodity derivative contracts, money settlements on commodity derivative contacts, accretion of asset retirement obligation, depreciation, depletion, and amortization, loss on sale of TBNG, and net other items.

The corporate believes Adjusted EBITDAX assists administration and investors in comparing the Company’s efficiency on a consistent foundation with out regard to depreciation, depletion, and amortization and impairment of oil and pure gas properties and exploration expenses, among other gadgets, which might fluctuate significantly from interval to interval. As well as, administration uses Adjusted EBITDAX as a financial measure to guage the Company’s working performance.

Adjusted EBITDAX will not be a measure of financial performance below GAAP. Accordingly, it shouldn’t be considered as a substitute for net revenue or income from persevering with operations prepared in accordance with GAAP. Web income or revenue from continuing operations may differ materially from Adjusted EBITDAX. Buyers should fastidiously consider the precise items included in the computation of Adjusted EBITDAX.

About TransAtlantic

The corporate is a world oil and natural gas company engaged in the acquisition, exploration, improvement, and manufacturing of oil and pure fuel. The corporate holds interests in developed and undeveloped properties in Turkey and Bulgaria.

(NO Inventory Alternate, SECURITIES Fee, OR Other REGULATORY AUTHORITY HAS Permitted OR DISAPPROVED The information CONTAINED HEREIN.)

Ahead-Trying Statements

This information release incorporates statements concerning the drilling, completion and value of wells, the production and sale of oil and natural gas, the advertising and marketing of joint enterprise transactions, the holding of an earnings convention call, and the issuance of an operations update, as well as different expectations, plans, targets, targets, assumptions, and information about future events, conditions, results of operations, and efficiency which will constitute forward-trying statements or data underneath relevant securities laws. Such forward-trying statements or info are based on quite a few assumptions, which may show to be incorrect.

Although the company believes that the expectations reflected in such forward-looking statements or info are affordable, undue reliance should not be positioned on ahead-wanting statements as a result of the corporate can give no assurance that such expectations will show to be correct. Ahead-looking statements or information are based mostly on current expectations, estimates, and projections that contain a number of risks and uncertainties which may trigger precise outcomes to differ materially from those anticipated by the corporate and described in the ahead-trying statements or data. These dangers and uncertainties include, however are not limited to, entry to ample capital; market prices for pure gasoline, natural fuel liquids, and oil merchandise; estimates of reserves and financial assumptions; the flexibility to provide and transport natural gasoline, pure fuel liquids, and oil products; the outcomes of exploration and development drilling and associated actions; economic situations in the countries and provinces during which the corporate carries on enterprise, particularly economic slowdowns; actions by governmental authorities; receipt of required approvals; will increase in taxes; legislative and regulatory initiatives relating to fracture stimulation activities; modifications in environmental and other laws; renegotiations of contracts; political uncertainty, including actions by insurgent teams or different conflict; outcomes of litigation; the negotiation and closing of fabric contracts; and other dangers described in the Company’s filings with the SEC.

The forward-looking statements or info contained in this news launch are made as of the date hereof and the corporate undertakes no obligation to update publicly or revise any forward-trying statements or data, whether consequently of recent info, future occasions, or in any other case, until so required by relevant securities legal guidelines.

Note on BOE

Barrels of oil equal, or Boe, are derived by the company by changing natural gas to oil within the ratio of six thousand cubic feet of natural gas (“Mcf to 1 inventory tank barrel, or forty two U.S. gallons liquid volume (“Bbl , of oil. A Boe conversion ratio of six Mcf to 1 Bbl is based on an energy equivalency conversion technique primarily applicable at the burner tip and doesn’t signify a worth equivalency at the wellhead. Boe could also be misleading, significantly if used in isolation.

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