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Transatlantic Petroleum Ltd. Reports Operating Results (10-Q)

November 30, 2012 | About:
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10qk

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Transatlantic Petroleum Ltd. (TAT) filed Quarterly Report for the period ended 2012-09-30.

Transatlantic Petroleum Ltd. has a market cap of $297 million; its shares were traded at around $0.7998 with and P/S ratio of 2.3.

Highlight of Business Operations:

Oil and Natural Gas Sales. Total oil and natural gas revenues increased $0.2 million to $31.8 million for the three months ended September 30, 2012, from $31.6 million realized in the same period in 2011. Of the increase, $5.4 million resulted from an increase in our average price received for production, offset by a decrease of $5.2 million due to lower production volumes. Our average price received for production increased $14.04 per Boe to $82.78 per Boe for the three months ended September 30, 2012, from $68.74 per Boe for the same period in 2011. Production volumes decreased primarily on our Thrace Basin Natural Gas (Turkiye) Corporation (TBNG) wells due to less drilling activity in the three months ended September 30, 2012, compared to the same period in 2011.

Discontinued Operations. All revenues and expenses associated with our Moroccan operations for the three months ended September 30, 2012 and with our Moroccan operations and oilfield services business for the three months ended September 30, 2011 have been included in discontinued operations.

Oil and Natural Gas Sales. Total oil and natural gas revenues increased $7.3 million to $98.3 million for the nine months ended September 30, 2012 from $91.1 million realized in the same period in 2011. Of this increase, $5.7 million was due to an increase in production volumes, while $1.6 million was attributable to an increase in our average price received for production. For the nine months ended September 30, 2012, production volumes increased 73 Mboe to 1,249 Mboe, from 1,176 Mboe for the same period in 2011. Production volumes increased primarily due to the acquisition of TBNG in June 2011, which accounted for 147 Mboe of the increase. This increase was offset by a decrease in production in our Edirne and Amity fields. Our average price received for production increased $1.29 per Boe to $78.72 per Boe for the nine months ended September 30, 2012, from $77.43 per Boe for the same period in 2011.

Discontinued Operations. All revenues and expenses associated with our Moroccan operations and oilfield services business for the nine months ended September 30, 2012 and 2011 have been included in discontinued operations.

Read the The complete Report

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