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TransAtlantic Petroleum Ltd.
Announces Preliminary Financial Results for 2010; Delay in Filing Annual Report on Form 10-K
FOR IMMEDIATE RELEASE
Hamilton, Bermuda (April 1, 2011) TransAtlantic Petroleum Ltd. (TSX: TNP)(NYSE-AMEX: TAT) today reported its preliminary financial results for the year ended December 31, 2010. 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 for the year ended December 31, 2010.
Form 10-K for Year Ended December 31, 2010
On March 16, 2011, the Company filed a Form 12b-25 with the Securities and Exchange Commission (the SEC) giving the Company an additional fifteen days to file its Form 10-K for the year ended December 31, 2010. The Company was unable to file the Form 10-K within the period prescribed under Rule 12b-25 because unanticipated delays arose in connection with the preparation of the Companys financial statements, disclosures, and managements assessment of internal control over financial reporting. The Company reasonably expects to complete the Form 10-K and file it with the SEC during the week of April 11th.
Preliminary Financial Results
The Company expects total revenues for the year ended December 31, 2010 to increase to between approximately $80.0 million and $90.0 million compared to $29.3 million for the year ended December 31, 2009. The increase was the result of full year production in the Selmo oil field, additional production in the Arpatepe oil field and production in the Thrace Basin gas fields in Turkey.
The Company expects net loss for the year ended December 31, 2010 to be between approximately $60.0 million and $80.0 million compared to a net loss of $62.1 million for the year ended December 31, 2009. The Company cautions that the estimation of net loss is preliminary and subject to change, possibly materially, following the completion and analysis of the Companys data for its operations in Turkey.
The following information was filed by Transatlantic Petroleum Ltd. (TAT) on Wednesday, April 6, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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