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TransAtlantic Petroleum Announces Year-End 2014 Reserves and Completion of $55.0 Million Convertible Note Offering
Hamilton, Bermuda (February 25, 2015) TransAtlantic Petroleum Ltd. (NYSE-MKT: TAT) (TSX: TNP) (the Company or TransAtlantic) today announced a summary of year-end 2014 reserves and the completion of its private placement of $55.0 million of convertible notes due 2017. A more detailed discussion of TransAtlantics year-end 2014 reserves are available on its website at http://ir.transatlanticpetroleum.com/events.cfm.
|||Increased proved developed reserves 238% year-over-year to 22.3 MMBOE, added $264 million of PV-10 for $628 million total ($15.39/share)|
|||Increased 1P reserves 168% year-over-year to 32.7 MMBOE, added $292 million of PV-10 for $885 million total ($21.69/share)|
|||Increased 2P reserves 154% year-over-year to 61.5 MMBOE, added $484 million of PV-10 for $1.6 billion total|
|||Increased 1P reserves in Turkey by 40% year-over-year on a stand-alone basis to 17.1 MMBOE, added $56 million of PV-10 for $649 million total|
|||Completed private placement of $55.0 million of convertible notes due 2017|
DeGolyer & MacNaughton evaluated the Companys reserves in Turkey as of December 31, 2014 and Deloitte evaluated the Companys reserves in Albania as of December 31, 2014, both in accordance with the reserves definitions of Rule 4-10(a) (1)-(32) of Regulation S-X of the SEC.
TransAtlantic increased its annual reserves primarily due to the acquisition of Stream Oil & Gas Ltd. in Albania and the successful development of its assets in southeastern Turkey.
The following information was filed by Transatlantic Petroleum Ltd. (TAT) on Thursday, February 26, 2015 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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