Exhibit 99.1

 

 

TransAtlantic Petroleum Announces Fourth Quarter and Year-End 2017 Financial Results and Provides an Operations Update

 

Hamilton, Bermuda (March 21, 2018) – TransAtlantic Petroleum Ltd.

(TSX: TNP) (NYSE-American: TAT) (the “Company” or “TransAtlantic”) today announced financial results for the quarter and year ended December 31, 2017 and provided an operations update. Additional information can be found on the Company’s website at www.TransAtlanticPetroleum.com.

Highlights

 

The Company has entered the presentation phase of the Company marketing process with Tudor Pickering Holt & Co.

 

 

Net loss from continuing operations in 2017 was $23.9 million, as compared to $22.4 million in 2016. Net loss from continuing operations for the three months ended December 31, 2017 was $4.0 million as compared to $4.4 million for the third quarter of 2017 and $5.7 million in the fourth quarter of 2016.

 

 

Adjusted EBITDAX from continuing operations for the year ended December 31, 2017 was $31.8 million, as compared to $40.9 million for the year ended December 31, 2016, which included cash settlements on commodity derivative contracts of $0.03 million and $4.2 million for 2017 and 2016, respectively. For the three months ended December 31, 2017, adjusted EBITDAX from continuing operations increased to $8.4 million, as compared to $7.3 million for the third quarter of 2017, and decreased from $9.4 million in the fourth quarter of 2016.1

 

 

Diluted net loss per common share from continuing operations improved to $0.50 in 2017 from $0.51 in 2016.

 

 

The Company’s 2017 general and administrative expenses and production expenses decreased 21% and 1%, respectively, from 2016.

 

 

The Company’s wellhead production from continuing operations was 1.2 million barrels of oil equivalent (“MMBOE”) in 2017, as compared to 1.8 million MMBOE in 2016.

 

 

The Company’s average net sales volumes from continuing operations were approximately 2,799 barrels of oil equivalent per day (“BOEPD”) in the fourth quarter of 2017, as compared to 2,862 BOEPD in the third quarter of 2017 and 4,335 BOEPD in the fourth quarter of 2016.

 

 

1 

Adjusted EBITDAX is a non-GAAP financial measure. See the reconciliation at the end of this press release.

1


The following information was filed by Transatlantic Petroleum Ltd. (TAT) on Wednesday, March 21, 2018 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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