Exhibit 99.1

 

TransAtlantic Petroleum Announces First Quarter 2018 Financial Results and Provides an Operations Update

 

Hamilton, Bermuda (May 9, 2018) – TransAtlantic Petroleum Ltd.

(TSX: TNP) (NYSE-American: TAT) (the “Company” or “TransAtlantic”) today announced the financial results for the quarter ended March 31, 2018 and provided an operations update. Additional information can be found on the Company’s website at http://www.transatlanticpetroleum.com.

Summary

 

The Company continues its marketing process with Tudor Pickering Holt & Co. with the expectation that it will receive indications of interest during the second quarter of 2018.

 

Revenues for the first quarter of 2018 were $16.9 million, as compared to $15.2 million for the fourth quarter of 2017 and $16.4 million for the first quarter of 2017.1

 

Operating income for the first quarter of 2018 was $4.8 million, as compared to $1.9 million for the fourth quarter of 2017 and $4.5 million for the first quarter of 2017.

 

Net loss from continuing operations was $1.8 million for the first quarter of 2018, as compared to $4.0 million in the fourth quarter of 2017 and $16.0 million in the first quarter of 2017, of which $15.2 million was from the sale of Thrace Basin Natural Gas (Turkiye) Corporation (“TBNG”).

 

Adjusted EBITDAX from continuing operations for the first quarter of 2018 was $8.3 million, as compared to $8.4 million for the fourth quarter of 2017 and $9.4 million for the first quarter of 2017.2

 

Average daily net sales volumes from continuing operations were approximately 2,885 barrels of oil equivalent per day (“BOEPD”) in the first quarter of 2018, as compared to 2,799 BOEPD in the fourth quarter of 2017 and 3,833 BOEPD in the first quarter of 2017.

 

The Company’s 2018 year-to-date daily net wellhead production is approximately 2,885 BOEPD, comprised of 2,760 barrels of oil per day (“BOPD”) and 0.7 million cubic feet of natural gas per day (“MMCFPD”).

 

Net debt as of March 31, 2018 was $8.2 million, as compared to $9.7 million as of December 31, 2017.3

 

1 

Beginning January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, Revenue from Contacts with Customers (Topic 606), requiring transportation and processing expenses previously netted from revenue classified as expenses.

2 

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

3 

Net debt is a non-GAAP financial measure consisting of total debt as reflected on the Company’s balance sheet minus cash and cash equivalents as reflected on the Company’s balance sheet.  For March 31, 2018 total debt was $24.5 million and cash and cash equivalents was $16.3 million.  For December 31, 2017 total debt was $28.6 million and cash and cash equivalents was $18.9 million.

1


The following information was filed by Transatlantic Petroleum Ltd. (TAT) on Wednesday, May 9, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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