Exhibit 99.1

 

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

 

Hamilton, Bermuda (August 8, 2018) – TransAtlantic Petroleum Ltd.

(TSX: TNP) (NYSE American: TAT) (the “Company” or “TransAtlantic”) today announced the financial results for the quarter ended June 30, 2018 and provided an operations update. Additional information can be found on the Company’s website at http://www.transatlanticpetroleum.com.

Summary

 

In update to the Company’s previously announced strategic alternatives process, the special committee of the board of directors has received several proposals to acquire the Company or certain of its assets. Following evaluation of the proposals, the special committee is currently in discussions with a potential acquiror of the entire Company and expects to receive a formal offer from such party and begin negotiating a letter of intent within the next 30 days. There is no assurance that the Company will receive an offer or enter into any agreement with such party.

 

Revenues for the second quarter of 2018 were $18.2 million, as compared to $16.9 million for the first quarter of 2018 and $12.3 million for the second quarter of 2017.1

 

Operating income for the second quarter of 2018 was $6.9 million, as compared to $4.8 million for the first quarter of 2018 and $2.1 million for the second quarter of 2017.

 

Net loss was $1.0 million for the second quarter of 2018, as compared to $1.8 million for the first quarter of 2018 and net income of $0.6 million for the second quarter of 2017.

 

Adjusted EBITDAX for the second quarter of 2018 was $8.7 million, as compared to $8.3 million for the first quarter of 2018 and $6.8 million for the second quarter of 2017.2

 

Average daily net sales volumes were approximately 2,746 barrels of oil equivalent per day (“BOEPD”) in the second quarter of 2018, as compared to 2,885 BOEPD in the first quarter of 2018 and 3,308 BOEPD in the second quarter of 2017.

 

The Company’s year-to-date average daily net wellhead production through July 2018 was approximately 2,885 BOEPD, comprised of 2,772 barrels of oil per day (“BOPD”) and 0.7 million cubic feet of natural gas per day (“MMCFPD”), and the Company’s July 2018 average daily net wellhead production was approximately 3,103 BOEPD, comprised of 3,003 BOPD and 0.6 MMCFPD.

 

Net debt as of June 30, 2018 was $11.5 million, as compared to $8.2 million as of March 31, 2018.3

 

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 June 30, 2018, total debt was $30.4 million, and cash and cash equivalents was $18.9 million. For March 31, 2018, total debt was $24.5 million, and cash and cash equivalents was $16.3 million.

1


The following information was filed by Transatlantic Petroleum Ltd. (TAT) on Wednesday, August 8, 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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