Exhibit 99.1

 

 

TransAtlantic Petroleum Announces Fourth Quarter and Year-End 2019 Financial Results and Provides an Operations Update

 

Hamilton, Bermuda (March 25, 2020) – TransAtlantic Petroleum Ltd.

(TSX: TNP) (NYSE American: TAT) (the “Company” or “TransAtlantic”) today announced its financial results for the quarter and year ended December 31, 2019 and provided an operations update. Additional information can be found on the Company’s website at http://www.transatlanticpetroleum.com.

Summary

 

Estimated proved reserves as of December 31, 2019 were 10,670 thousand barrels of oil equivalent (“MBOE”), up 3% from 10,383 MBOE as of December 31, 2018. Estimated proved developed reserves as of December 31, 2019 were 6,004 MBOE, up 11% from 5,423 MBOE as of December 31, 2018. Estimated proved undeveloped reserves as of December 31, 2018 were 4,666 MBOE, down 6% from 4,960 MBOE as of December 31, 2018.

 

Net loss in the fourth quarter of 2019 was $2.5 million, down 253% from a loss of $0.7 million in the fourth quarter of 2018 and down 336% from net income of $1.1 million in the third quarter of 2019.  Net loss in 2019 was $5.4 million, down 3% from a loss of $5.2 million in 2018.

 

Adjusted EBITDAX in the fourth quarter of 2019 was $8.5 million, up 36% from $6.2 million in the fourth quarter of 2018 and up 8% from $7.8 million in the third quarter of 2019.1 Adjusted EBITDAX in 2019 was $39.2 million, up 6% from $37.1 million in 2018.

 

Total debt as of December 31, 2019 was $20.0 million, down 23.4% from $26.1 million as of September 30, 2019. Net debt as of December 31, 2019 was $10.3 million, down 11% from $11.6 million as of September 30, 2019.2

 

Revenues in the fourth quarter of 2019 were $16.5 million, up 6% from $15.5 million in the fourth quarter of 2018 and up 12% from $14.7 million in the third quarter of 2019. Revenues in 2019 were $67.4 million, down 5% from $70.8 million in 2018.

 

Average daily net sales volumes in the fourth quarter of 2019 were 2,763 barrels of oil equivalent per day (“BOEPD”), up 4% from 2,662 BOEPD in the third quarter of 2019 and down 8% from 3,016 BOEPD in the fourth quarter of 2018. Average daily net sales volumes for 2019 were 2,844 BOEPD, down 2% from 2,892 BOEPD in 2018.

 

1 

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

2 

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 December 31, 2019, total debt was $20.0 million, and cash and cash equivalents was $9.7 million. For September 30, 2019, total debt was $26.1 million, and cash and cash equivalents was $14.5 million.

1


The following information was filed by Transatlantic Petroleum Ltd. (TAT) on Wednesday, March 25, 2020 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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