TransAtlantic Petroleum On Q/1 Financial Results
Bermuda domiciled TransAtlantic Petroleum Ltd. this week [May 23] announced financial results for the quarter ended March 31, 2013, provided an operations update and scheduled an investor conference call and annual meeting.
Total revenues were $35.5 million for the three months ended March 31, 2013, as compared to $37.5 million for the same period in 2012 and $38.0 million for the three months ended December 31, 2012.
Net income from continuing operations for the three months ended March 31, 2013 was $3.0 million, or $0.01 per share [basic and diluted], as compared to a net loss of $1.5 million, or $0.00 per share [basic and diluted], for the three months ended March 31, 2012 and a net loss of $13.9 million, or $0.04 per share [basic and diluted] for the three months ended December 31, 2012.
Net income for the first quarter of 2013 included $0.5 million of unrealized mark-to-market derivative gains and $0.5 million of foreign exchange losses.
Adjusted EBITDA from continuing operations for the three months ended March 31, 2013 was $19.5 million, as compared to $22.2 million for the three months ended March 31, 2012 and $22.4 million for the quarter ended December 31, 2012.
TransAtlantic’s seven-day average net production rate as of May 12, 2013 was approximately 4,087 barrels of oil equivalent [boe] per day, including 2,630 barrel of oil per day and 8.8 million cubic feet [MMcf\ of natural gas per day.
