Last C$10.51 CAD
Change Today -0.05 / -0.47%
Volume 2.4K
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As of 3:59 PM 09/18/14 All times are local (Market data is delayed by at least 15 minutes).

transatlantic petroleum ltd (TNP) Snapshot

Open
C$10.56
Previous Close
C$10.56
Day High
C$10.56
Day Low
C$10.49
52 Week High
07/3/14 - C$13.30
52 Week Low
10/1/13 - C$7.10
Market Cap
393.9M
Average Volume 10 Days
3.9K
EPS TTM
C$-3.60
Shares Outstanding
37.5M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for TRANSATLANTIC PETROLEUM LTD (TNP)

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transatlantic petroleum ltd (TNP) Details

TransAtlantic Petroleum Ltd. is engaged in the acquisition, exploration, development, and production of oil and natural gas. It holds interests in approximately 1.9 million net acres of developed and undeveloped oil and natural gas properties in Turkey and Bulgaria. As of December 31, 2013, it had estimated proved reserves of approximately 12,221 net million barrels of oil equivalent. TransAtlantic Petroleum Ltd. was founded in 1985 and is based in Addison, Texas.

287 Employees
Last Reported Date: 03/13/14
Founded in 1985

transatlantic petroleum ltd (TNP) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: --
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $240.0K
Advisor
Total Annual Compensation: $264.0K
Compensation as of Fiscal Year 2013.

transatlantic petroleum ltd (TNP) Key Developments

Stream Oil & Gas Ltd., TransAtlantic Petroleum Ltd. - M&A Call

To discuss the Stream Oil & Gas Ltd. acquisition

TransAtlantic Petroleum Ltd. Announces Executive Changes

On August 6, 2014, Jeffrey S. Mecom resigned as vice president, legal and corporate secretary of TransAtlantic Petroleum Ltd. The Company expects to continue to employ Mr. Mecom in an advisory capacity until September 8, 2014. On August 6, 2014, the board of directors appointed Matthew W. McCann as general counsel and corporate secretary of the company. Mr. McCann, 45, has served as counsel for Riata Corporate Group and business development specialist for Longfellow Energy, LP.

TransAtlantic Petroleum Ltd. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Announces Production Results for the First Four Weeks of July 2014; Provides Capital Expenditures Guidance for the Second Half of 2014 and for the Year 2014; Announces Update on Its Drilling Operations

TransAtlantic Petroleum Ltd. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. Total revenues were $41.1 million for the three months ended June 30, 2014, compared to $30.5 million for the three months ended June 30, 2013. Net income and net income from continuing operations was $1.4 million, or $0.04 per share (basic and diluted), compared to net income from continuing operations of $2.9 million, or $0.08 per share (basic and diluted) reported last year. Operating income was $11.1 million against $2 million and income from continuing operations before income taxes was $2.7 million against $3.1 million reported last year. Capital expenditures, including seismic and corporate expenditures, totaled $28.7 million compared to $28.1 million reported last year. Adjusted EBITDAX from continuing operations was $27.5 million compared to $17.2 million reported last year. For the six months, the company reported net income from continuing operations of $5.43 million and net income of $5.4 million or $0.15 per diluted share on total revenue of $74.7 million compared to net income from continuing operations of $5.9 million and net income of $5.8 million or $0.16 per diluted share on total revenue of $64.6 million reported in the same period last year. Operating income was $18.5 million against $9.1 million and income from continuing operations before income taxes was $8.7 million against $8.4 million reported last year. Net cash provided by operating activities from continuing operations was $41.5 million against $55.7 million reported last year. Adjusted EBITDAX from continuing operations was $49.4 million against $37.1 million reported last year. TransAtlantic's average net production for the first four weeks of July 2014 was approximately 5,400 BOEPD, comprised of 3,900 BOPD and 9.1 MMCFPD. The Company again achieved record high oil production. TransAtlantic is presently operating three drilling rigs in southeastern Turkey and one drilling rig in northwestern Turkey. The company expects capital expenditures in Turkey for the second half of 2014 to be between $45.0 million and $55.0 million, resulting in 2014 annual capital expenditures of between $100.0 million and $110.0 million. The company also provided an update on its operations. Southeastern Turkey -- elmo Field Redevelopment: TransAtlantic is concluding drilling operations of its tenth MSD horizontal well, the elmo-68H3 (100% working interest) which reached a total measured depth of 6,875 feet. The Company completed three elmo MSD wells in the second quarter of 2014. Its most recently completed well, the elmo-85H (100% working interest), had an initial gross production rate of 500 BOPD without stimulation. Average gross production for the five most recently completed wells is currently 270 BOPD per well. The average cost to drill and complete these five wells was $3.5 million per well. The Company expects to commence its second phase of polymer injection in elmo wells in the third quarter of 2014. Southeastern Turkey -- Molla Drilling: TransAtlantic has received initial processed data on the final block of its Molla 3D seismic survey, which includes the Göksu field and surrounding areas. The Company expects to integrate the surveys, which encompass approximately 300 square miles and cover all of its fields in the area, and utilize this data to select all future well locations. TransAtlantic is currently completing the Bahar-2ST directional well (100% working interest) and the Bahar-3 vertical well (100% working interest). The Bahar-1 has current gross production of approximately 170 BOPD and has yielded gross production of more than 130,000 BO since December 2012. After testing and completing the Bedinan sections of the Bahar-3, the Company intends to test the Hazro formation as well. TransAtlantic is currently drilling the Bahar-4 well (100% working interest), at a depth of 10,025 feet. The well encountered porosity and oil shows in the Mardin, Hazro, and Dada formations. The Company is also currently drilling the Bahar-6 well (100% working interest), at a depth of more than 3,600 feet. TransAtlantic believes the average cost to drill and complete a vertical Bahar well is approximately $5.5 million. The Company expects to continue to operate one or two rigs and drill at least two additional vertical wells targeting the Hazro and Bedinan formations on the Bahar structure during the remainder of 2014. Southeastern Turkey -- Arpatepe Drilling: In the second quarter of 2014, TransAtlantic completed the Arpatepe-7 (non-operated, 50% working interest), a Bedinan appraisal well which had initial gross production of 330 BOPD (165 BOPD net) and is currently producing 245 BOPD gross (123 BOPD net) without stimulation after more than two months of production. Following on that success, the Company plans to spud a development well in the center of the field, the Arpatepe-8 (non-operated, 50% working interest), during the second half of 2014. TransAtlantic also plans to initiate a waterflood pilot test to effect secondary recovery in the Arpatepe field. Southeastern Turkey -- Idil Exploration: TransAtlantic expects to drill a vertical exploration well on its Idil license in the second half of 2014. The Company's joint venture partner, Onshore Petroleum Company AS, will be assigned a 50% interest in the Idil license and will fund 100% of TransAtlantic's expected share of the cost of this well. Northwestern Turkey -- Thrace Basin Development: TransAtlantic commenced drilling its Thrace Basin gas development program with one rig in July 2014. The Company plans to drill two horizontal and several vertical wells over the next 60 to 90 days. TransAtlantic is concluding drilling operations on the TDR-5H (41.5% working interest), a horizontal well targeting the Teslimkoy formation at a vertical depth of approximately 3,200 feet and a total measured depth of 5,800 feet. Following the TDR-5H, TransAtlantic plans to drill a series of shallow, conventional, vertical wells (41.5% working interest), in the Osmanli area based on 3D seismic shot in the fourth quarter of 2013, before drilling a second horizontal well in the Thrace Basin during the fourth quarter of 2014.

 

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Price/Cash Flow 7.2x
TEV/Sales 1.9x
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