transatlantic petroleum ltd (TRT) Snapshot

TransAtlantic Petroleum Ltd. announced unaudited consolidated earnings and production results for the quarter ended March 31, 2013. For the quarter, the company reported total revenues of $35,512,000 against $37,506,000 a year ago. Operating income was $7,070,000 against $9,979,000 a year ago. Income from continuing operations before income taxes was $5,292,000 against loss from continuing operations before income taxes of $1,309,000 a year ago. Net income from continuing operations was $3,032,000 against loss from continuing operations of $1,470,000 a year ago. Net income was $2,939,000 against net loss of $3,627,000 a year ago. Basic and diluted net income per common share from continuing operations was $0.01 against $0.00 a year ago. Net cash provided by operating activities from continuing operations was $19,649,000 against $13,635,000 a year ago. Adjusted EBITDAX from continuing operations was $19,464,000 against $22,220,000 a year ago. Capital expenditures were $18.7 million. The company ended the first quarter with approximately $20 million of net debt. Company's 7-day average net production rate as of May 12, 2013 was approximately 4,087 boe per day, including 2,630 bbls of oil per day and 8.8 MMcf of natural gas per day. For the quarter, oil production of 239 Mbbls against 224 Mbbls a year ago. Production of natural gas was 801 MMcf against 1,367 MMcf a year ago. Total net sales were 373 Mboe against 452 Mboe a year ago. Total net sales were 4,144 boe per day against 4,967 boe per day a year ago. The company expects net oil and natural gas sales during the three months ending June 30, 2013 to average approximately 4,000 boe per day, with crude oil comprising approximately 60% of daily volumes.

TransAtlantic Petroleum Ltd., Q1 2013 Earnings Call, May 24, 2013

On May 17, 2013, TransAtlantic Petroleum Ltd. received a deficiency letter from NYSE MKT LLC (the Exchange) indicating that the Exchange has determined that the Company is not in compliance with Sections 134 and 1101 of the Exchange’s Company Guide (the Company Guide) due to the Company’s failure to timely file its Quarterly Report on Form 10-Q for the three months ended March 31, 2013 (the Quarterly Report) with the Securities and Exchange Commission (the SEC). In addition, the Exchange asserted that the Company’s failure to timely file its Quarterly Report is a material violation of its listing agreement with the Exchange. Pursuant to the Exchange’s rules, the Company has until May 31, 2013 to submit a plan advising the Exchange of actions it has taken, or will take, that would bring the Company back into compliance with Sections 134 and 1101 of the Company Guide by no later than August 15, 2013. In the event that the Company is unable to file its Quarterly Report on or before May 31, 2013, the Company expects to submit a plan to the Exchange on or before May 31, 2013 advising the Exchange of actions it has taken, or will take, that would bring the Company back into compliance with the Company Guide by no later than August 15, 2013. The Exchange will evaluate the plan and determine whether the Company has made a reasonable demonstration in the plan of an ability to regain compliance with the applicable continued listing standards by August 15, 2013, in which case the plan will be accepted and the Company will have until August 15, 2013 to regain compliance with the continued listing standards.