TransAtlantic Petroleum Corp.

TransAtlantic Petroleum Corp.

August 15, 2006 10:42 ET

TransAtlantic Petroleum Corp.: Press Release

Second Quarter 2006 Results

CALGARY, ALBERTA--(CCNMatthews - Aug. 15, 2006) - TransAtlantic Petroleum Corp. (TSX:TNP.U) Consolidated revenues for the quarter ended June 30, 2006 were $445,000, an increase of $246,000, or 124%, from the $199,000 reported for the same quarter 2005. The increase in revenue was due to higher commodity prices and production from South Gillock which was acquired in April 2005. The consolidated net loss for the quarter ended June 30, 2006 was $1.4 million or $0.04 loss per share (basic), compared to consolidated net loss of $479,000 or $0.01 per share (basic) for the same quarter last year. The workover program at South Gillock (completed in April) and the ongoing international exploration efforts constituted the majority of the loss.

As of June 30, 2006, the Company had cash and short-term investments of $3.0 million and working capital of $1.5 million compared to $9.1 million and $7.5 million, respectively, at December 31, 2005. The decrease in cash was partly attributable to $3.0 million invested in an interest bearing certificate of deposit that has been posted to guarantee performance of the Tselfat exploration permit work program in Morocco. Other significant uses of capital during the first six months of 2006 included the drilling of a sidetrack at Jarvis Dome ($1.1 million), ongoing international activities ($900,000) and the South Gillock workover program.

The Company's full financials as well as additional information can be found at

TransAtlantic Petroleum Corp. is a Calgary-based oil and natural gas company with operations in the United States, Morocco, Romania, Turkey and the UK North Sea. Common shares of TransAtlantic are listed on the Toronto Stock Exchange under the symbol TNP.U.

This news release contains statements regarding expectations, plans, goals, objectives, assumptions or information about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.

Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to the continuing ability of the Company to operate effectively internationally, reliance on current oil and gas laws, rules and regulations, volatility of oil and gas prices, fluctuations in currency and interest rates, imprecision of resource estimates, the results of exploration, development and drilling, imprecision in estimates of future production capacity, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions.

The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.


Contact Information

  • TransAtlantic Petroleum Corp.
    Scott C. Larsen
    (214) 220-4323