TransAtlantic Petroleum Corp.

TransAtlantic Petroleum Corp.

November 14, 2007 22:08 ET

TransAtlantic Petroleum Corp.: Third Quarter 2007 Results

(all results in USD)

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2007) - TransAtlantic Petroleum Corp. (TSX:TNP.U) presents the results for the quarter ended September 30, 2007.

Consolidated net loss for the quarter ended September 30, 2007 was $2.2 million or $0.05 per share, compared to a net loss of $1.0 million or $0.03 per share for the same quarter last year. Cash used by operations in the third quarter of 2007 was $1.0 million compared to $1.0 million for the comparable quarter of 2006. As of September 30, 2007, the Company had cash and short-tem investments of $657,000, current debt of $4.0 million and positive working capital of $316,000 compared to cash and short-term investments of $1.5 million, no debt and positive working capital of $206,000 at September 30, 2006.

During the third quarter of 2007, the Company held its U.S. operations for sale and, subsequent to quarter-end, sold a significant portion of its U.S. operations. As a result of the sale of it U.S. operations, the Company must classify its U.S. properties as "discontinued operations." Accordingly, revenues and expenses associated with the Company's U.S. cost center in the third quarter of 2007 and comparative periods are now reflected as components of "loss from discontinued operations" in the Company's financial statements for the period ended September 30, 2007.

The Company's consolidated net loss for the third quarter 2007 is primarily composed of loss from discontinued operations of $1.4 million, $202,000 relating to international expenditures and G&A of $583,000.

TransAtlantic Petroleum Corp. is engaged in the exploration, development and production of crude oil and natural gas in Morocco, Romania, Turkey and the U.K. North Sea. Common shares of TransAtlantic are listed on the Toronto Stock Exchange and trade in U.S. Dollars under the symbol TNP.U.

This news release contains statements concerning estimates of the costs to drill as well as other expectations, plans, goals, objectives, assumptions, information or statements 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, oil and gas prices remaining relatively consistent with their current prices, access to the fields, availability of drilling rigs and other equipment, obtaining drilling success consistent with expectations, regulatory approvals being obtained and estimated timelines being met and the actual costs being consistent with estimated costs. It should be noted that only after a well is tested can a determination be made whether the well will produce hydrocarbons in commercial quantities.

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 tax laws and regulations, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability of drilling and other well services, volatility of oil and gas prices, fluctuations in currency and interest rates, the ability to access external sources of debt and equity capital, imprecision in estimating the timing and costs of drilling and development, the ability to secure adequate product transportation, 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
    Scott C. Larsen
    (214) 220-4323