TransAtlantic Petroleum Reveals 2Q Financial Results

TransAtlantic Petroleum has announced today its financial results for the quarter ended June 30, 2009. The Company's financial results are prepared in accordance with U.S. GAAP and the reporting currency is U.S. dollars.

Selected Financial Highlights

Petroleum revenues for the second quarter of 2009 were $7.4 million, up from $47,000 in the second quarter of 2008. This increase is due to the acquisition of Incremental Petroleum Limited ("Incremental") and its operating revenues from the Selmo oil field in Turkey. Total production from the Selmo oil field for the three months ended June 30, 2009 was 143,735 gross barrels, or 1,580 barrels per day. The Company sold 124,368 barrels net of royalty at an average realized price of $59.59 per barrel during the second quarter of 2009.

The consolidated net loss for the second quarter of 2009 was $7.1 million, or $0.04 per diluted share, compared to consolidated net loss of $920,000, or $0.01 per diluted share for the second quarter of 2008. The net loss for the second quarter of 2009 is primarily composed of production expenses of $2.2 million, seismic and other exploration costs of $1.2 million, depreciation, depletion and amortization expense of $2.5 million, general and administrative expense of $3.1 million, international oil and gas activities expense of $2.2 million and interest and other expense of $1.7 million.

The consolidated net loss for the six months ended June 30, 2009 was $20.6 million, or $0.13 per diluted share, compared to consolidated net loss of $2.0 million, or $0.04 per diluted share, for the six months ended June 30, 2008. The net loss for the first six months of 2009 is primarily composed of production expenses of $3.2 million, seismic and other exploration costs of $3.6 million, depreciation, depletion and amortization expense of $3.8 million, general and administrative expense of $4.8 million, international oil and gas activities expense of $5.6 million, interest and other expense of $2.4 million and a foreign exchange loss of $4.2 million related to the Company's financing of the acquisition of Incremental in the first quarter of 2009.

As of June 30, 2009, the Company had cash and cash equivalents of $79.1 million, $2.8 million in short-term debt, $492,000 in long-term debt, and working capital of $64.4 million compared to cash and cash equivalents of $30.1 million, no debt, and working capital of $28.9 million at December 31, 2008.
 

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