Correction From Source - TransAtlantic's 2nd Quarter 2001 Results.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--Sept. 10, 2001 TransAtlantic Petroleum Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :TNP TNP The New Paper (Singapore newspaper) TNP Tratado de No Proliferación Nuclear (French) TNP Trattato di Non Proliferazione Nucleare (Italian) .U) today reported second quarter revenues for the period ended June 30, 2001 of US$ 7,037,000 compared to US$ 10,149,000 for the year ago second quarter. The net loss for the quarter just ended was US$ (357,000) or US$ (0.00) per share, compared to a loss of US$ (490,000), or US$ (0.01) per share, for the same quarter last year. Cash provided by operations in the second quarter of 2001 was US$ 739,000 compared to cash provided by operations of US$ 623,000 in the comparable quarter in 2000. At August 31, 2001, the Company had common shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. and outstanding of 91,610,144 and outstanding Options to purchase common shares of 5,725,550 shares. Previously issued Warrants to purchase common shares have expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. . The decrease in second quarter revenues can be primarily attributed to the decrease in Nigerian oil revenue of US$ 3.3 million (net) or 35.4%, comprised of US$3.6 million related to lower production volume and the balance of the net change representing increased prices for crude oil (aggregating US$ 0.3 million in revenue). The Company's Nigerian production decreased in its Ejulebe field - OML OML Object Manipulation Language (ODMG) OML Ordinary Maternity Leave (UK) OML Order of Merit List OML Orquestra Metropolitana de Lisboa (Portugese) OML Oil Mining License 109 concession to 212,000 barrels (down 39%) at an average crude oil price of US$ 28.66 per barrel, compared to US$ 27.25 per barrel in the second quarter of 2000. Egyptian revenue of US$696,000 in the second quarter of 2001, represented a decrease of 28.7% compared to the second quarter of 2000 at an average price per barrel of US$ 19.64. As of June 30, 2001, the Company had negative working capital of US$3.4 million. On August 28, 2001, the Company completed the disposition of its 30% interest in the West Gharib Concession near the Gulf of Suez Noun 1. Gulf of Suez - a northwestern arm of the Red Sea linked to the Mediterranean by the Suez Canal Red Sea - a long arm of the Indian Ocean between northeast Africa and Arabia; linked to the Mediterranean at the north end by the Suez Canal and 25% interest in the Central Sinai Concession in the Sinai Desert effective June 30, 2001. After adjustments, the Company received slightly less than US $2.1 million of which US $2.0 million was paid to the Company's senior lender, reducing the amount outstanding on the senior credit facility to under US $200,000. At June 30, 2001, the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. attributable to the Company's Egyptian cost center (full cost method) was approximately $4.8 million, and, accordingly, the Company expects to record a loss on disposition of approximately $2.8 million in the third quarter of 2001. As a result, of this transaction the Company has no assets or operations in Egypt. The Company also reported that the Ejulebe no. 6 exploitation well on the OML 109 offshore Nigeria, West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. , which commenced production about the first of August, is now producing approximately 4,800 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. , increasing the Ejulebe field output to approximately 8,800 barrels per day. The service contractor must recover the costs of the well out of production before the Company starts to share in revenues from the production increase. So long as oil prices remain in their current range and the Ejulebe no. 6 well follows its anticipated performance, the Company will begin to realize net cash flow from the Ejulebe field in the first quarter of 2002. The timing of positive future cash flow from the Company's projects is dependent on the maintenance of high crude oil prices, maintenance of minimum levels of production and the availability of additional capital to continue project development. Additional funds are required for the Company's working capital as well as capital for the ongoing exploration and development activities. The Company is exploring alternative plans to raise the capital including private placements, business combinations or the sale of selected assets. TransAtlantic is currently engaged in the exploration, development and production of crude oil and natural gas in Nigeria and in the USA. This press release includes projections and other "forward-looking" statements. All statements other than statements of historical facts included in this press release, including statements regarding future events, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The statements involve risks that could significantly impact TransAtlantic Petroleum Corp. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given that these events will occur or that these projections will be achieved and actual results could differ materially from those projected. Important factors that could cause actual results to differ from the Company's expectations include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. data, competition, reduced availability and costs of drilling and other well services Well services is a department within a petroleum production company through which matters concerning existing wells are handled. Having a shared well services department for all (or at least multiple) assets operated by a company is seen as advantageous as it allows the pooling of , fluctuations in oil and gas prices, government regulation and foreign political risks, as well as other risks. (NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.) |
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