TransAtlantic Petroleum (TAT +8.4%) announces a 2013 capital expenditure budget of $113M, and expects 2013 production of 1.8M-2.1M boe/day, or an average production rate of 5K-7K boe/day; crude oil is expected to account for ~60% of production volumes. TAT also says it is evolving toward a hub-and-spoke corporate structure.
TransAtlantic Petroleum (TAT +6.9%) says the conditions that led to substantial doubt about the company's ability to continue as a going concern at year-end 2011 no longer exist as of the end of Q2. TAT also reports Q2 EPS of $0.02 on revenues of $32.6M (-7.2% Y/Y).
TransAtlantic Petroleum (TAT +6.7%) says Turkey's government has approved the divestiture of its oilfield services business to Dalea Partners and Abraaj Investment Management. TAT plans to use the cash proceeds of the sale to reduce debt.
TransAtlantic Petroleum (TAT), an energy company active in Eastern Europe and Turkey, +12.2% premarket after announcing it has secured a non-binding letter of intent to sell its oilfield services business to Dalea Partners and Middle East PE firmAbraaj Capital for $164M. TAT plans to use proceeds to pay down debt.
TransAtlantic Petroleum (TAT -6.9%) trades lower after the EIA report showed natural gas inventories rose more-than-expected last week. Natural gas inventories for the week ending July 8 came in at 84bcf, higher than analysts estimates of 78bcf.