TransAtlantic Petroleum Ltd. Reports Operating Results for the Fourth Quarter Ended December 31, 2012; Darcy Dorscher Rejoins as Vice President, Production and Facilities; Provides Earnings Guidance for the Quarter Ending March 31, 2013 and Year 2013
The company announced that Darcy Dorscher has rejoined the company as Vice President, Production and Facilities. Mr. Dorscher previously worked with TransAtlantic as Vice President, Operations and has extensive international oil and gas experience, including activity in Canada, India, Kazakhstan, Madagascar, Qatar, and Turkey. Mr. Dorscher will be based in Istanbul.
The company provided earning guidance for the quarter ending March 31, 2013 and year 2013. The company expects net sales during the three months ending March 31, 2013 to average approximately 4,200 boe per day, with crude oil comprising approximately 60% of daily volumes.
The company's board of directors approved a preliminary capital expenditure budget for 2013 of approximately $131 million. Spending during 2013 is expected to consist of approximately $101 million of drilling and completion expense (over 60 gross wells and including approximately 17 horizontal wells), $19 million of seismic expense, and $11 million on infrastructure and other expense. This compares to capital expenditures in 2012 of approximately $80 million.