28TH ANNUAL ROTH CONFERENCE VALUE INVESTING DURING A PERIOD OF MARKET OVERREACTION
VALUE CREATION AND PRESERVATION IMPERATIVES Returns driven capital expenditure decision making Have not drilled an oil…
5 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 20.0 18.0 Energy XXI Ltd Clayton Williams Energy, Inc. Source: Seaport Global Ring Energy, Inc. W&T Offshore, Inc. Abraxas Petroleum Earthstone Energy, Inc. TAT NYSE TNP…
6 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x TransAtlantic Petroleum Ltd. Jones Energy, Inc. Class A Source: Seaport Global Northern Oil and Gas, Inc. SM Energy Company Contango Oil & Gas Company PetroQuest…
VALUE COMPARISON: INSIDER OWNERSHIP BET ON THE JOCKEY, NOT THE HORSE TransAtlantics insider ownership is 93% greater than its peer average. TransAtlantics management and board of directors also own approximately 25% of the companys long…
VALUE COMPARISON: PROVED RESERVES (INTRINSIC) WERE SEEING GREATER DISPERSION - DAN CHAMBY, 85BN AUM AT BLK TransAtlantics Enterprise Value as a percent of Proved Reserves present value has decreased 37% from 98% to an estimated 61% over…
VALUE COMPARISON: REALIZED VS BENCHMARK PRICE TURKEY IS A GOOD MARKET FOR OIL TransAtlantics 2015 realized oil price per bbl was 11% greater than its peer average. 2015 Realized Oil Price per Bbl 80.00 70.00 60.00 50.00…
LONG TERM WELL ECONOMICS 50-70 BRENT 34-100% IRR AND 1.4-3.2X ROI IRR Sensitivity Well economics are based on third 150% party engineered type curves, which are based on risked production 100% rates, estimated ultimate recovery, 50%…
ECONOMICS BUILT ON CONSERVATIVE CASE SELMO AND BAHAR FIELDS PROVIDE OVER 80% OF TRANSATLANTICS PRODUCTION BAHAR TYPE-CURVE VS WELL RESULTS Bahar well averages trend 500,000 to 251,000 BO over the 450,000 BAHAR BEDINAN TYPE-CURVE…
SIGNIFICANT UNRESERVED POTENTIAL IN MOLLA RESERVED AREAS: ONLY 3.6 MMBOE PROVED Kastel Field Bahar (15 MMBOE) Molla Goksu TransAtlantic lease outline Reserve area TransAtlantic Prospect: lease outline Conventional…
SOUTHEAST TURKEY PETROPHYSICAL EVALUATION LOG atak 1 Hazro 0.5 MMBOE Proved Dada Shale Reserves: No reserves on balance sheet Undefined unreserved potential Dada Sand No reserves on balance sheet 107 MMBO unreserved…
GEOPOLITICS HAS NOT DISRUPTED PRODUCTION GEOPOLITICS HAVE NOT ADVERSELY EFFECTED PRODUCTION IN SOUTHEAST TURKEY: DONT BELIEVE EVERYTHING YOU READ IN THE PAPER Southeast Turkey 4 Year Production History 6000.0 5000.0 4000.0…
DISCONTINUED OPERATIONS ALBANIA In the summer of 2014, TransAtlantic began corporate acquisition discussions with Stream Oil and Gas. The anchor for TransAtlantics investment case in Stream was the large reserve potential (150MMBO and…
DISCONTINUED OPERATIONS ALBANIA By the fall of 2015, TransAtlantic realized that the prospects of refinancing its Albanian business were slim, and so the company chose to place the Albania business up for sale. On February 29, 2016,…
ADJUSTED EBITDAX AND EBITDA RECONCILIATIONS Adjusted EBITDAX Adjusted EBITDA For the Twelve Months Ended U.S. Dollars in thousands 2015 2015 Net loss from continuing operations (1) (2) (20,000 - 30,000) (20,000 - 30,000)…
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