TransAtlantic Petroleum Ltd. reported operating results for the fourth quarter ended December 31, 2012. For the quarter, the company reported total net sales of approximately 407,000 barrels of oil equivalent (Mboe), compared to net sales of approximately 494 Mboe for the same period last year. The company sold an average of 4,421 boe per day. Total net sales were comprised of approximately 263,000 net barrels (Mbbls) of oil at an average rate of approximately 2,856 net barrels (bbls) per day and approximately 864 net million cubic feet (MMcf) of natural gas at an average rate of approximately 9.4 net MMcf per day. The company's average realized price (unhedged) was $100.41 per bbl of oil and $9.89 per thousand cubic feet (Mcf) of natural gas, compared to an average realized price of $101.28 per bbl and $7.25 per Mcf in the quarter ended December 31, 2011. 7-day average net production rate as of March 10, 2013 was approximately 4,235 barrels of oil equivalents (boe) per day, including 2,641 bbls of crude oil per day and 9.6 MMcf of natural gas per day.

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.