DESCRIPTION: TransAtlantic Petroleum Ltd. is a vertically integrated, international energy company engaged in the acquisition, development, exploration and production of crude oil and natural gas. The company holds interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Romania and California. TransAtlantic owns its own drilling rigs and oilfield service equipment, which it uses to develop its properties in Turkey and Morocco. In addition, the company provides oilfield services and contract drilling services to third parties in Turkey and plans to provide similar services in Morocco.
The information provided below is based on the most recent information we have received from analysts, newsletters and other contributors to Streetwise Reports' The Gold Report or The Energy Report. We encourage you to visit the company's web site and call the company for more specifics on this company before you decide to invest.
"Vertically integrated oil and gas producer Transatlantic Petroleum finally began selling gas out of its Turkish Edirne field in the Thrace Basin in April. With promising developments still on the horizon, it's easy to see why almost all the CAPS members rating Transatlantic have suggested it will outperform the broad market averages."
Jamie Somerville, Genuity Capital Markets
(08/11/10)
"Based on an unchanged target price and a 32% return to target, we maintain our BUY rating. We are not overly concerned that Q210 results came in below our expectations, due to indications that operational performance is likely to improve going forward. Guidance on potential for a recent discovery at Bakuk in particular has led us to increase our 2011 production estimates.
We continue to suspect that our resource assumptions for TransAtlantic Petroleum likely understate the long-term potential of its licenses by a significant proportion, largely because we have limited information on many of the company's blocks. We expect an active drilling program is likely to provide material discoveries over the next 12 months. The most material near-term potential catalyst is related to ongoing drilling on License 4175, from which results are expected in September."
Jamie Somerville, Genuity Capital Markets
(08/04/10)
"We are initiating coverage of TransAtlantic Petroleum with a BUY rating and a $4.25 target, which is based on a 1.0x Base NAVPS plus 0.75x Risked Upside to Base NAVPS.
We believe the major attraction of investment in TransAtlantic has to date been its experienced management with a track record of value creation with vertically integrated oil & gas operations. Over the next 12–18 months, we expect an active exploration program to yield results that will focus investors on the company's assets, which, in our opinion, hold large resource potential, in particular on its 5.2 million net acres in Turkey. We believe Turkey offers excellent hydrocarbon potential and fiscal terms, but has been overlooked by the E&P industry due to a perception of high costs that may be unwarranted."
Ravi Kamath, Global Hunter Securities
(07/20/10)
"Global Hunter Securities initiates coverage of TransAtlantic Petroleum Ltd. with a Buy rating, PT $5. Transatlantic Petroleum continues its metamorphosis that began in 2008, largely due to the involvement of Malone Mitchell 3rd, who capitalized the company and converted the company from a prospect generator to a vertically integrated project developer. To date, Mitchell and his entities have invested CDN$187.3M+ committed to a $130M bridge loan ($100M for Zorlu transaction plus $30M for equipment) and beneficially own 51.3% of the company. Key to the building blocks of TAT have been the purchases of Incremental Petroleum, EOT Resources and Amity Oil (Zorlu) while building a services business."
Neal Dingmann, Wunderlich Securities
(07/14/10)
"We are convinced that upcoming catalysts could ramp [TransAtlantic's] production over the next several quarters and boost reserves. Our confidence comes from our expectation that the Zorlu acquisition, along with the rest of the Thrace Basin, could provide solid production to accompany potentially big wells in SE Turkey. In addition, we believe Chairman Malone Mitchell and his team are [among] the most talented in the business. We reiterate our Buy rating and $5 share price target."
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