TransAtlantic Petroleum Ltd. Message Board

Yawwwwwn.....I'll just skip the usual arguement and admit that we are all a broken record that has been turning for the 3 1/2 years I've been on here. Longs think they know something. They don't.

agree with mbr1613 about both the report (about as expected) and conclusions regarding decline rate (they really need to begin to outrun this).

and really batbubalalala..."we are involved in litigation..."?? what's new about that? that has appeared in their annual statements going back to 2009 or so. nothing new there. anyone who has been seriously following this company for any amount of time should be aware of this. if you weren't/aren't, well...i don't know what to say except you haven't really done your due diligence on the company.

Sentiment: Strong Buy

The report was about as expected. Looks like they converted several million into cash from AR, and GA expense came down a little which is good.

About a year ago I discussed with Biotech that a serious concern of mine, was TAT's drilling and completion pace. Would they be able to drill and complete enough wells, at a quick enough pace to beat the wells natural decline which are pretty steep? That answer's getting clearer. Whether its CapEx level, rig availability or Frack availability, they haven't yet shown the ability to outpace decline. Drilling off cashflows allows for enough wells to maintain but not increase production with the decline rates we have seen. I haven't seen anything that shows this cycle will change. Until Malone gets a deal done we are stuck in a 4k/d range. So we will still have to wait on Bahar2H results and the JV. Again the Bahar2H is big deal.

Thrace is still disappointing. Hopefully the horizontal test wells will IP at better rates.

It's amazing reading the posts of people who will just not give up!! This was a pretty bad report. The worst part is they will probably not meet production guidance once again. 4,000boe??? LOL This is a good one "We are involved in litigation with persons who claim ownership of a portion of the surface at the Selmo oil field in Turkey."

I heard the doorbell ring! My sentiments are with you. Overall not bad in my opinion, just need to get production up and find the rest of the Oil.

Interesting that we never heard anything more about Shell and the mapping or data collection.

Waiting for Transoil and Biotech to weigh in......

Regards,

Gregman

I think this is probably the interest paid on the loan from MM's family trust.

I did send them a not very nice email. Not that it's going to make any difference. The answer always is that if you don't like it, sell your shares.

the greed of wealthy people continues to amaze me

These are incentive compensation dollars for positive execution and performance as I understand the entries/postings in the proxies concerning MM/Riata/TAT.....

You can always contact TAT for further discovery about the "other compensation" dollars.

If anyone on this MB has a different read, feel free to post the information.

Have a good rest of the weekend....

I don't understand exactly what this means. Does it mean that TAT paid Riata 13 million or so, which Riata then 'paid' to Mr. Mitchell for 2012 service as TAT's chairman? If true, that's ridiculous. Do you know how the figure of 13 million was determined?

Compensation to MM under Riata from the "Company".....transparency of distribution ongoing.

Mr. Mitchell received non-employee director compensation for his 2012 service as chairman and has elected not to receive additional compensation for his services as chief executive officer. As a result, the following references to "named executive officers" in this Compensation Discussion and Analysis "DO NOT" include Mr. Mitchell.

What other types of compensation?

N. Malone Mitchell 3rd

Executive Compensation

As Chairman of the Board and Chief Executive Officer at TRANSATLANTIC PETROLEUM LTD, N. Malone Mitchell 3rd made $13,244,508 in total compensation. Of this total $25,000 was received as a salary, $0 was received as a bonus, $0 was received in stock options, $23,508 was awarded as stock and $13,196,000 came from other types of compensation. This information is according to proxy statements filed for the 2012 fiscal year.

For this compensation.....here is what shareholders have received;
1) Share price.....84 cents
2) Lower proved reserves
3) Lower O&G production
4) Out-of-line internal expenses as compared to other Junior O&G companies
5) Incompetent accounting dept. run by family and friends
6) Continually missed production and expense estimates
7) High burn rate of CASH
8) Distorted and PUFFERY PR releases
9) High turnover rate of management and key personnel
10) Continually late SEC filings.....major problem,(fiduciary)
11) Loss of a major asset...Viking

I sincerely hope MM can improve TAT's situation for the public shareholders.....If not....well?

I don't know about you, but I bought this stock because my opinion at the time I invested was that MM knew what he was doing with regard to drilling, and moreover, drilling in Turkey. Knowing the rules of operation in a foreign country ahead of time, before you put time, money, and effort into starting a business venture, is just plain common sense. Fact is, I made a mistake in trusting MM. Now, I'm in with a large (for me) loss. I knew ahead of time that this venture was a gamble, so I'm sticking around for now. There's still a chance we can have a positive outcome. My opinion, although not worth very much, is that the chances are 75/25 against a good outcome. If MM has learned from 2 years of experience, things might get better. But he needs to find hydrocarbons and get them to market in the next year, or this entire operation is toast.

so from your view he is good with seismic and is able to adjust his business plan to changes even though we had to learn the hard way. i say we because no one involved was aware of the local rules/laws concerning moving drilling equiptment from one area to anouther. if any of us had known in advance we would not have invested our time or money. but as they say in golf you have to play from where you are. looking to buy more at .74

Sentiment: Hold

My view, there is a problem of accounting treatment hardly to come up a management decision.
That may be relating with multi-million dollars unrealized gain on reserves.
.

sloob

TAT been wrong with their estimates for a very long time, so they widen them.
Overall patient is still dead but does't smell as bad. I expected 10-k to be worse.
What bothers me is declining production and increased debt.

Otherwise this company is hilarious. :-(