Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'TAT | ' |
Entity Registrant Name | 'TRANSATLANTIC PETROLEUM LTD. | ' |
Entity Central Index Key | '0001092289 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 373,382,280 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $12,271 | $14,768 |
Accounts receivable | ' | ' |
Oil and natural gas sales, net | 28,949 | 34,158 |
Joint interest and other | 11,280 | 18,192 |
Related party | 618 | 419 |
Prepaid and other current assets | 3,875 | 2,339 |
Deferred income taxes | 2,469 | 1,895 |
Assets held for sale | 601 | 1,619 |
Total current assets | 60,063 | 73,390 |
Oil and natural gas properties (successful efforts method) | ' | ' |
Proved | 254,070 | 231,498 |
Unproved | 62,832 | 68,938 |
Equipment and other property | 42,229 | 35,747 |
Property and equipment, gross | 359,131 | 336,183 |
Less accumulated depreciation, depletion and amortization | -98,025 | -80,031 |
Property and equipment, net | 261,106 | 256,152 |
Other long-term assets: | ' | ' |
Other assets | 7,162 | 8,195 |
Note receivable - related party | 11,500 | 11,500 |
Goodwill | 7,906 | 9,021 |
Total other assets | 26,568 | 28,716 |
Total assets | 347,737 | 358,258 |
Current liabilities: | ' | ' |
Accounts payable | 14,406 | 12,864 |
Accounts payable - related party | 23,859 | 15,634 |
Accrued liabilities | 20,385 | 29,972 |
Derivative liabilities | 2,721 | 3,908 |
Asset retirement obligations | 916 | 818 |
Liabilities held for sale | 7,355 | 8,416 |
Total current liabilities | 69,642 | 71,612 |
Long-term liabilities: | ' | ' |
Asset retirement obligations | 10,362 | 11,140 |
Accrued liabilities | 6,323 | 7,548 |
Deferred income taxes | 17,116 | 16,483 |
Loan payable | 49,766 | 32,766 |
Derivative liabilities | 3,048 | 4,882 |
Total long-term liabilities | 86,615 | 72,819 |
Total liabilities | 156,257 | 144,431 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common shares, $0.01 par value, 1,000,000,000 shares authorized; 373,382,280 shares issued and outstanding as of September 30, 2013 and 368,748,592 shares issued and outstanding as of December 31, 2012 | 3,734 | 3,687 |
Additional paid-in capital | 541,704 | 537,962 |
Accumulated other comprehensive loss | -55,017 | -28,012 |
Accumulated deficit | -298,941 | -299,810 |
Total shareholders' equity | 191,480 | 213,827 |
Total liabilities and shareholders' equity | $347,737 | $358,258 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common shares, par value | $0.01 | $0.01 |
Common shares, authorized | 1,000,000,000 | 1,000,000,000 |
Common shares, issued | 373,382,280 | 368,748,592 |
Common shares, outstanding | 373,382,280 | 368,748,592 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Oil and natural gas sales | $31,648 | $32,603 | $93,828 | $99,160 |
Sales of purchased natural gas | 1,511 | 1,883 | 5,751 | 5,546 |
Other | 144 | 329 | 999 | 2,043 |
Total revenues | 33,303 | 34,815 | 100,578 | 106,749 |
Costs and expenses: | ' | ' | ' | ' |
Production | 4,591 | 4,542 | 13,446 | 12,470 |
Exploration, abandonment and impairment | 2,243 | 2,104 | 17,992 | 11,783 |
Cost of purchased natural gas | 1,437 | 1,862 | 5,483 | 5,498 |
Seismic and other exploration | 5,052 | 1,725 | 6,385 | 3,236 |
Revaluation of contingent consideration | ' | ' | -5,000 | ' |
General and administrative | 6,367 | 6,744 | 20,783 | 25,301 |
Depreciation, depletion and amortization | 11,487 | 8,147 | 30,044 | 26,698 |
Accretion of asset retirement obligations | 114 | 164 | 367 | 579 |
Total costs and expenses | 31,291 | 25,288 | 89,500 | 85,565 |
Operating income | 2,012 | 9,527 | 11,078 | 21,184 |
Other income (expense): | ' | ' | ' | ' |
Interest and other expense | -919 | -1,086 | -2,764 | -6,363 |
Interest and other income | 282 | 1,019 | 964 | 1,501 |
(Loss) gain on commodity derivative contracts | -3,137 | -7,146 | 365 | -5,277 |
Foreign exchange (loss) gain | -2,923 | -133 | -5,953 | 3,066 |
Total other expense | -6,697 | -7,346 | -7,388 | -7,073 |
(Loss) income from continuing operations before income taxes | -4,685 | 2,181 | 3,690 | 14,111 |
Current income tax benefit (expense) | 1,284 | -1,440 | -583 | -3,882 |
Deferred income tax expense | -1,417 | -272 | -1,990 | -2,660 |
Net (loss) income from continuing operations | -4,818 | 469 | 1,117 | 7,569 |
(Loss) income from discontinued operations before income taxes | -155 | 122 | -248 | -4,540 |
Gain on disposal of discontinued operations | ' | 6,437 | ' | 33,651 |
Income tax provision | ' | -34 | ' | -8,207 |
Net (loss) income from discontinued operations | -155 | 6,525 | -248 | 20,904 |
Net (loss) income | -4,973 | 6,994 | 869 | 28,473 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustment | -10,626 | 3,146 | -27,005 | 17,650 |
Comprehensive (loss) income | ($15,599) | $10,140 | ($26,136) | $46,123 |
Basic net (loss) income per common share: | ' | ' | ' | ' |
Continuing operations | ($0.01) | $0 | $0 | $0.02 |
Discontinued operations | $0 | $0.02 | $0 | $0.06 |
Weighted average common shares outstanding | 371,503 | 367,960 | 369,785 | 366,981 |
Diluted net (loss) income per common share: | ' | ' | ' | ' |
Continuing operations | ($0.01) | $0 | $0 | $0.02 |
Discontinued operations | $0 | $0.02 | $0 | $0.06 |
Weighted average common and common equivalent shares outstanding | 371,503 | 370,020 | 369,785 | 368,869 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
In Thousands | |||||
Beginning balance at Dec. 31, 2012 | $213,827 | $3,687 | $537,962 | ($28,012) | ($299,810) |
Beginning balance, shares at Dec. 31, 2012 | ' | 368,749 | ' | ' | ' |
Issuance of common shares | 2,500 | 35 | 2,465 | ' | ' |
Issuance of common shares (in shares) | ' | 3,511 | ' | ' | ' |
Issuance of restricted stock units | ' | 12 | -12 | ' | ' |
Issuance of restricted stock units, shares | ' | 1,122 | ' | ' | ' |
Tax withholding on restricted stock units | -40 | ' | -40 | ' | ' |
Share-based compensation | 1,329 | ' | 1,329 | ' | ' |
Foreign currency translation adjustments | -27,005 | ' | ' | -27,005 | ' |
Net income | 869 | ' | ' | ' | 869 |
Ending balance at Sep. 30, 2013 | $191,480 | $3,734 | $541,704 | ($55,017) | ($298,941) |
Ending balance, shares at Sep. 30, 2013 | ' | 373,382 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net income | $869 | $28,473 |
Adjustment for net loss (income) from discontinued operations | 248 | -20,904 |
Net income from continuing operations | 1,117 | 7,569 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Share-based compensation | 1,329 | 1,506 |
Foreign currency loss | 5,053 | 1,997 |
Unrealized (gain) loss on commodity derivative contracts | -3,020 | 2,177 |
Amortization of loan financing costs | 383 | 846 |
Deferred income tax expense | 1,990 | 2,660 |
Exploration, abandonment and impairment | 17,992 | 11,783 |
Depreciation, depletion and amortization | 30,044 | 26,698 |
Accretion of asset retirement obligations | 367 | 579 |
Revaluation of contingent consideration | -5,000 | ' |
Changes in operating assets and liabilities, net of effect of acquisitions: | ' | ' |
Accounts receivable | 5,657 | -24,928 |
Prepaid expenses and other assets | -1,547 | 4,684 |
Accounts payable and accrued liabilities | 15,431 | 18,998 |
Net cash provided by operating activities from continuing operations | 69,796 | 54,569 |
Net cash used in operating activities from discontinued operations | -1,224 | -24,138 |
Net cash provided by operating activities | 68,572 | 30,431 |
Investing activities: | ' | ' |
Additions to oil and natural gas properties | -76,435 | -45,982 |
Additions to equipment and other properties | -11,538 | -451 |
Restricted cash | -194 | 1,059 |
Net cash used in investing activities from continuing operations | -88,167 | -45,374 |
Net cash provided by investing activities from discontinued operations | 1,016 | 156,150 |
Net cash (used in) provided by investing activities | -87,151 | 110,776 |
Financing activities: | ' | ' |
Exercise of stock options and warrants | ' | 642 |
Tax withholding on restricted stock units | -40 | -147 |
Loan proceeds | 40,856 | 16,976 |
Loan proceeds-related party | ' | 11,000 |
Loan repayment | -23,642 | -69,940 |
Loan financing costs | ' | -250 |
Loan repayment-related party | ' | -84,000 |
Net cash provided by (used in) financing activities from continuing operations | 17,174 | -125,719 |
Net cash used in financing activities from discontinued operations | ' | -5,049 |
Net cash provided by (used in) financing activities | 17,174 | -130,768 |
Effect of exchange rate changes on cash | -1,092 | 614 |
Net (decrease) increase in cash and cash equivalents | -2,497 | 11,053 |
Cash and cash equivalents, beginning of year | 14,768 | 15,116 |
Cash and cash equivalents, end of period | 12,271 | 26,169 |
Supplemental disclosures: | ' | ' |
Cash paid for interest | 2,263 | 5,603 |
Cash paid for taxes | 2,387 | 3,513 |
Supplemental non-cash investing and financing activities: | ' | ' |
Issuance of common shares-amendment to purchase agreement | 2,500 | ' |
Note receivable-related party from sale of oilfield services business | ' | $11,500 |
General
General | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
General | ' | ||||||||||||
1. General | |||||||||||||
Nature of operations | |||||||||||||
TransAtlantic Petroleum Ltd. (together with its subsidiaries, “we,” “us,” “our,” the “Company” or “TransAtlantic”) is an international oil and natural gas company engaged in acquisition, exploration, development and production. We have focused our operations in countries that have established yet underexplored petroleum systems, have stable governments, are net importers of petroleum, have an existing petroleum transportation infrastructure and provide favorable commodity pricing, royalty rates and tax rates to exploration and production companies. We hold interests in developed and undeveloped oil and natural gas properties in Turkey and Bulgaria. As of September 30, 2013, approximately 40% of our outstanding common shares were beneficially owned by N. Malone Mitchell 3rd, our chief executive officer and chairman of our board of directors. | |||||||||||||
Basis of presentation | |||||||||||||
Our consolidated financial statements are expressed in U.S. Dollars and have been prepared by management in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All amounts in these notes to the consolidated financial statements are in U.S. Dollars unless otherwise indicated. We have prepared the accompanying unaudited interim consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and in the opinion of management, such consolidated financial statements reflect all adjustments necessary to present fairly the consolidated financial position of TransAtlantic at September 30, 2013 and its results of operations and cash flows for the periods presented. We have omitted certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP pursuant to those rules and regulations, although we believe that the disclosures we have made are adequate to make the information presented not misleading. These unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2012. Certain prior period amounts have been reclassified to conform to the current period presentation. | |||||||||||||
In preparing the accompanying consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the consolidated financial statements and disclosures. The results of operations for the interim periods are not necessarily indicative of the results we expect for the full year. | |||||||||||||
Reclassification | |||||||||||||
As reported in our Annual Report on Form 10-K for the year ended December 31, 2012, during the three and nine months ended September 30, 2012, we reclassified certain amounts previously reported on our consolidated statements of comprehensive income (loss) to conform to current year presentation. Specifically, we reclassified the revenue and cost related to natural gas purchased from third parties. For the three and nine months ended September 30, 2012, these reclassifications increased total revenues and costs and expenses by approximately $1.9 million and $5.5 million, respectively. | |||||||||||||
Revision of prior period financial statements | |||||||||||||
During the three months ended March 31, 2013, we identified and corrected errors previously reported on our consolidated statements of cash flows. As a result, we increased the “Exploration, abandonment and impairment” sub-caption, which is an adjustment to reconcile net income (loss) to net cash provided by operating activities, and increased the cash used in investing activities related to “Additions to oil and natural gas properties” by $3.9 million for the nine months ended September 30, 2012, as we previously did not include the cash portion of additions to oil and natural gas properties in investing activities for dry-hole expenses that were recognized in the same period as the related cash disbursed. These amounts had also been excluded from the adjustment to reconcile net income (loss) to net cash provided by operating activities. | |||||||||||||
We assessed the materiality of the errors in accordance with the SEC guidance on considering the effects of prior period misstatements based on an analysis of quantitative and qualitative factors. Based on this analysis, we determined that the errors were immaterial to each of the prior reporting periods affected and, therefore, amendments of reports previously filed with the SEC were not required. Accordingly, we have reflected the correction of these prior period errors in the periods in which they originated and revised our consolidated statement of cash flows for the nine months ended September 30, 2012 in this Quarterly Report on Form 10-Q. | |||||||||||||
The following shows the effect of the out-of-period errors on our consolidated statement of cash flows for the nine months ended September 30, 2012 (in thousands): | |||||||||||||
As Reported | Correction | As Revised | |||||||||||
For the nine months ended September 30, 2012 | |||||||||||||
Operating activities: | |||||||||||||
Exploration, abandonment and impairment | $ | 7,869 | $ | 3,914 | $ | 11,783 | |||||||
Net cash provided by operating activities from continuing operations | 50,655 | 3,914 | 54,569 | ||||||||||
Net cash provided by operating activities | 26,517 | 3,914 | 30,431 | ||||||||||
Investing activities: | |||||||||||||
Additions to oil and natural gas properties | (42,068 | ) | (3,914 | ) | (45,982 | ) | |||||||
Net cash used in investing activities from continuing operations | (41,460 | ) | (3,914 | ) | (45,374 | ) | |||||||
Net cash provided by (used in) investing activities | $ | 114,690 | $ | (3,914 | ) | $ | 110,776 |
Recent_accounting_policies
Recent accounting policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Recent accounting policies | ' |
2. Recent accounting policies | |
In February 2013, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, New Disclosures for Items Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 requires reclassification adjustments for items that are reclassified out of accumulated other comprehensive income to net income to be presented in the statements where the components of net income and the components of other comprehensive income are presented or in the footnotes to the financial statements. Additionally, the amendment requires cross-referencing to other disclosures currently required for other reclassification items. The amendments were effective for interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on our consolidated financial statements. | |
We have reviewed recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on our results of operations, financial position and cash flows. Based on that review, we believe that none of the recent pronouncements will have a significant effect on current or future earnings or operations. |
Discontinued_operations
Discontinued operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued operations | ' | ||||||||||||||||
3. Discontinued operations | |||||||||||||||||
Discontinued operations in Morocco | |||||||||||||||||
In June 2011, we decided to discontinue our operations in Morocco. We have presented the Moroccan segment operating results as discontinued operations for all periods presented. | |||||||||||||||||
The following shows our assets and liabilities held for sale at September 30, 2013 and December 31, 2012: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Cash | $ | 91 | $ | 93 | |||||||||||||
Other assets (1) | 510 | 1,526 | |||||||||||||||
Total assets held for sale | $ | 601 | $ | 1,619 | |||||||||||||
Accrued expenses and other liabilities | $ | 7,355 | $ | 8,416 | |||||||||||||
Total liabilities held for sale | $ | 7,355 | $ | 8,416 | |||||||||||||
-1 | Other assets consist primarily of $0.5 million and $1.5 million of restricted cash at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||
Discontinued operations of oilfield services business | |||||||||||||||||
In June 2012, we closed the sale of our oilfield services business, which was substantially comprised of our wholly owned subsidiaries Viking International Limited (“Viking International”) and Viking Geophysical Services, Ltd. (“Viking Geophysical”), to a joint venture owned by Dalea Partners, LP (“Dalea”) and funds advised by Abraaj Investment Management Limited for an aggregate purchase price of $168.5 million, consisting of approximately $157.0 million in cash and a $11.5 million promissory note from Dalea. The promissory note bears interest at a rate of 3.0% per annum and is guaranteed by Mr. Mitchell. We have presented the oilfield services segment operating results as discontinued operations for the three and nine months ended September 30, 2013 and September 30, 2012. | |||||||||||||||||
Our operating results from discontinued operations for the three and nine months ended September 30, 2013 and 2012 are summarized as follows: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Total revenues | $ | — | $ | — | $ | — | $ | 20,956 | |||||||||
Total costs and expenses | (173 | ) | (223 | ) | (311 | ) | (25,074 | ) | |||||||||
Total other income (expense) | 18 | 345 | 63 | (422 | ) | ||||||||||||
(Loss) income from discontinued operations before income taxes | (155 | ) | 122 | (248 | ) | (4,540 | ) | ||||||||||
Gain on disposal of discontinued operations | — | 6,437 | — | 33,651 | |||||||||||||
Income tax provision | — | (34 | ) | — | (8,207 | ) | |||||||||||
Net (loss) income from discontinued operations | $ | (155 | ) | $ | 6,525 | $ | (248 | ) | $ | 20,904 |
Property_and_equipment
Property and equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and equipment | ' | ||||||||
4. Property and equipment | |||||||||
Oil and natural gas properties | |||||||||
The following table sets forth the capitalized costs under the successful efforts method for our oil and natural gas properties as of: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(in thousands) | |||||||||
Oil and natural gas properties, proved: | |||||||||
Turkey | $ | 252,866 | $ | 229,462 | |||||
Bulgaria | 1,204 | 2,036 | |||||||
Total oil and natural gas properties, proved | 254,070 | 231,498 | |||||||
Oil and natural gas properties, unproved: | |||||||||
Turkey | 62,564 | 68,938 | |||||||
Bulgaria | 268 | — | |||||||
Total oil and natural gas properties, unproved | 62,832 | 68,938 | |||||||
Gross oil and natural gas properties | 316,902 | 300,436 | |||||||
Accumulated depletion | (91,038 | ) | (74,099 | ) | |||||
Net oil and natural gas properties | $ | 225,864 | $ | 226,337 | |||||
At September 30, 2013 and December 31, 2012, we excluded $2.7 million and $1.8 million, respectively, from the depletion calculation for proved development wells currently in progress and for costs associated with fields currently not in production. | |||||||||
At September 30, 2013, the capitalized costs of our net oil and natural gas properties included $38.7 million relating to acquisition costs of proved properties, which are being amortized by the unit-of-production method using total proved reserves, and $121.6 million relating to well costs and additional development costs, which are being amortized by the unit-of-production method using proved developed reserves. | |||||||||
At December 31, 2012, the capitalized costs of our oil and natural gas properties included $49.5 million relating to acquisition costs of proved properties before a fourth quarter 2012 impairment charge, which are being amortized by the unit-of-production method using total proved reserves, and $105.3 million relating to well costs and additional development costs, which are being amortized by the unit-of-production method using proved developed reserves. | |||||||||
During the nine months ended September 30, 2013, we incurred approximately $37.0 million in exploratory drilling costs, of which $6.1 million was included in exploration, abandonment and impairment expense, $16.1 million was reclassified from unproved properties to proved properties and $14.8 million remained capitalized at September 30, 2013. No exploratory well costs were reclassified to proved properties in the three months ended September 30, 2013. Uncertainties affect the recoverability of costs of our oil and natural gas properties, as the recovery of the costs are dependent upon us maintaining licenses in good standing and achieving commercial production or sale. | |||||||||
Capitalized cost greater than one year | |||||||||
As of September 30, 2013, we had $2.7 million of exploratory well costs capitalized for the Kazanci-5 well, which we spud in September 2012. We recently finished a long-term pressure build up on the current completion. We have identified potential pay up-hole. We are evaluating, with our partners, whether to test another unconventional zone or move up to the conventional pay and establish production. | |||||||||
Dry-hole costs | |||||||||
As of June 30, 2013, we had $4.3 million of exploratory well costs capitalized for the Pancarkoy-1 well, which we began drilling in the fourth quarter of 2010. After the second fracture stimulation of the Pancarkoy-1 well, commercial natural gas production could not be sustained due to the high amount of water production. A third fracture stimulation of the Pancarkoy-1 well was performed in April 2012, but commercial production could not be sustained due to high water production. In the fourth quarter of 2012, we tested the up-hole interval of the well. A further fracture stimulation of this well was performed in the second quarter of 2013, but commercial production could not be sustained. As a result, we have classified this well as a dry hole during the three months ended June 30, 2013. | |||||||||
The Meneske-1 well was spud in November 2011, and we had capitalized $1.9 million of exploratory well costs for this well as of June 30, 2013. After further review, based on the results of other nearby wells and the expected high tie-in costs of the Meneske-1 well, we have classified this well as a dry hole during the three months ended June 30, 2013. | |||||||||
The Suleymaniye-2 well was spud in December 2011, and we had capitalized $0.9 million of exploratory well costs for this well as of June 30, 2013. After being evaluated for artificial lift and based on the results of other nearby wells, we have classified this well as a dry hole during the three months ended June 30, 2013. | |||||||||
During the three months ended September 30, 2013, we recorded $0.7 million of dry-hole costs primarily relating to two wells drilled in the third quarter. | |||||||||
Of the $11.8 million of dry-hole costs expensed during the nine months ended September 30, 2013, approximately $4.7 million was related to cash spent during 2013. | |||||||||
Impairment and abandonment | |||||||||
During the three and nine months ended September 30, 2013, we recorded $1.5 million and $6.2 million, respectively, in impairment and abandonment charges on our proved and unproved properties, primarily related to our Malkara license. We recorded $1.5 million in impairment charges on our proved properties during the nine months ended September 30, 2012, primarily due to downward revisions in natural gas reserves in our Alpullu field. | |||||||||
Equipment and other property | |||||||||
The historical cost of equipment and other property, presented on a gross basis with accumulated depreciation, is summarized as follows: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(in thousands) | |||||||||
Other equipment | $ | 2,506 | $ | 2,013 | |||||
Inventory | 26,842 | 20,517 | |||||||
Gas gathering system and facilities | 4,706 | 5,369 | |||||||
Vehicles | 232 | 131 | |||||||
Leasehold improvements, office equipment and software | 7,943 | 7,717 | |||||||
Gross equipment and other property | 42,229 | 35,747 | |||||||
Accumulated depreciation | (6,987 | ) | (5,932 | ) | |||||
Net equipment and other property | $ | 35,242 | $ | 29,815 | |||||
We classify our materials and supply inventory, including steel tubing and casing, as long-term assets because such materials will ultimately be classified as long-term assets when the material is used in the drilling of a well. | |||||||||
At September 30, 2013, we excluded $26.8 million of inventory and $0.6 million of software from depreciation, as the inventory and software had not been placed into service. At December 31, 2012, we excluded $20.5 million of inventory from depreciation, as the inventory had not been placed into service. |
Commodity_derivative_instrumen
Commodity derivative instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Commodity derivative instruments | ' | ||||||||||||||||||||||||
5. Commodity derivative instruments | |||||||||||||||||||||||||
We use collar derivative contracts to economically hedge against the variability in cash flows associated with the forecasted sale of our future oil production. We have not designated the derivative financial instruments as hedges for accounting purposes and, accordingly, we record the contracts at fair value and recognize changes in fair value in earnings as they occur. | |||||||||||||||||||||||||
To the extent that a legal right of offset exists, we net the value of our derivative instruments with the same counterparty in our consolidated balance sheets. All of our oil derivative contracts are settled based upon Brent crude oil pricing. We recognize unrealized and realized gains and losses related to these contracts on a fair value basis in our consolidated statements of comprehensive income (loss) under the caption “Gain (loss) on commodity derivative contracts.” Settlements of derivative contracts are included in operating activities on our consolidated statements of cash flows. We are required under our amended and restated senior secured credit facility (as amended, the “Amended and Restated Credit Facility”) with Standard Bank Plc (“Standard Bank”) and BNP Paribas (Suisse) SA (“BNP Paribas”) to hedge between 30% and 75% of our anticipated production volumes in Turkey. | |||||||||||||||||||||||||
For the three months ended September 30, 2013, we recorded a net loss on commodity derivative contracts of approximately $3.1 million, consisting of a $2.2 million unrealized loss related to changes in fair value and a $0.9 million realized loss for settled contracts. For the nine months ended September 30, 2013, we recorded a net gain on commodity derivative contracts of $0.4 million, consisting of a $3.0 million unrealized gain related to changes in fair value and a $2.6 million realized loss for settled contracts. | |||||||||||||||||||||||||
For the three months ended September 30, 2012, we recorded a net loss on commodity derivative contracts of approximately $7.1 million, consisting of a $6.3 million unrealized loss related to changes in fair value and a $0.8 million realized loss for settled contracts. For the nine months ended September 30, 2012, we recorded a net loss on commodity derivative contracts of $5.3 million, consisting of a $2.2 million unrealized loss related to changes in fair value and a $3.1 million realized loss for settled contracts. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, we had outstanding contracts with respect to our future crude oil production as set forth in the tables below: | |||||||||||||||||||||||||
Fair Value of Derivative Instruments as of September 30, 2013 | |||||||||||||||||||||||||
Type | Period | Quantity | Weighted | Weighted | Estimated Fair | ||||||||||||||||||||
(Bbl/day) | Average | Average | Value of Liability | ||||||||||||||||||||||
Minimum | Maximum Price | ||||||||||||||||||||||||
Price (per Bbl) | (per Bbl) | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Collar | October 1, 2013—December 31, 2013 | 717 | $ | 81.63 | $ | 119.8 | $ | (15 | ) | ||||||||||||||||
Collar | January 1, 2014—December 31, 2014 | 622 | $ | 80.83 | $ | 118.07 | (157 | ) | |||||||||||||||||
$ | (172 | ) | |||||||||||||||||||||||
Collars | Additional Call | ||||||||||||||||||||||||
Type | Period | Quantity | Weighted | Weighted | Weighted | Estimated Fair | |||||||||||||||||||
(Bbl/day) | Average | Average | Average | Value of | |||||||||||||||||||||
Minimum | Maximum | Maximum | Liability | ||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
(per Bbl) | (per Bbl) | (per Bbl) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Three-way collar contract | October 1, 2013—December 31, 2013 | 770 | $ | 85 | $ | 97.13 | $ | 162.13 | $ | (790 | ) | ||||||||||||||
Three-way collar contract | January 1, 2014—December 31, 2014 | 726 | $ | 85 | $ | 97.13 | $ | 162.13 | (2,200 | ) | |||||||||||||||
Three-way collar contract | January 1, 2015—December 31, 2015 | 1,016 | $ | 85 | $ | 91.88 | $ | 151.88 | (2,607 | ) | |||||||||||||||
$ | (5,597 | ) | |||||||||||||||||||||||
Fair Value of Derivative Instruments as of December 31, 2012 | |||||||||||||||||||||||||
Type | Period | Quantity | Weighted | Weighted | Estimated Fair | ||||||||||||||||||||
(Bbl/day) | Average | Average | Value of Liability | ||||||||||||||||||||||
Minimum | Maximum Price | ||||||||||||||||||||||||
Price (per Bbl) | (per Bbl) | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Collar | January 1, 2013—December 31, 2013 | 775 | $ | 82.26 | $ | 121.36 | $ | (253 | ) | ||||||||||||||||
Collar | January 1, 2014—December 31, 2014 | 662 | $ | 80.83 | $ | 118.07 | (292 | ) | |||||||||||||||||
$ | (545 | ) | |||||||||||||||||||||||
Collars | Additional Call | ||||||||||||||||||||||||
Type | Period | Quantity | Weighted | Weighted | Weighted | Estimated Fair | |||||||||||||||||||
(Bbl/day) | Average | Average | Average | Value of | |||||||||||||||||||||
Minimum | Maximum | Maximum | Liability | ||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
(per Bbl) | (per Bbl) | (per Bbl) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Three-way collar contract | January 1, 2013—December 31, 2013 | 831 | $ | 85 | $ | 97.13 | $ | 162.13 | $ | (3,655 | ) | ||||||||||||||
Three-way collar contract | January 1, 2014—December 31, 2014 | 726 | $ | 85 | $ | 97.13 | $ | 162.13 | (2,150 | ) | |||||||||||||||
Three-way collar contract | January 1, 2015—December 31, 2015 | 1,016 | $ | 85 | $ | 91.88 | $ | 151.88 | (2,440 | ) | |||||||||||||||
$ | (8,245 | ) | |||||||||||||||||||||||
Asset_retirement_obligations
Asset retirement obligations | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Asset retirement obligations | ' | ||||||||
6. Asset retirement obligations | |||||||||
The following table summarizes the changes in our asset retirement obligations (“ARO”) for the nine months ended September 30, 2013 and for the year ended December 31, 2012: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(in thousands) | |||||||||
Asset retirement obligations at beginning of period | $ | 11,958 | $ | 13,534 | |||||
Change in estimates | (8 | ) | (3,868 | ) | |||||
Liabilities settled | (132 | ) | (110 | ) | |||||
Foreign exchange change effect | (1,438 | ) | 793 | ||||||
Additions | 531 | 899 | |||||||
Accretion expense | 367 | 710 | |||||||
Asset retirement obligations at end of period | 11,278 | 11,958 | |||||||
Less: current portion | 916 | 818 | |||||||
Long-term portion | $ | 10,362 | $ | 11,140 | |||||
Our ARO is measured using primarily Level 3 inputs. The significant unobservable inputs to this fair value measurement include estimates of plugging costs, remediation costs, inflation rate and well life. The inputs are calculated based on historical data as well as current estimated costs. |
Loan_payable
Loan payable | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Loan payable | ' | ||||||||
7. Loan payable | |||||||||
As of the indicated dates, our debt consisted of the following: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(in thousands) | |||||||||
Floating Rate Debt | |||||||||
Amended and Restated Credit Facility | $ | 49,766 | $ | 32,766 | |||||
Loan payable | $ | 49,766 | $ | 32,766 | |||||
Amended and Restated Senior Secured Credit Facility | |||||||||
On May 18, 2011, DMLP, Ltd., TransAtlantic Exploration Mediterranean International Pty Ltd (“TEMI”), Talon Exploration, Ltd., TransAtlantic Turkey, Ltd., Petrogas Petrol Gaz ve Petrokimya Ürünleri Inşaat Sanayive Ticaret A.Ş. and Amity Oil International Pty Ltd (collectively, the “Borrowers”) entered into the Amended and Restated Credit Facility. Each of the Borrowers is our wholly owned subsidiary. The Amended and Restated Credit Facility is guaranteed by us and each of TransAtlantic Petroleum (USA) Corp. and TransAtlantic Worldwide, Ltd (“TransAtlantic Worldwide”). | |||||||||
Availability under the Amended and Restated Credit Facility is subject to a borrowing base. The borrowing base is re-determined quarterly on January 1st, April 1st, July 1st and October 1st of each year. As of October 1, 2013 our borrowing base was $56.5 million. Loans under the Amended and Restated Credit Facility accrue interest at a rate of three-month LIBOR plus 5.50% per annum. | |||||||||
At September 30, 2013, we had borrowed $49.8 million under the Amended and Restated Credit Facility. | |||||||||
TBNG credit facility | |||||||||
On June 18, 2013, our wholly owned subsidiary, Thrace Basin Natural Gas (Turkiye) Corporation (“TBNG”), entered into a 78.8 million New Turkish Lira (approximately $38.7 million at September 30, 2013) unsecured line of credit with a Turkish bank, of which 60 million New Turkish Lira is available in cash for TBNG and 18.8 million New Turkish Lira is available in the form of non-cash bank guarantees and letters of credit for TBNG and several other of our wholly owned subsidiaries operating in Turkey. The interest rate will be established at the time of each borrowing, and each borrowing is expected to have a two-year term. As of September 30, 2013, there were no borrowings under this credit facility. |
Contingencies_relating_to_prod
Contingencies relating to production leases and exploration permits | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Contingencies relating to production leases and exploration permits | ' |
8. Contingencies relating to production leases and exploration permits | |
Selmo | |
We are involved in litigation with persons who claim ownership of a portion of the surface at the Selmo oil field in Turkey. These cases are being vigorously defended by TEMI and Turkish governmental authorities. We do not have enough information to estimate the potential additional operating costs or contingent liability we would incur in the event the purported surface owners’ claims are ultimately successful. Any adjustment arising out of the claims will be recorded when it becomes probable and estimable. | |
Morocco | |
In the second quarter of 2012, we were notified that the Moroccan government may seek to recover approximately $5.5 million in contractual obligations under our Tselfat exploration permit work program. In February 2013, the Moroccan government drew down our $1.0 million bank guarantee that was put in place to ensure our performance of the Tselfat exploration permit work program. Although we plan to pursue a settlement with the Moroccan government for a lesser amount, we recorded $5.0 million in accrued liabilities relating to our Tselfat exploration permit during the second quarter of 2012 for this contractual obligation. | |
Aglen | |
In the second quarter of 2012, we were notified that the Bulgarian government may seek to recover approximately $2.0 million in contractual obligations under our Aglen exploration permit work program. Due to the Bulgarian government’s January 2012 ban on fracture stimulation and related activities, a force majeure event under the terms of the exploration permit was recognized by the government. Although we invoked force majeure, we recorded $2.0 million in general and administrative expense relating to our Aglen exploration permit during the second quarter of 2012 for this contractual obligation. | |
Direct Petroleum | |
In July 2013, we entered into a second amendment (the “Amendment”) to our Purchase Agreement (the “Purchase Agreement”) with Direct Petroleum Exploration, LLC, formerly Direct Petroleum Exploration, Inc. (“Direct”). Pursuant to the Amendment, we issued 3,510,743 common shares to Direct as partial payment of certain liquidated damages due under the Purchase Agreement. The number of shares was calculated by dividing $2.5 million by the volume weighted average price per share of our common shares on the NYSE MKT for the ten trading days prior to July 2, 2013. | |
The parties also agreed that Direct is not eligible for any liquidated damages relating to the coring of the Etropole shale formation, which resulted in the reversal of the $5.0 million contingent liability recorded in 2011, which we recognized in our consolidated statement of comprehensive income (loss) under the caption “Revaluation of contingent consideration” during the nine months ended September 30, 2013. | |
The Amendment sets forth a new obligation to drill and test the Deventci-R2 well by May 1, 2014. In the event that we do not meet the drilling and testing obligations by May 1, 2014, the Amendment requires us to issue an additional $2.5 million in common shares to Direct. As such, the $2.5 million contingent liability, recorded in 2011, remained as of September 30, 2013. | |
Additionally, the Amendment provides that if the Bulgarian government issues a production concession over the Stefenetz Concession Area, Direct will be entitled to a payment of $10.0 million in common shares, or a pro rata amount if the production concession is less than 200,000 acres. We do not have enough information to estimate the potential contingent liability we would incur in the event the Bulgarian government issues a production concession over the Stefenetz Concession. Any adjustment will be recorded when it becomes probable and estimable. |
Shareholders_equity
Shareholders equity | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Shareholders equity | ' | ||||||||||||||||
9. Shareholders’ equity | |||||||||||||||||
Restricted stock units | |||||||||||||||||
Share-based compensation expense of approximately $0.5 million and $1.3 million with respect to awards of restricted stock units (“RSUs”) was recorded for the three and nine months ended September 30, 2013, respectively. We recorded share-based compensation expense of $0.4 million and $1.5 million for the three and nine months ended September 30, 2012, respectively. | |||||||||||||||||
As of September 30, 2013, we had approximately $2.1 million of unrecognized compensation expense related to unvested RSUs, which is expected to be recognized over a weighted average period of 1.6 years. | |||||||||||||||||
Earnings per share | |||||||||||||||||
We account for earnings per share in accordance with Accounting Standards Codification (“ASC”) Subtopic 260-10, Earnings Per Share (“ASC 260-10”). ASC 260-10 requires companies to present two calculations of earnings per share: basic and diluted. Basic earnings per common share for the three and nine months ended September 30, 2013 and 2012 equals net income divided by the weighted average shares outstanding during the periods. Weighted average shares outstanding are equal to the weighted average of all shares outstanding for the period, excluding RSUs. Diluted earnings per common share for the three and nine months ended September 30, 2013 and 2012 are computed in the same manner as basic earnings per common share after assuming the issuance of common shares for all potentially dilutive common share equivalents, which includes stock options, RSUs and warrants, whether exercisable or not. For the three and nine months ended September 30, 2013, there were no common shares excluded from the computation of diluted earnings per share due to the September 1, 2013 expiration of warrants to acquire 7,300,000 common shares. The computation of diluted earnings per common share excluded 7,455,000 and 7,461,240 antidilutive common share equivalents from the three and nine months ended September 30, 2012, respectively, primarily related to our common share purchase warrants. | |||||||||||||||||
The following table presents the basic and diluted earnings per common share computations: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net (loss) income from continuing operations | $ | (4,818 | ) | $ | 469 | $ | 1,117 | $ | 7,569 | ||||||||
Net (loss) income from discontinued operations | $ | (155 | ) | $ | 6,525 | $ | (248 | ) | $ | 20,904 | |||||||
Basic net (loss) income per common share: | |||||||||||||||||
Shares: | |||||||||||||||||
Weighted average common shares outstanding | 371,503 | 367,960 | 369,785 | 366,981 | |||||||||||||
Basic net (loss) income per common share: | |||||||||||||||||
Continuing operations | $ | (0.01 | ) | $ | 0 | $ | 0 | $ | 0.02 | ||||||||
Discontinued operations | $ | 0 | $ | 0.02 | $ | 0 | $ | 0.06 | |||||||||
Diluted net (loss) income per common share: | |||||||||||||||||
Shares: | |||||||||||||||||
Weighted average common shares outstanding | 371,503 | 367,960 | 369,785 | 366,981 | |||||||||||||
Dilutive effect of: | |||||||||||||||||
Restricted stock units | — | 1,941 | — | 1,745 | |||||||||||||
Stock options | — | 119 | — | 143 | |||||||||||||
Weighted average common and common equivalent shares outstanding | 371,503 | 370,020 | 369,785 | 368,869 | |||||||||||||
Diluted net (loss) income per common share: | |||||||||||||||||
Continuing operations | $ | (0.01 | ) | $ | 0 | $ | 0 | $ | 0.02 | ||||||||
Discontinued operations | $ | 0 | $ | 0.02 | $ | 0 | $ | 0.06 | |||||||||
Additionally, we had a contingent liability at September 30, 2013 of approximately $2.5 million that is payable in our common shares. At the September 30, 2013 closing price of our common shares, this liability represented 2,976,190 common shares that could be potentially dilutive to future earnings per share calculations (see Note 8). |
Segment_information
Segment information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment information | ' | ||||||||||||||||||||
10. Segment information | |||||||||||||||||||||
In accordance with ASC 280, Segment Reporting (“ASC 280”), we have three reportable geographic segments: Romania, Turkey and Bulgaria. Summarized financial information from continuing operations concerning our geographic segments is shown in the following table: | |||||||||||||||||||||
Corporate | Romania | Turkey | Bulgaria | Total | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||
Total revenues | $ | (2 | ) | $ | — | $ | 33,277 | $ | 28 | $ | 33,303 | ||||||||||
Loss from continuing operations before income taxes | (2,943 | ) | (46 | ) | (1,517 | ) | (179 | ) | (4,685 | ) | |||||||||||
Capital expenditures | $ | — | $ | — | $ | 33,706 | $ | 268 | $ | 33,974 | |||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||
Total revenues | $ | — | $ | — | $ | 34,767 | $ | 48 | $ | 34,815 | |||||||||||
(Loss) income from continuing operations before income taxes | (2,534 | ) | (149 | ) | 5,042 | (178 | ) | 2,181 | |||||||||||||
Capital expenditures | $ | — | $ | — | $ | 24,498 | $ | — | $ | 24,498 | |||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||
Total revenues | $ | — | $ | — | $ | 100,454 | $ | 124 | $ | 100,578 | |||||||||||
(Loss) income from continuing operations before income taxes | (9,019 | ) | (104 | ) | 8,380 | 4,433 | 3,690 | ||||||||||||||
Capital expenditures | $ | — | $ | — | $ | 81,282 | $ | 268 | $ | 81,550 | |||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Total revenues | $ | — | $ | — | $ | 106,552 | $ | 197 | $ | 106,749 | |||||||||||
(Loss) income from continuing operations before income taxes | (9,808 | ) | (804 | ) | 27,301 | (2,578 | ) | 14,111 | |||||||||||||
Capital expenditures | $ | — | $ | — | $ | 71,777 | $ | 168 | $ | 71,945 | |||||||||||
Segment assets | |||||||||||||||||||||
September 30, 2013 | $ | 13,849 | $ | 46 | $ | 327,069 | $ | 6,172 | $ | 347,136 | (1) | ||||||||||
December 31, 2012 | $ | 14,825 | $ | 105 | $ | 339,752 | $ | 1,957 | $ | 356,639 | (1) | ||||||||||
Goodwill | |||||||||||||||||||||
September 30, 2013 | $ | — | $ | — | $ | 7,906 | $ | — | $ | 7,906 | |||||||||||
December 31, 2012 | $ | — | $ | — | $ | 9,021 | $ | — | $ | 9,021 | |||||||||||
-1 | Excludes assets held for sale from our discontinued Moroccan operations of $0.6 million and $1.6 million at September 30, 2013 and December 31, 2012, respectively. |
Financial_instruments
Financial instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial instruments | ' | ||||||||||||||||
11. Financial instruments | |||||||||||||||||
Cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and our loan payable were each estimated to have a fair value approximating the carrying amount at September 30, 2013 and December 31, 2012 due to the short maturity of those instruments. | |||||||||||||||||
Interest rate risk | |||||||||||||||||
We are exposed to interest rate risk as a result of our variable rate short-term cash holdings and borrowings under the Amended and Restated Credit Facility. | |||||||||||||||||
Foreign currency risk | |||||||||||||||||
We have underlying foreign currency exchange rate exposure. Our currency exposures relate to transactions denominated in the Canadian Dollar, Bulgarian Lev, European Union Euro, Romanian New Leu, Moroccan Dirham and New Turkish Lira. We are also subject to foreign currency exposures resulting from translating the functional currency of our foreign subsidiary financial statements into the U.S. Dollar reporting currency. We have not used foreign currency forward contracts to manage exchange rate fluctuations. At September 30, 2013, we had 14.5 million New Turkish Lira (approximately $7.1 million) in cash and cash equivalents, which exposes us to exchange rate risk based on fluctuations in the value of the New Turkish Lira. | |||||||||||||||||
Commodity price risk | |||||||||||||||||
We are exposed to fluctuations in commodity prices for oil and natural gas. Commodity prices are affected by many factors, including, but not limited to, supply and demand. At September 30, 2013 and December 31, 2012, we were a party to commodity derivative contracts. | |||||||||||||||||
Concentration of credit risk | |||||||||||||||||
The majority of our receivables are within the oil and natural gas industry, primarily from our industry partners and from government agencies. Included in receivables are amounts due from Turkiye Petrolleri Anonim Ortakligi, the national oil company of Turkey, and Turkiye Petrol Rafinerileri A.Ş., a privately owned oil refinery in Turkey, which purchase the majority of our oil production. The receivables are not collateralized. To date, we have experienced minimal bad debts. The majority of our cash and cash equivalents are held by three financial institutions in the United States and Turkey. | |||||||||||||||||
Fair value measurements | |||||||||||||||||
The following table summarizes the valuation of our financial assets and liabilities as of September 30, 2013: | |||||||||||||||||
Fair Value Measurement Classification | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||||||||
Identical Assets or | (Level 2) | (Level 3) | |||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (commodity) | $ | — | $ | (5,769 | ) | $ | — | $ | (5,769 | ) | |||||||
Total | $ | — | $ | (5,769 | ) | $ | — | $ | (5,769 | ) | |||||||
The following table summarizes the valuation of our financial assets and liabilities as of December 31, 2012: | |||||||||||||||||
Fair Value Measurement Classification | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||||||||
Identical Assets or | (Level 2) | (Level 3) | |||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (commodity) | $ | — | $ | (8,790 | ) | $ | — | $ | (8,790 | ) | |||||||
Total | $ | — | $ | (8,790 | ) | $ | — | $ | (8,790 | ) | |||||||
We remeasure our derivative contracts on a recurring basis, with changes flowing through earnings. All other financial instruments are recorded at carrying value. The carrying value of these other financial instruments approximates fair value, as they are subject to short-term floating interest rates that approximate the rates available to us. |
Related_party_transactions
Related party transactions | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related party transactions | ' | ||||||||
12. Related party transactions | |||||||||
The following table summarizes related party accounts receivable and accounts payable as of September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Related party accounts receivable: | |||||||||
Viking International master services agreement | $ | 577 | $ | 313 | |||||
Riata Management service agreement | 41 | — | |||||||
Dalea promissory note | — | 106 | |||||||
Total related party accounts receivable | $ | 618 | $ | 419 | |||||
Related party accounts payable: | |||||||||
Viking International master services agreement | $ | 20,592 | $ | 15,467 | |||||
Viking Geophysical master services agreement | 3,103 | — | |||||||
Riata Management service agreement | 164 | 167 | |||||||
Total related party accounts payable | $ | 23,859 | $ | 15,634 | |||||
For the three and nine months ended September 30, 2013 and 2012, we incurred expenditures of $27.8 million and $65.5 million and $26.1 million and $43.9 million, respectively, related to our various related party agreements. |
General_Policies
General (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of operations | ' |
Nature of operations | |
TransAtlantic Petroleum Ltd. (together with its subsidiaries, “we,” “us,” “our,” the “Company” or “TransAtlantic”) is an international oil and natural gas company engaged in acquisition, exploration, development and production. We have focused our operations in countries that have established yet underexplored petroleum systems, have stable governments, are net importers of petroleum, have an existing petroleum transportation infrastructure and provide favorable commodity pricing, royalty rates and tax rates to exploration and production companies. We hold interests in developed and undeveloped oil and natural gas properties in Turkey and Bulgaria. As of September 30, 2013, approximately 40% of our outstanding common shares were beneficially owned by N. Malone Mitchell 3rd, our chief executive officer and chairman of our board of directors. | |
Basis of presentation | ' |
Basis of presentation | |
Our consolidated financial statements are expressed in U.S. Dollars and have been prepared by management in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All amounts in these notes to the consolidated financial statements are in U.S. Dollars unless otherwise indicated. We have prepared the accompanying unaudited interim consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and in the opinion of management, such consolidated financial statements reflect all adjustments necessary to present fairly the consolidated financial position of TransAtlantic at September 30, 2013 and its results of operations and cash flows for the periods presented. We have omitted certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP pursuant to those rules and regulations, although we believe that the disclosures we have made are adequate to make the information presented not misleading. These unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2012. Certain prior period amounts have been reclassified to conform to the current period presentation. | |
In preparing the accompanying consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the consolidated financial statements and disclosures. The results of operations for the interim periods are not necessarily indicative of the results we expect for the full year. | |
Reclassification | ' |
Reclassification | |
As reported in our Annual Report on Form 10-K for the year ended December 31, 2012, during the three and nine months ended September 30, 2012, we reclassified certain amounts previously reported on our consolidated statements of comprehensive income (loss) to conform to current year presentation. Specifically, we reclassified the revenue and cost related to natural gas purchased from third parties. For the three and nine months ended September 30, 2012, these reclassifications increased total revenues and costs and expenses by approximately $1.9 million and $5.5 million, respectively. | |
Revision of prior period financial statements | ' |
Revision of prior period financial statements | |
During the three months ended March 31, 2013, we identified and corrected errors previously reported on our consolidated statements of cash flows. As a result, we increased the “Exploration, abandonment and impairment” sub-caption, which is an adjustment to reconcile net income (loss) to net cash provided by operating activities, and increased the cash used in investing activities related to “Additions to oil and natural gas properties” by $3.9 million for the nine months ended September 30, 2012, as we previously did not include the cash portion of additions to oil and natural gas properties in investing activities for dry-hole expenses that were recognized in the same period as the related cash disbursed. These amounts had also been excluded from the adjustment to reconcile net income (loss) to net cash provided by operating activities. | |
We assessed the materiality of the errors in accordance with the SEC guidance on considering the effects of prior period misstatements based on an analysis of quantitative and qualitative factors. Based on this analysis, we determined that the errors were immaterial to each of the prior reporting periods affected and, therefore, amendments of reports previously filed with the SEC were not required. Accordingly, we have reflected the correction of these prior period errors in the periods in which they originated and revised our consolidated statement of cash flows for the nine months ended September 30, 2012 in this Quarterly Report on Form 10-Q. | |
New disclosures for items reclassified out of accumulated other comprehensive income | ' |
In February 2013, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, New Disclosures for Items Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 requires reclassification adjustments for items that are reclassified out of accumulated other comprehensive income to net income to be presented in the statements where the components of net income and the components of other comprehensive income are presented or in the footnotes to the financial statements. Additionally, the amendment requires cross-referencing to other disclosures currently required for other reclassification items. The amendments were effective for interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on our consolidated financial statements. | |
Derivative instruments policy | ' |
We use collar derivative contracts to economically hedge against the variability in cash flows associated with the forecasted sale of our future oil production. We have not designated the derivative financial instruments as hedges for accounting purposes and, accordingly, we record the contracts at fair value and recognize changes in fair value in earnings as they occur. | |
To the extent that a legal right of offset exists, we net the value of our derivative instruments with the same counterparty in our consolidated balance sheets. All of our oil derivative contracts are settled based upon Brent crude oil pricing. We recognize unrealized and realized gains and losses related to these contracts on a fair value basis in our consolidated statements of comprehensive income (loss) under the caption “Gain (loss) on commodity derivative contracts.” Settlements of derivative contracts are included in operating activities on our consolidated statements of cash flows. We are required under our amended and restated senior secured credit facility (as amended, the “Amended and Restated Credit Facility”) with Standard Bank Plc (“Standard Bank”) and BNP Paribas (Suisse) SA (“BNP Paribas”) to hedge between 30% and 75% of our anticipated production volumes in Turkey. | |
Earnings per share | ' |
Earnings per share | |
We account for earnings per share in accordance with Accounting Standards Codification (“ASC”) Subtopic 260-10, Earnings Per Share (“ASC 260-10”). ASC 260-10 requires companies to present two calculations of earnings per share: basic and diluted. Basic earnings per common share for the three and nine months ended September 30, 2013 and 2012 equals net income divided by the weighted average shares outstanding during the periods. Weighted average shares outstanding are equal to the weighted average of all shares outstanding for the period, excluding RSUs. Diluted earnings per common share for the three and nine months ended September 30, 2013 and 2012 are computed in the same manner as basic earnings per common share after assuming the issuance of common shares for all potentially dilutive common share equivalents, which includes stock options, RSUs and warrants, whether exercisable or not. For the three and nine months ended September 30, 2013, there were no common shares excluded from the computation of diluted earnings per share due to the September 1, 2013 expiration of warrants to acquire 7,300,000 common shares. The computation of diluted earnings per common share excluded 7,455,000 and 7,461,240 antidilutive common share equivalents from the three and nine months ended September 30, 2012, respectively, primarily related to our common share purchase warrants. |
General_Tables
General (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Effect of Out-of-Period Errors on Consolidated Statement of Cash Flows | ' | ||||||||||||
The following shows the effect of the out-of-period errors on our consolidated statement of cash flows for the nine months ended September 30, 2012 (in thousands): | |||||||||||||
As Reported | Correction | As Revised | |||||||||||
For the nine months ended September 30, 2012 | |||||||||||||
Operating activities: | |||||||||||||
Exploration, abandonment and impairment | $ | 7,869 | $ | 3,914 | $ | 11,783 | |||||||
Net cash provided by operating activities from continuing operations | 50,655 | 3,914 | 54,569 | ||||||||||
Net cash provided by operating activities | 26,517 | 3,914 | 30,431 | ||||||||||
Investing activities: | |||||||||||||
Additions to oil and natural gas properties | (42,068 | ) | (3,914 | ) | (45,982 | ) | |||||||
Net cash used in investing activities from continuing operations | (41,460 | ) | (3,914 | ) | (45,374 | ) | |||||||
Net cash provided by (used in) investing activities | $ | 114,690 | $ | (3,914 | ) | $ | 110,776 |
Discontinued_operations_Tables
Discontinued operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Assets and Liabilities Held for Sale | ' | ||||||||||||||||
The following shows our assets and liabilities held for sale at September 30, 2013 and December 31, 2012: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Cash | $ | 91 | $ | 93 | |||||||||||||
Other assets (1) | 510 | 1,526 | |||||||||||||||
Total assets held for sale | $ | 601 | $ | 1,619 | |||||||||||||
Accrued expenses and other liabilities | $ | 7,355 | $ | 8,416 | |||||||||||||
Total liabilities held for sale | $ | 7,355 | $ | 8,416 | |||||||||||||
-1 | Other assets consist primarily of $0.5 million and $1.5 million of restricted cash at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||
Operating Results from Discontinued Operations | ' | ||||||||||||||||
Our operating results from discontinued operations for the three and nine months ended September 30, 2013 and 2012 are summarized as follows: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Total revenues | $ | — | $ | — | $ | — | $ | 20,956 | |||||||||
Total costs and expenses | (173 | ) | (223 | ) | (311 | ) | (25,074 | ) | |||||||||
Total other income (expense) | 18 | 345 | 63 | (422 | ) | ||||||||||||
(Loss) income from discontinued operations before income taxes | (155 | ) | 122 | (248 | ) | (4,540 | ) | ||||||||||
Gain on disposal of discontinued operations | — | 6,437 | — | 33,651 | |||||||||||||
Income tax provision | — | (34 | ) | — | (8,207 | ) | |||||||||||
Net (loss) income from discontinued operations | $ | (155 | ) | $ | 6,525 | $ | (248 | ) | $ | 20,904 | |||||||
Property_and_equipment_Tables
Property and equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Capitalized Costs under Successful Efforts Method for Oil and Natural Gas Properties | ' | ||||||||
The following table sets forth the capitalized costs under the successful efforts method for our oil and natural gas properties as of: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(in thousands) | |||||||||
Oil and natural gas properties, proved: | |||||||||
Turkey | $ | 252,866 | $ | 229,462 | |||||
Bulgaria | 1,204 | 2,036 | |||||||
Total oil and natural gas properties, proved | 254,070 | 231,498 | |||||||
Oil and natural gas properties, unproved: | |||||||||
Turkey | 62,564 | 68,938 | |||||||
Bulgaria | 268 | — | |||||||
Total oil and natural gas properties, unproved | 62,832 | 68,938 | |||||||
Gross oil and natural gas properties | 316,902 | 300,436 | |||||||
Accumulated depletion | (91,038 | ) | (74,099 | ) | |||||
Net oil and natural gas properties | $ | 225,864 | $ | 226,337 | |||||
Historical Cost of Equipment and Other Property on Gross Basis with Accumulated Depreciation | ' | ||||||||
The historical cost of equipment and other property, presented on a gross basis with accumulated depreciation, is summarized as follows: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(in thousands) | |||||||||
Other equipment | $ | 2,506 | $ | 2,013 | |||||
Inventory | 26,842 | 20,517 | |||||||
Gas gathering system and facilities | 4,706 | 5,369 | |||||||
Vehicles | 232 | 131 | |||||||
Leasehold improvements, office equipment and software | 7,943 | 7,717 | |||||||
Gross equipment and other property | 42,229 | 35,747 | |||||||
Accumulated depreciation | (6,987 | ) | (5,932 | ) | |||||
Net equipment and other property | $ | 35,242 | $ | 29,815 |
Commodity_derivative_instrumen1
Commodity derivative instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Fair Value of Derivative Instruments of Future Crude Oil Production | ' | ||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, we had outstanding contracts with respect to our future crude oil production as set forth in the tables below: | |||||||||||||||||||||||||
Fair Value of Derivative Instruments as of September 30, 2013 | |||||||||||||||||||||||||
Type | Period | Quantity | Weighted | Weighted | Estimated Fair | ||||||||||||||||||||
(Bbl/day) | Average | Average | Value of Liability | ||||||||||||||||||||||
Minimum | Maximum Price | ||||||||||||||||||||||||
Price (per Bbl) | (per Bbl) | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Collar | October 1, 2013—December 31, 2013 | 717 | $ | 81.63 | $ | 119.8 | $ | (15 | ) | ||||||||||||||||
Collar | January 1, 2014—December 31, 2014 | 622 | $ | 80.83 | $ | 118.07 | (157 | ) | |||||||||||||||||
$ | (172 | ) | |||||||||||||||||||||||
Collars | Additional Call | ||||||||||||||||||||||||
Type | Period | Quantity | Weighted | Weighted | Weighted | Estimated Fair | |||||||||||||||||||
(Bbl/day) | Average | Average | Average | Value of | |||||||||||||||||||||
Minimum | Maximum | Maximum | Liability | ||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
(per Bbl) | (per Bbl) | (per Bbl) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Three-way collar contract | October 1, 2013—December 31, 2013 | 770 | $ | 85 | $ | 97.13 | $ | 162.13 | $ | (790 | ) | ||||||||||||||
Three-way collar contract | January 1, 2014—December 31, 2014 | 726 | $ | 85 | $ | 97.13 | $ | 162.13 | (2,200 | ) | |||||||||||||||
Three-way collar contract | January 1, 2015—December 31, 2015 | 1,016 | $ | 85 | $ | 91.88 | $ | 151.88 | (2,607 | ) | |||||||||||||||
$ | (5,597 | ) | |||||||||||||||||||||||
Fair Value of Derivative Instruments as of December 31, 2012 | |||||||||||||||||||||||||
Type | Period | Quantity | Weighted | Weighted | Estimated Fair | ||||||||||||||||||||
(Bbl/day) | Average | Average | Value of Liability | ||||||||||||||||||||||
Minimum | Maximum Price | ||||||||||||||||||||||||
Price (per Bbl) | (per Bbl) | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Collar | January 1, 2013—December 31, 2013 | 775 | $ | 82.26 | $ | 121.36 | $ | (253 | ) | ||||||||||||||||
Collar | January 1, 2014—December 31, 2014 | 662 | $ | 80.83 | $ | 118.07 | (292 | ) | |||||||||||||||||
$ | (545 | ) | |||||||||||||||||||||||
Collars | Additional Call | ||||||||||||||||||||||||
Type | Period | Quantity | Weighted | Weighted | Weighted | Estimated Fair | |||||||||||||||||||
(Bbl/day) | Average | Average | Average | Value of | |||||||||||||||||||||
Minimum | Maximum | Maximum | Liability | ||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
(per Bbl) | (per Bbl) | (per Bbl) | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Three-way collar contract | January 1, 2013—December 31, 2013 | 831 | $ | 85 | $ | 97.13 | $ | 162.13 | $ | (3,655 | ) | ||||||||||||||
Three-way collar contract | January 1, 2014—December 31, 2014 | 726 | $ | 85 | $ | 97.13 | $ | 162.13 | (2,150 | ) | |||||||||||||||
Three-way collar contract | January 1, 2015—December 31, 2015 | 1,016 | $ | 85 | $ | 91.88 | $ | 151.88 | (2,440 | ) | |||||||||||||||
$ | (8,245 | ) | |||||||||||||||||||||||
Asset_retirement_obligations_T
Asset retirement obligations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Changes in Asset Retirement Obligations | ' | ||||||||
The following table summarizes the changes in our asset retirement obligations (“ARO”) for the nine months ended September 30, 2013 and for the year ended December 31, 2012: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(in thousands) | |||||||||
Asset retirement obligations at beginning of period | $ | 11,958 | $ | 13,534 | |||||
Change in estimates | (8 | ) | (3,868 | ) | |||||
Liabilities settled | (132 | ) | (110 | ) | |||||
Foreign exchange change effect | (1,438 | ) | 793 | ||||||
Additions | 531 | 899 | |||||||
Accretion expense | 367 | 710 | |||||||
Asset retirement obligations at end of period | 11,278 | 11,958 | |||||||
Less: current portion | 916 | 818 | |||||||
Long-term portion | $ | 10,362 | $ | 11,140 | |||||
Loan_payable_Tables
Loan payable (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
As of the indicated dates, our debt consisted of the following: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(in thousands) | |||||||||
Floating Rate Debt | |||||||||
Amended and Restated Credit Facility | $ | 49,766 | $ | 32,766 | |||||
Loan payable | $ | 49,766 | $ | 32,766 | |||||
Shareholders_equity_Tables
Shareholders equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Basic and Diluted Earnings Per Share Computations | ' | ||||||||||||||||
The following table presents the basic and diluted earnings per common share computations: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net (loss) income from continuing operations | $ | (4,818 | ) | $ | 469 | $ | 1,117 | $ | 7,569 | ||||||||
Net (loss) income from discontinued operations | $ | (155 | ) | $ | 6,525 | $ | (248 | ) | $ | 20,904 | |||||||
Basic net (loss) income per common share: | |||||||||||||||||
Shares: | |||||||||||||||||
Weighted average common shares outstanding | 371,503 | 367,960 | 369,785 | 366,981 | |||||||||||||
Basic net (loss) income per common share: | |||||||||||||||||
Continuing operations | $ | (0.01 | ) | $ | 0 | $ | 0 | $ | 0.02 | ||||||||
Discontinued operations | $ | 0 | $ | 0.02 | $ | 0 | $ | 0.06 | |||||||||
Diluted net (loss) income per common share: | |||||||||||||||||
Shares: | |||||||||||||||||
Weighted average common shares outstanding | 371,503 | 367,960 | 369,785 | 366,981 | |||||||||||||
Dilutive effect of: | |||||||||||||||||
Restricted stock units | — | 1,941 | — | 1,745 | |||||||||||||
Stock options | — | 119 | — | 143 | |||||||||||||
Weighted average common and common equivalent shares outstanding | 371,503 | 370,020 | 369,785 | 368,869 | |||||||||||||
Diluted net (loss) income per common share: | |||||||||||||||||
Continuing operations | $ | (0.01 | ) | $ | 0 | $ | 0 | $ | 0.02 | ||||||||
Discontinued operations | $ | 0 | $ | 0.02 | $ | 0 | $ | 0.06 |
Segment_information_Tables
Segment information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Financial Information of Geographic Segments | ' | ||||||||||||||||||||
Summarized financial information from continuing operations concerning our geographic segments is shown in the following table: | |||||||||||||||||||||
Corporate | Romania | Turkey | Bulgaria | Total | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||
Total revenues | $ | (2 | ) | $ | — | $ | 33,277 | $ | 28 | $ | 33,303 | ||||||||||
Loss from continuing operations before income taxes | (2,943 | ) | (46 | ) | (1,517 | ) | (179 | ) | (4,685 | ) | |||||||||||
Capital expenditures | $ | — | $ | — | $ | 33,706 | $ | 268 | $ | 33,974 | |||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||
Total revenues | $ | — | $ | — | $ | 34,767 | $ | 48 | $ | 34,815 | |||||||||||
(Loss) income from continuing operations before income taxes | (2,534 | ) | (149 | ) | 5,042 | (178 | ) | 2,181 | |||||||||||||
Capital expenditures | $ | — | $ | — | $ | 24,498 | $ | — | $ | 24,498 | |||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||
Total revenues | $ | — | $ | — | $ | 100,454 | $ | 124 | $ | 100,578 | |||||||||||
(Loss) income from continuing operations before income taxes | (9,019 | ) | (104 | ) | 8,380 | 4,433 | 3,690 | ||||||||||||||
Capital expenditures | $ | — | $ | — | $ | 81,282 | $ | 268 | $ | 81,550 | |||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Total revenues | $ | — | $ | — | $ | 106,552 | $ | 197 | $ | 106,749 | |||||||||||
(Loss) income from continuing operations before income taxes | (9,808 | ) | (804 | ) | 27,301 | (2,578 | ) | 14,111 | |||||||||||||
Capital expenditures | $ | — | $ | — | $ | 71,777 | $ | 168 | $ | 71,945 | |||||||||||
Segment assets | |||||||||||||||||||||
September 30, 2013 | $ | 13,849 | $ | 46 | $ | 327,069 | $ | 6,172 | $ | 347,136 | (1) | ||||||||||
December 31, 2012 | $ | 14,825 | $ | 105 | $ | 339,752 | $ | 1,957 | $ | 356,639 | (1) | ||||||||||
Goodwill | |||||||||||||||||||||
September 30, 2013 | $ | — | $ | — | $ | 7,906 | $ | — | $ | 7,906 | |||||||||||
December 31, 2012 | $ | — | $ | — | $ | 9,021 | $ | — | $ | 9,021 | |||||||||||
-1 | Excludes assets held for sale from our discontinued Moroccan operations of $0.6 million and $1.6 million at September 30, 2013 and December 31, 2012, respectively. |
Financial_instruments_Tables
Financial instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Valuation of Financial Assets and Liabilities | ' | ||||||||||||||||
The following table summarizes the valuation of our financial assets and liabilities as of September 30, 2013: | |||||||||||||||||
Fair Value Measurement Classification | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||||||||
Identical Assets or | (Level 2) | (Level 3) | |||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (commodity) | $ | — | $ | (5,769 | ) | $ | — | $ | (5,769 | ) | |||||||
Total | $ | — | $ | (5,769 | ) | $ | — | $ | (5,769 | ) | |||||||
The following table summarizes the valuation of our financial assets and liabilities as of December 31, 2012: | |||||||||||||||||
Fair Value Measurement Classification | |||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||||||||
Identical Assets or | (Level 2) | (Level 3) | |||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (commodity) | $ | — | $ | (8,790 | ) | $ | — | $ | (8,790 | ) | |||||||
Total | $ | — | $ | (8,790 | ) | $ | — | $ | (8,790 | ) | |||||||
Related_party_transactions_Tab
Related party transactions (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Accounts Receivable and Accounts Payable | ' | ||||||||
The following table summarizes related party accounts receivable and accounts payable as of September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Related party accounts receivable: | |||||||||
Viking International master services agreement | $ | 577 | $ | 313 | |||||
Riata Management service agreement | 41 | — | |||||||
Dalea promissory note | — | 106 | |||||||
Total related party accounts receivable | $ | 618 | $ | 419 | |||||
Related party accounts payable: | |||||||||
Viking International master services agreement | $ | 20,592 | $ | 15,467 | |||||
Viking Geophysical master services agreement | 3,103 | — | |||||||
Riata Management service agreement | 164 | 167 | |||||||
Total related party accounts payable | $ | 23,859 | $ | 15,634 |
General_Additional_Information
General - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 |
In Millions, unless otherwise specified | Error Correction to Statements of Cash Flows [Member] | Increase In Cost And Expenses Related To Natural Gas Purchased [Member] | Increase In Cost And Expenses Related To Natural Gas Purchased [Member] | |
Nature Of Business [Line Items] | ' | ' | ' | ' |
Percentage of common shares owned | 40.00% | ' | ' | ' |
Errors and reclassifications | ' | $3.90 | $1.90 | $5.50 |
General_Summary_of_Effect_of_O
General - Summary of Effect of Out-of-Period Errors on Consolidated Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Exploration, abandonment and impairment | $17,992 | $11,783 |
Net cash provided by operating activities from continuing operations | 69,796 | 54,569 |
Net cash provided by operating activities | 68,572 | 30,431 |
Investing activities: | ' | ' |
Additions to oil and natural gas properties | -76,435 | -45,982 |
Net cash used in investing activities from continuing operations | -88,167 | -45,374 |
Net cash provided by (used in) investing activities | -87,151 | 110,776 |
As Reported [Member] | ' | ' |
Operating activities: | ' | ' |
Exploration, abandonment and impairment | ' | 7,869 |
Net cash provided by operating activities from continuing operations | ' | 50,655 |
Net cash provided by operating activities | ' | 26,517 |
Investing activities: | ' | ' |
Additions to oil and natural gas properties | ' | -42,068 |
Net cash used in investing activities from continuing operations | ' | -41,460 |
Net cash provided by (used in) investing activities | ' | 114,690 |
Error Correction to Statements of Cash Flows [Member] | ' | ' |
Operating activities: | ' | ' |
Exploration, abandonment and impairment | ' | 3,914 |
Net cash provided by operating activities from continuing operations | ' | 3,914 |
Net cash provided by operating activities | ' | 3,914 |
Investing activities: | ' | ' |
Additions to oil and natural gas properties | ' | -3,914 |
Net cash used in investing activities from continuing operations | ' | -3,914 |
Net cash provided by (used in) investing activities | ' | ($3,914) |
Discontinued_Operations_Assets
Discontinued Operations - Assets and Liabilities Held for Sale (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ||
Cash | $91 | $93 | ||
Other assets (1) | 510 | [1] | 1,526 | [1] |
Total assets held for sale | 601 | 1,619 | ||
Accrued expenses and other liabilities | 7,355 | 8,416 | ||
Total liabilities held for sale | $7,355 | $8,416 | ||
[1] | Other assets consist primarily of $0.5 million and $1.5 million of restricted cash at September 30, 2013 and December 31, 2012, respectively. |
Discontinued_Operations_Assets1
Discontinued Operations - Assets and Liabilities Held for Sale (Parenthetical) (Detail) (Other Assets [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Assets [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Restricted Cash | $0.50 | $1.50 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Jun. 13, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ' |
Sale of business, aggregate sales price | $168.50 |
Cash received from sale of business | 157 |
Aggregate purchase price in promissory note | $11.50 |
Promissory note, interest rate | 3.00% |
Discontinued_Operations_Operat
Discontinued Operations - Operating Results from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' |
Total revenues | ' | ' | ' | $20,956 |
Total costs and expenses | -173 | -223 | -311 | -25,074 |
Total other income (expense) | 18 | 345 | 63 | -422 |
(Loss) income from discontinued operations before income taxes | -155 | 122 | -248 | -4,540 |
Gain on disposal of discontinued operations | ' | 6,437 | ' | 33,651 |
Income tax provision | ' | -34 | ' | -8,207 |
Net (loss) income from discontinued operations | ($155) | $6,525 | ($248) | $20,904 |
Property_and_Equipment_Capital
Property and Equipment - Capitalized Costs under Successful Efforts Method for Oil and Natural Gas Properties (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Oil and natural gas properties, proved | $254,070 | $231,498 |
Oil and natural gas properties, unproved | 62,832 | 68,938 |
Gross oil and natural gas properties | 316,902 | 300,436 |
Accumulated depletion | -91,038 | -74,099 |
Net oil and natural gas properties | 225,864 | 226,337 |
Turkey [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Oil and natural gas properties, proved | 252,866 | 229,462 |
Oil and natural gas properties, unproved | 62,564 | 68,938 |
Bulgaria [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Oil and natural gas properties, proved | 1,204 | 2,036 |
Oil and natural gas properties, unproved | $268 | ' |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Alpullu field [Member] | Malkara license [Member] | Malkara license [Member] | Kazanci-5 well [Member] | Dry Hole [Member] | Dry Hole [Member] | Dry Hole [Member] | Inventory [Member] | Inventory [Member] | Software [Member] | ||||
Meneske-1 well [Member] | Suleymaniye-2 well [Member] | Pancarkoy -1 well [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proved development wells excluded from depletion | $2.70 | $2.70 | $1.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition costs of proved properties | ' | 38.7 | 49.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Well costs and additional development costs | 121.6 | 121.6 | 105.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exploratory drilling costs capitalized | 37 | 37 | ' | ' | ' | ' | 2.7 | 1.9 | 0.9 | 4.3 | ' | ' | ' |
Exploratory drilling costs | ' | 6.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassified exploratory well costs | 0 | 16.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized costs | 14.8 | 14.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dry hole costs expensed | 0.7 | 11.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash spent on dry hole | ' | 4.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge on proved and unproved properties | ' | ' | ' | 1.5 | 1.5 | 6.2 | ' | ' | ' | ' | ' | ' | ' |
Property plant and equipment excluded from depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26.80 | $20.50 | $0.60 |
Property_and_Equipment_Histori
Property and Equipment - Historical Cost of Equipment and Other Property on Gross Basis with Accumulated Depreciation (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | $42,229 | $35,747 |
Accumulated depreciation | -6,987 | -5,932 |
Net equipment and other property | 35,242 | 29,815 |
Other equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | 2,506 | 2,013 |
Inventory [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | 26,842 | 20,517 |
Gas gathering system and facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | 4,706 | 5,369 |
Vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | 232 | 131 |
Leasehold improvements, office equipment and software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | $7,943 | $7,717 |
Recovered_Sheet1
Commodity Derivative Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative [Line Items] | ' | ' | ' | ' |
Net gain (loss) on sale of commodity derivative contracts | ($3.10) | ($7.10) | $0.40 | ($5.30) |
Unrealized gain (loss) on sale of commodity derivative contracts | -2.2 | -6.3 | 3 | -2.2 |
Realized gain (loss) on sale of commodity derivative contracts | ($0.90) | ($0.80) | ($2.60) | ($3.10) |
Turkey [Member] | Amended and Restated Credit Facility [Member] | Minimum [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Percentage of hedge of anticipated production volume | 30.00% | ' | 30.00% | ' |
Turkey [Member] | Amended and Restated Credit Facility [Member] | Maximum [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Percentage of hedge of anticipated production volume | 75.00% | ' | 75.00% | ' |
Recovered_Sheet2
Commodity Derivative Instruments - Fair Value of Derivative Instruments of Future Crude Oil Production (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated Fair Value of Liability | ($5,597) | ($8,245) |
Collar [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated Fair Value of Liability | -172 | -545 |
January 1, 2013 - December 31, 2013 [Member] | Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Quantity (Bbl/day) | ' | 831 |
Collars Weighted Average Minimum Price (per Bbl) | ' | 85 |
Additional Call Weighted Average Maximum Price (per Bbl) | ' | 97.13 |
Estimated Fair Value of Liability | ' | -3,655 |
January 1, 2013 - December 31, 2013 [Member] | Collar [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Quantity (Bbl/day) | ' | 775 |
Collars Weighted Average Minimum Price (per Bbl) | ' | 82.26 |
Additional Call Weighted Average Maximum Price (per Bbl) | ' | 121.36 |
Estimated Fair Value of Liability | ' | -253 |
January 1, 2013 - December 31, 2013 [Member] | Additional Call | Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Additional Call Weighted Average Maximum Price (per Bbl) | ' | 162.13 |
January 1, 2014 - December 31, 2014 [Member] | Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Quantity (Bbl/day) | 726 | 726 |
Collars Weighted Average Minimum Price (per Bbl) | 85 | 85 |
Additional Call Weighted Average Maximum Price (per Bbl) | 97.13 | 97.13 |
Estimated Fair Value of Liability | -2,200 | -2,150 |
January 1, 2014 - December 31, 2014 [Member] | Collar [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Quantity (Bbl/day) | 622 | 662 |
Collars Weighted Average Minimum Price (per Bbl) | 80.83 | 80.83 |
Additional Call Weighted Average Maximum Price (per Bbl) | 118.07 | 118.07 |
Estimated Fair Value of Liability | -157 | -292 |
January 1, 2014 - December 31, 2014 [Member] | Additional Call | Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Additional Call Weighted Average Maximum Price (per Bbl) | 162.13 | 162.13 |
January 1, 2015-December 31, 2015 [Member] | Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Quantity (Bbl/day) | 1,016 | 1,016 |
Collars Weighted Average Minimum Price (per Bbl) | 85 | 85 |
Additional Call Weighted Average Maximum Price (per Bbl) | 91.88 | 91.88 |
Estimated Fair Value of Liability | -2,607 | -2,440 |
January 1, 2015-December 31, 2015 [Member] | Additional Call | Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Additional Call Weighted Average Maximum Price (per Bbl) | 151.88 | 151.88 |
October 1, 2013 - December 31, 2013 [Member] | Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Quantity (Bbl/day) | 770 | ' |
Collars Weighted Average Minimum Price (per Bbl) | 85 | ' |
Additional Call Weighted Average Maximum Price (per Bbl) | 97.13 | ' |
Estimated Fair Value of Liability | -790 | ' |
October 1, 2013 - December 31, 2013 [Member] | Collar [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Quantity (Bbl/day) | 717 | ' |
Collars Weighted Average Minimum Price (per Bbl) | 81.63 | ' |
Additional Call Weighted Average Maximum Price (per Bbl) | 119.8 | ' |
Estimated Fair Value of Liability | ($15) | ' |
October 1, 2013 - December 31, 2013 [Member] | Additional Call | Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Additional Call Weighted Average Maximum Price (per Bbl) | 162.13 | ' |
Asset_Retirement_Obligations_C
Asset Retirement Obligations - Changes in Asset Retirement Obligations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' | ' | ' |
Asset retirement obligations at beginning of period | ' | ' | $11,958 | $13,534 | $13,534 |
Change in estimates | ' | ' | -8 | ' | -3,868 |
Liabilities settled | ' | ' | -132 | ' | -110 |
Foreign exchange change effect | ' | ' | -1,438 | ' | 793 |
Additions | ' | ' | 531 | ' | 899 |
Accretion expense | 114 | 164 | 367 | 579 | 710 |
Asset retirement obligations at end of period | 11,278 | ' | 11,278 | ' | 11,958 |
Less: current portion | 916 | ' | 916 | ' | 818 |
Long-term portion | $10,362 | ' | $10,362 | ' | $11,140 |
Loan_Payable_Debt_Detail
Loan Payable - Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Loan payable | $49,766 | $32,766 |
Amended and Restated Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $49,766 | $32,766 |
Loan_Payable_Additional_Inform
Loan Payable - Additional Information (Detail) | 9 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
USD ($) | TBNG Credit Agreement [Member] | TBNG Credit Agreement [Member] | TBNG Credit Agreement [Member] | TBNG Credit Agreement [Member] | Amended and Restated Credit Facility [Member] | Amended and Restated Credit Facility [Member] | |
TRY | TRY | Cash [Member] | Letter of Credit [Member] | USD ($) | USD ($) | ||
TRY | Bank Guarantees [Member] | ||||||
TRY | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility reduced maximum borrowing capacity | $56,500,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument above LIBOR interest rate | ' | ' | ' | ' | ' | 5.50% | ' |
Total third-party debt | ' | ' | ' | ' | ' | 49,766,000 | 32,766,000 |
Line of Credit Facility, Initiation Date | ' | '2013-06-18 | ' | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | 38,700,000 | 78,800,000 | 60,000,000 | 18,800,000 | ' | ' |
Line of Credit Facility, Term | ' | '2 years | ' | ' | ' | ' | ' |
Borrowings under credit facility | ' | 0 | ' | ' | ' | ' | ' |
Recovered_Sheet3
Contingencies Relating to Production Leases and Exploration Permits - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2012 | Sep. 30, 2013 |
Loss Contingencies [Line Items] | ' | ' |
Accrued liabilities relating to our Tselfat exploration permit | $5 | ' |
General and administrative expense | 2 | ' |
Stefenetz Concession Area [Member] | Amendment [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Stock issued, non cash consideration, value | ' | 10 |
Area of land leased under the production | ' | 200,000 |
Direct Petroleum [Member] | Amendment [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Stock issued, non cash consideration, shares | ' | 3,510,743 |
Stock issued, non cash consideration, value | ' | 2.5 |
Direct Petroleum [Member] | Etroploe Shale [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Contingent liability Reversed | ' | 5 |
Direct Petroleum [Member] | Deventci-R2 [Member] | Amendment [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Contingent liability Reversed | ' | 2.5 |
Contingency, Purchase obligation | ' | 2.5 |
Moroccan Government [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Recovery of contractual obligations | 5.5 | ' |
Bank guarantee | ' | 1 |
Bulgarian Government [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Recovery of contractual obligations | $2 | ' |
Shareholders_Equity_Additional
Shareholders Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share based awards anti-dilutive | 0 | 7,455,000 | 0 | 7,461,240 |
Expired common stock purchase warrants | ' | ' | 730,000 | ' |
Warrant expiration date | ' | ' | 1-Sep-13 | ' |
Contingent liability | $2.50 | ' | $2.50 | ' |
Common shares potentially dilutive | ' | ' | 2,976,190 | ' |
Restricted stock units [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0.5 | 0.4 | 1.3 | 1.5 |
Unrecognized compensation expense | $2.10 | ' | $2.10 | ' |
Unrecognized compensation expense recognition period | ' | ' | '1 year 7 months 6 days | ' |
Shareholders_Equity_Basic_and_
Shareholders Equity - Basic and Diluted Earnings Per Share Computations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net (loss) income from continuing operations | ($4,818) | $469 | $1,117 | $7,569 |
Net (loss) income from discontinued operations | ($155) | $6,525 | ($248) | $20,904 |
Weighted average common shares outstanding | 371,503 | 367,960 | 369,785 | 366,981 |
Continuing operations | ($0.01) | $0 | $0 | $0.02 |
Discontinued operations | $0 | $0.02 | $0 | $0.06 |
Weighted average common shares outstanding | 371,503 | 367,960 | 369,785 | 366,981 |
Weighted average common and common equivalent shares outstanding | 371,503 | 370,020 | 369,785 | 368,869 |
Continuing operations | ($0.01) | $0 | $0 | $0.02 |
Discontinued operations | $0 | $0.02 | $0 | $0.06 |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | ' | 1,941 | ' | 1,745 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | ' | 119 | ' | 143 |
Segment_Information_Financial_
Segment Information - Financial Information of Geographic Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||
Total revenues | $33,303 | $34,815 | $100,578 | $106,749 | ' | |||
(Loss) income from continuing operations before income taxes | -4,685 | 2,181 | 3,690 | 14,111 | ' | |||
Capital expenditures | 33,974 | 24,498 | 81,550 | 71,945 | ' | |||
Segment assets | 347,136 | [1] | ' | 347,136 | [1] | ' | 356,639 | [1] |
Goodwill | 7,906 | ' | 7,906 | ' | 9,021 | |||
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||
Total revenues | -2 | ' | ' | ' | ' | |||
(Loss) income from continuing operations before income taxes | -2,943 | -2,534 | -9,019 | -9,808 | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | |||
Segment assets | 13,849 | ' | 13,849 | ' | 14,825 | |||
Goodwill | ' | ' | ' | ' | ' | |||
Operating Segments [Member] | Romania [Member] | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | |||
(Loss) income from continuing operations before income taxes | -46 | -149 | -104 | -804 | ' | |||
Capital expenditures | ' | ' | ' | ' | ' | |||
Segment assets | 46 | ' | 46 | ' | 105 | |||
Goodwill | ' | ' | ' | ' | ' | |||
Operating Segments [Member] | Turkey [Member] | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||
Total revenues | 33,277 | 34,767 | 100,454 | 106,552 | ' | |||
(Loss) income from continuing operations before income taxes | -1,517 | 5,042 | 8,380 | 27,301 | ' | |||
Capital expenditures | 33,706 | 24,498 | 81,282 | 71,777 | ' | |||
Segment assets | 327,069 | ' | 327,069 | ' | 339,752 | |||
Goodwill | 7,906 | ' | 7,906 | ' | 9,021 | |||
Operating Segments [Member] | Bulgaria [Member] | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||
Total revenues | 28 | 48 | 124 | 197 | ' | |||
(Loss) income from continuing operations before income taxes | -179 | -178 | 4,433 | -2,578 | ' | |||
Capital expenditures | 268 | ' | ' | 168 | ' | |||
Segment assets | 6,172 | ' | 6,172 | ' | 1,957 | |||
Goodwill | ' | ' | ' | ' | ' | |||
[1] | Excludes assets held for sale from our discontinued Moroccan operations of $0.6 million and $1.6 million at September 30, 2013 and December 31, 2012, respectively. |
Segment_Information_Financial_1
Segment Information - Financial Information of Geographic Segments (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting [Abstract] | ' | ' |
Assets from discontinued operations and services | $0.60 | $1.60 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | Foreign Currency Risk | Foreign Currency Risk |
USD ($) | TRY | |||||
Fair Value Disclosures [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign Currency exchange rate risk | $12,271 | $14,768 | $26,169 | $15,116 | $7,100 | 14,500 |
Financial_Instruments_Valuatio
Financial Instruments - Valuation of Financial Assets and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | ($5,769) | ($8,790) |
Derivative Financial Instruments (commodity) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | -5,769 | -8,790 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | ' | ' |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Derivative Financial Instruments (commodity) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | -5,769 | -8,790 |
Significant Other Observable Inputs (Level 2) [Member] | Derivative Financial Instruments (commodity) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | -5,769 | -8,790 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Derivative Financial Instruments (commodity) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | ' | ' |
Related_Party_Transactions_Rel
Related Party Transactions - Related Party Accounts Receivable and Accounts Payable (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Total related party accounts receivable | $618 | $419 |
Total related party accounts payable | 23,859 | 15,634 |
Viking International master service agreement [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related party accounts receivable | 577 | 313 |
Total related party accounts payable | 20,592 | 15,467 |
Viking Geophysical master services agreement [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related party accounts payable | 3,103 | ' |
Riata Management Service Agreement [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related party accounts receivable | 41 | ' |
Total related party accounts payable | 164 | 167 |
Dalea promissory note [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related party accounts receivable | ' | $106 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Capital and operating expenditures | $27.80 | $26.10 | $65.50 | $43.90 |