Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' | 37,402,698 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $16,708 | $12,881 |
Accounts receivable | ' | ' |
Oil and natural gas sales, net | 30,940 | 30,619 |
Joint interest and other | 9,218 | 15,348 |
Related party | 472 | 1,004 |
Prepaid and other current assets | 5,681 | 5,072 |
Deferred income taxes | 2,322 | 2,239 |
Assets held for sale | 29 | 536 |
Total current assets | 65,370 | 67,699 |
Oil and natural gas properties (successful efforts method) | ' | ' |
Proved | 273,968 | 260,857 |
Unproved | 52,559 | 54,392 |
Equipment and other property | 37,784 | 39,916 |
Property and equipment, gross | 364,311 | 355,165 |
Less accumulated depreciation, depletion and amortization | -111,787 | -104,193 |
Property and equipment, net | 252,524 | 250,972 |
Other long-term assets: | ' | ' |
Other assets | 8,215 | 8,880 |
Note receivable - related party | 11,500 | 11,500 |
Goodwill | 7,344 | 7,535 |
Total other assets | 27,059 | 27,915 |
Total assets | 344,953 | 346,586 |
Current liabilities: | ' | ' |
Accounts payable | 12,582 | 16,712 |
Accounts payable - related party | 18,871 | 23,090 |
Accrued liabilities | 20,047 | 20,658 |
Derivative liabilities | 3,384 | 3,737 |
Asset retirement obligations | 394 | 610 |
Loans payable | 26,700 | 43,284 |
Liabilities held for sale | 7,455 | 7,559 |
Total current liabilities | 89,433 | 115,650 |
Long-term liabilities: | ' | ' |
Asset retirement obligations | 10,291 | 10,286 |
Accrued liabilities | 6,439 | 6,487 |
Deferred income taxes | 17,824 | 16,134 |
Loan payable | 49,766 | 26,482 |
Derivative liabilities | 2,869 | 4,230 |
Total long-term liabilities | 87,189 | 63,619 |
Total liabilities | 176,622 | 179,269 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common shares, $0.10 par value, 100,000,000 shares authorized; 37,402,698 shares issued and outstanding as of March 31, 2014 and 37,340,206 shares issued and outstanding as of December 31, 2013 | 3,740 | 3,734 |
Additional paid-in capital | 542,421 | 542,091 |
Accumulated other comprehensive loss | -68,280 | -64,985 |
Accumulated deficit | -309,550 | -313,523 |
Total shareholders' equity | 168,331 | 167,317 |
Total liabilities and shareholders' equity | $344,953 | $346,586 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Common shares, par value | $0.10 | $0.10 |
Common shares, shares authorized | 100,000,000 | 100,000,000 |
Common shares, issued | 37,402,698 | 37,340,206 |
Common shares, outstanding | 37,402,698 | 37,340,206 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Oil and natural gas sales | $32,984 | $32,725 |
Sales of purchased natural gas | 545 | 806 |
Other | 117 | 513 |
Total revenues | 33,646 | 34,044 |
Costs and expenses: | ' | ' |
Production | 4,131 | 5,527 |
Exploration, abandonment and impairment | 4,141 | 3,864 |
Cost of purchased natural gas | 485 | 712 |
Seismic and other exploration | 3,294 | 243 |
Revaluation of contingent consideration | -2,500 | ' |
General and administrative | 6,552 | 7,523 |
Depreciation, depletion and amortization | 10,090 | 8,976 |
Accretion of asset retirement obligations | 98 | 129 |
Total costs and expenses | 26,291 | 26,974 |
Operating income | 7,355 | 7,070 |
Other income (expense): | ' | ' |
Interest and other expense | -1,203 | -890 |
Interest and other income | 273 | 375 |
Gain (loss) on commodity derivative contracts | 962 | -776 |
Foreign exchange loss | -1,344 | -487 |
Total other expense | -1,312 | -1,778 |
Income from continuing operations before income taxes | 6,043 | 5,292 |
Current income tax expense | -69 | -1,339 |
Deferred income tax expense | -1,981 | -921 |
Net income from continuing operations | 3,993 | 3,032 |
Net loss from discontinued operations, net of taxes | -20 | -93 |
Net income | 3,973 | 2,939 |
Other comprehensive loss: | ' | ' |
Foreign currency translation adjustment | -3,295 | -2,836 |
Comprehensive income | $678 | $103 |
Basic net income per common share: | ' | ' |
Continuing operations | $0.11 | $0.08 |
Discontinued operations | $0 | $0 |
Weighted average common shares outstanding | 37,392 | 36,888 |
Diluted net income per common share: | ' | ' |
Continuing operations | $0.11 | $0.08 |
Discontinued operations | $0 | $0 |
Weighted average common and common equivalent shares outstanding | 37,392 | 36,888 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (Unaudited) (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, 2013 | $167,317 | $3,734 | $542,091 | ($64,985) | ($313,523) |
Beginning balance, shares at Dec. 31, 2013 | ' | 37,340 | ' | ' | ' |
Issuance of restricted stock units | ' | 6 | -6 | ' | ' |
Issuance of restricted stock units, shares | ' | 63 | ' | ' | ' |
Share-based compensation | 396 | ' | 396 | ' | ' |
Tax withholding on restricted stock units | -60 | ' | -60 | ' | ' |
Foreign currency translation adjustments | -3,295 | ' | ' | -3,295 | ' |
Net income | 3,973 | ' | ' | ' | 3,973 |
Ending balance at Mar. 31, 2014 | $168,331 | $3,740 | $542,421 | ($68,280) | ($309,550) |
Ending balance, shares at Mar. 31, 2014 | ' | 37,403 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net income | $3,973 | $2,939 |
Adjustment for net loss from discontinued operations | 20 | 93 |
Net income from continuing operations | 3,993 | 3,032 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Share-based compensation | 396 | 382 |
Foreign currency loss | 2,413 | 490 |
(Gain) loss on commodity derivative contracts | -962 | 776 |
Cash settlement on commodity derivative contracts | -752 | -1,252 |
Amortization of loan financing costs | 127 | 128 |
Deferred income tax expense | 1,981 | 921 |
Exploration, abandonment and impairment | 4,141 | 3,864 |
Depreciation, depletion and amortization | 10,090 | 8,976 |
Accretion of asset retirement obligations | 98 | 129 |
Revaluation of contingent consideration | -2,500 | ' |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | 5,207 | 9,166 |
Prepaid expenses and other assets | -401 | 219 |
Accounts payable and accrued liabilities | 4,320 | -7,182 |
Net cash provided by operating activities from continuing operations | 28,151 | 19,649 |
Net cash used in operating activities from discontinued operations | -20 | -1,072 |
Net cash provided by operating activities | 28,131 | 18,577 |
Investing activities: | ' | ' |
Additions to oil and natural gas properties | -30,925 | -13,423 |
Additions to equipment and other properties | -267 | -1,133 |
Restricted cash | ' | -7,110 |
Net cash used in investing activities from continuing operations | -31,192 | -21,666 |
Net cash provided by investing activities from discontinued operations | 500 | 1,016 |
Net cash used in investing activities | -30,692 | -20,650 |
Financing activities: | ' | ' |
Tax withholding on restricted stock units | -60 | ' |
Loan proceeds | 12,013 | 13,589 |
Loan repayment | -5,313 | -6,589 |
Net cash provided by financing activities from continuing operations | 6,640 | 7,000 |
Effect of exchange rate changes on cash | -252 | -267 |
Net increase in cash and cash equivalents | 3,827 | 4,660 |
Cash and cash equivalents, beginning of period | 12,881 | 14,768 |
Cash and cash equivalents, end of period | 16,708 | 19,428 |
Supplemental disclosures: | ' | ' |
Cash paid for interest | 766 | 702 |
Cash paid for taxes | ' | $396 |
General
General | 3 Months Ended |
Mar. 31, 2014 | |
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, 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. As of March 31, 2014, we held interests in developed and undeveloped oil and natural gas properties in Turkey and Bulgaria. As of May 1, 2014, 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. In preparing financial statements, management makes informed judgments and estimates that affect the reported amounts of assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management reviews estimates, including those related to fair value measurements associated with acquisitions and financial derivatives, the recoverability and impairment of long-lived assets and goodwill, contingencies and income taxes. Changes in facts and circumstances may result in revised estimates and actual results may differ from these estimates. | |
Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2013. |
Recent_accounting_pronouncemen
Recent accounting pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Text Block [Abstract] | ' |
Recent accounting pronouncements | ' |
2. Recent accounting pronouncements | |
In April 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Components of an Entity (“ASU 2014-08”). ASU 2014-08 revises the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results, removing the lack of continuing involvement criteria and requiring discontinued operations reporting for the disposal of an equity method investment that meets the definition of discontinued operations. The update also requires expanded disclosures for discontinued operations, including disclosure of pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. The update is effective prospectively to all periods beginning after December 15, 2014. We do not expect the adoption of ASU 2014-08 to have a material impact on our consolidated financial statements. | |
We have reviewed other recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on our consolidated results of operations, financial position and cash flows. Based on that review, we believe that none of these pronouncements will have a significant effect on current or future earnings or operations. |
Property_and_equipment
Property and equipment | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and equipment | ' | ||||||||
3. 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: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Oil and natural gas properties, proved: | |||||||||
Turkey | $ | 273,344 | $ | 260,232 | |||||
Bulgaria | 624 | 625 | |||||||
Total oil and natural gas properties, proved | 273,968 | 260,857 | |||||||
Oil and natural gas properties, unproved: | |||||||||
Turkey | 48,413 | 51,273 | |||||||
Bulgaria | 4,146 | 3,119 | |||||||
Total oil and natural gas properties, unproved | 52,559 | 54,392 | |||||||
Gross oil and natural gas properties | 326,527 | 315,249 | |||||||
Accumulated depletion | (104,180 | ) | (96,958 | ) | |||||
Net oil and natural gas properties | $ | 222,347 | $ | 218,291 | |||||
At March 31, 2014 and December 31, 2013, we excluded $4.1 million and $1.5 million, respectively, from the depletion calculation for proved development wells currently in progress and for costs associated with fields currently not in production. | |||||||||
At March 31, 2014, the capitalized costs of our oil and natural gas properties, net of accumulated depletion, included $33.2 million relating to acquisition costs of proved properties, which are being depleted by the unit-of-production method using total proved reserves, and $132.5 million relating to well costs and additional development costs, which are being depleted by the unit-of-production method using proved developed reserves. | |||||||||
At December 31, 2013, the capitalized costs of our oil and natural gas properties, net of accumulated depletion, included $35.5 million relating to acquisition costs of proved properties, which are being depleted by the unit-of-production method using total proved reserves, and $126.9 million relating to well costs and additional development costs, which are being depleted by the unit-of-production method using proved developed reserves. | |||||||||
Impairment and dry hole costs | |||||||||
During the three months ended March 31, 2014 and 2013, we recorded $4.1 million and $3.9 million of impairment and exploratory dry hole costs, respectively. Of the $4.1 million of costs incurred during the three months ended March 31, 2014, approximately $1.1 million was related to cash spent during the three months ended March 31, 2014. | |||||||||
Capitalized cost greater than one year | |||||||||
As of March 31, 2014, we had $2.6 million and $1.7 million of exploratory well costs capitalized for the Kazanci-5 and Hayrabolu-10 wells, which we spud in September 2012 and February 2013, respectively. We are currently recompleting the Kazanci-5 well in the Osmancik and Danismen formation intervals and plan to put it on production in the next few months. The Hayrabolu-10 well has similar characteristics to the Kazanci-5 well, and we are waiting on the results of the Kazanci-5 well to develop the completion plan for it. | |||||||||
Equipment and other property | |||||||||
The historical cost of equipment and other property, presented on a gross basis with accumulated depreciation, is summarized as follows: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Other equipment | $ | 3,560 | $ | 2,678 | |||||
Inventory | 22,179 | 24,318 | |||||||
Gas gathering system and facilities | 4,371 | 4,485 | |||||||
Vehicles | 316 | 321 | |||||||
Leasehold improvements, office equipment and software | 7,358 | 8,114 | |||||||
Gross equipment and other property | 37,784 | 39,916 | |||||||
Accumulated depreciation | (7,607 | ) | (7,235 | ) | |||||
Net equipment and other property | $ | 30,177 | $ | 32,681 | |||||
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 March 31, 2014, we excluded $22.2 million of inventory and $0.9 million of software from depreciation, as the inventory and software had not been placed into service. At December 31, 2013, we excluded $24.3 million of inventory and $0.7 million of software from depreciation, as the inventory and software had not been placed into service. |
Asset_retirement_obligations
Asset retirement obligations | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Asset retirement obligations | ' | ||||||||
4. Asset retirement obligations | |||||||||
The following table summarizes the changes in our asset retirement obligations for the three months ended March 31, 2014 and for the year ended December 31, 2013: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Asset retirement obligations at beginning of period | $ | 10,896 | $ | 11,958 | |||||
Change in estimates | — | (7 | ) | ||||||
Liabilities settled | (206 | ) | (296 | ) | |||||
Foreign exchange change effect | (271 | ) | (2,258 | ) | |||||
Additions | 168 | 991 | |||||||
Accretion expense | 98 | 508 | |||||||
Asset retirement obligations at end of period | 10,685 | 10,896 | |||||||
Less: current portion | 394 | 610 | |||||||
Long-term portion | $ | 10,291 | $ | 10,286 | |||||
Our asset retirement obligations are 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. |
Commodity_derivative_instrumen
Commodity derivative instruments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
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 a portion of our future oil production. We have not designated the derivative contracts as hedges for accounting purposes, and accordingly, we record the derivative 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 contracts 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 gains and losses related to these contracts on a fair value basis in our consolidated statements of comprehensive income 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 under the caption “Cash settlement on commodity derivative contracts.” We are required under our amended and restated credit facility (the “Amended and Restated Credit Facility”) with BNP Paribas (Suisse) SA (“BNP Paribas”) and Standard Bank Plc (“Standard Bank”), to hedge between 30% and 75% of our anticipated production volumes in the Selmo and Arpatepe oil fields in Turkey. | |||||||||||||||||||||||||
During the three months ended March 31, 2014 and 2013, we recorded net gain on commodity derivative contracts of $1.0 million and a net loss of $0.8 million, respectively. | |||||||||||||||||||||||||
At March 31, 2013 and December 31, 2013, 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 March 31, 2014 | |||||||||||||||||||||||||
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 | April 1, 2014—December 31, 2014 | 614 | $ | 80.72 | $ | 117.84 | $ | (192 | ) | ||||||||||||||||
$ | (192 | ) | |||||||||||||||||||||||
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 | April 1, 2014—December 31, 2014 | 708 | $ | 85 | $ | 97.13 | $ | 162.13 | $ | (1,988 | ) | ||||||||||||||
Three-way collar contract | January 1, 2015—December 31, 2015 | 1,016 | $ | 85 | $ | 91.88 | $ | 151.88 | (4,073 | ) | |||||||||||||||
$ | (6,061 | ) | |||||||||||||||||||||||
Fair Value of Derivative Instruments as of December 31, 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 | January 1, 2014—December 31, 2014 | 622 | $ | 80.83 | $ | 118.07 | $ | (387 | ) | ||||||||||||||||
$ | (387 | ) | |||||||||||||||||||||||
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, 2014—December 31, 2014 | 726 | $ | 85 | $ | 97.13 | $ | 162.13 | $ | (3,350 | ) | ||||||||||||||
Three-way collar contract | January 1, 2015—December 31, 2015 | 1,016 | $ | 85 | $ | 91.88 | $ | 151.88 | (4,230 | ) | |||||||||||||||
$ | (7,580 | ) | |||||||||||||||||||||||
Balance sheet presentation | |||||||||||||||||||||||||
The following table summarizes both: (i) the gross fair value of the commodity derivative instruments by the appropriate balance sheet classification even when the commodity derivative instruments are subject to netting arrangements and qualify for net presentation in the balance sheet and (ii) the net recorded fair value as reflected on the balance sheet at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
Underlying commodity | Location on Balance Sheet | Gross | Gross | Net Amounts of | |||||||||||||||||||||
Amounts of | Amounts | Liabilities | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Liabilities | Consolidated | Consolidated | |||||||||||||||||||||||
Balance | Balance Sheet | ||||||||||||||||||||||||
Sheet | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Crude oil derivative contract | Current liabilities | $ | 3,384 | $ | — | $ | 3,384 | ||||||||||||||||||
Crude oil derivative contract | Long-term liabilities | $ | 2,869 | $ | — | $ | 2,869 | ||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Underlying commodity | Location on Balance Sheet | Gross | Gross | Net Amounts of | |||||||||||||||||||||
Amounts of | Amounts | Liabilities | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Liabilities | Consolidated | Consolidated | |||||||||||||||||||||||
Balance | Balance Sheet | ||||||||||||||||||||||||
Sheet | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Crude oil derivative contract | Current liabilities | $ | 3,737 | $ | — | $ | 3,737 | ||||||||||||||||||
Crude oil derivative contract | Long-term liabilities | $ | 4,230 | $ | — | $ | 4,230 |
Loans_payable
Loans payable | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Loans payable | ' | ||||||||
6. Loans payable | |||||||||
As of the dates indicated, our third-party debt consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Floating Rate Debt | (in thousands) | ||||||||
Amended and Restated Credit Facility | $ | 49,766 | $ | 49,766 | |||||
TBNG credit facility | 26,700 | 20,000 | |||||||
Loans payable | 76,466 | 69,766 | |||||||
Less: current portion | 26,700 | 43,284 | |||||||
Long-term portion | $ | 49,766 | $ | 26,482 | |||||
Amended and Restated Credit Facility | |||||||||
On May 18, 2011, DMLP, Ltd. (“DMLP”), TransAtlantic Exploration Mediterranean International Pty Ltd (“TEMI”), Talon Exploration, Ltd. (“Talon Exploration”), TransAtlantic Turkey, Ltd. (“TransAtlantic Turkey”) and Petrogas (collectively, and together with Amity, the “Borrowers”) entered into the Amended and Restated Credit Facility. Each of the Borrowers is our wholly owned subsidiary. In July 2011, Amity executed a joinder agreement and became a borrower under the Amended and Restated Credit Facility. The Amended and Restated Credit Facility is guaranteed by us and each of TransAtlantic Petroleum (USA) Corp. and 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. Following our borrowing base redetermination on January 1, 2014, the borrowing base is currently $43.1 million. At March 31, 2014, we had borrowed $49.8 million under the Amended and Restated Credit Facility. The lenders have granted the Borrowers a waiver to extend until May 15, 2014 a mandatory prepayment due as a result of our borrowings exceeding the borrowing base. | |||||||||
At March 31, 2013, we were not in compliance with Section 8.17(a) of our Amended and Restated Credit Facility, which requires the Borrowers to maintain a current ratio of not less than 1.10:1.0. The lenders have granted the Borrowers a waiver on the current ratio requirement through March 31, 2015. | |||||||||
Senior Credit Facility | |||||||||
On May [5], 2014, the Borrowers entered into a senior secured credit facility (the “Senior Credit Facility”) with BNP Paribas and the International Finance Corporation (“IFC”). The Senior Credit Facility is guaranteed by TransAtlantic Petroleum Ltd. and each of TransAtlantic Petroleum (USA) Corp. and TransAtlantic Worldwide. We intend to use borrowings under the Senior Credit Facility to pay off in full the Amended and Restated Credit Facility and to fund our oil and natural gas exploration and development activities in Turkey. See Note 13 Subsequent events. | |||||||||
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 (“TRY”) (approximately $36.0 million at March 31, 2014) unsecured line of credit with a Turkish bank, of which 60 million TRY is available in cash for TBNG and 18.8 million TRY 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 is established at the time of each borrowing. We have made two borrowings under this credit facility, on October 9, 2013 and November 5, 2013, each of which has a one-year term at a fixed interest rate of 4.6% per annum. At maturity, we expect to renew the borrowings for one additional year at then current market interest rates. As of March 31, 2014, we had borrowed $26.7 million under this credit facility. |
Contingencies_relating_to_expl
Contingencies relating to exploration permits | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Contingencies relating to exploration permits | ' |
7. Contingencies relating to 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 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 measurable. | |
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 believe that the bank guarantee satisfies our contractual obligations, we recorded $5.0 million in accrued liabilities relating to our Tselfat exploration permit during 2012 for this contingency. | |
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 2012 for this contractual obligation. | |
Direct Petroleum | |
In July 2013, we entered into a second amendment (the “Amendment”) to the Purchase Agreement with Direct Petroleum Exploration, LLC (“Direct”). The Amendment set forth a new obligation to drill and test the Deventci-R2 well by May 1, 2014. We completed the drilling and testing requirements pursuant to the Amendment during April 2014, which resulted in the reversal of the $2.5 million contingent liability recorded in 2011. The reversal is recognized in our consolidated statements of comprehensive income under the caption “Revaluation of contingent consideration” during the three months ended March 31, 2014. | |
In addition, the Amendment provides that we will issue $7.5 million in common shares if the Deventci-R2 well is a commercial success (as defined in the Purchase Agreement) on or prior to May 1, 2016. We will record any provision for this contingent consideration when it is estimable and probable. As of March 31, 2014, we had not recorded a contingent liability for this contingent consideration. | |
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 Area. Any adjustment will be recorded when it becomes probable and estimable. |
Shareholders_equity
Shareholders' equity | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Shareholders' equity | ' | ||||||||
8. Shareholders’ equity | |||||||||
Reverse stock split | |||||||||
On March 4, 2014, our shareholders approved a 1-for-10 reverse stock split, which became effective March 6, 2014. Pursuant to the reverse stock split, all shareholders of record received one common share for each ten common shares owned (subject to minor adjustments as a result of fractional shares). The reverse stock split reduced the issued and outstanding common shares from 374,026,984 to 37,402,698. U.S. GAAP requires that the reverse stock split be applied retrospectively to all periods presented. As a result, all common share amounts and transactions herein have been adjusted to reflect the 1-for-10 reverse stock split. | |||||||||
Restricted stock units | |||||||||
We recorded share-based compensation expense of $0.4 million for awards of restricted stock units (“RSUs”) for each of the three months ended March 31, 2014 and 2013. | |||||||||
As of March 31, 2014, we had approximately $2.2 million of unrecognized compensation expense related to unvested RSUs, which is expected to be recognized over a weighted average period of 1.8 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 months ended March 31, 2014 equals net income divided by the weighted average shares outstanding during the period. 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 months ended March 31, 2014 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 RSUs. | |||||||||
The following table presents the basic and diluted earnings per common share computations: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands, except per share amounts) | 2014 | 2013 | |||||||
Net income from continuing operations | $ | 3,993 | $ | 3,032 | |||||
Net loss from discontinued operations | $ | (20 | ) | $ | (93 | ) | |||
Basic net income per common share: | |||||||||
Shares: | |||||||||
Weighted average common shares outstanding | 37,392 | 36,888 | |||||||
Basic net income per common share: | |||||||||
Continuing operations | $ | 0.11 | $ | 0.08 | |||||
Discontinued operations | $ | 0 | $ | 0 | |||||
Diluted net income per common share: | |||||||||
Shares: | |||||||||
Weighted average common shares outstanding | 37,392 | 36,888 | |||||||
Diluted net income per common share: | |||||||||
Continuing operations | $ | 0.11 | $ | 0.08 | |||||
Discontinued operations | $ | 0 | $ | 0 | |||||
Segment_information
Segment information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment information | ' | ||||||||||||||||
9. Segment information | |||||||||||||||||
In accordance with ASC 280, Segment Reporting (“ASC 280”), we have two reportable geographic segments: Turkey and Bulgaria. Summarized financial information from continuing operations concerning our geographic segments is shown in the following table: | |||||||||||||||||
Corporate | Turkey | Bulgaria | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||
Total revenues | $ | — | $ | 33,639 | $ | 7 | $ | 33,646 | |||||||||
Income (loss) from continuing operations before income taxes | (3,820 | ) | 7,500 | 2,363 | 6,043 | ||||||||||||
Capital expenditures | $ | 169 | $ | 21,781 | $ | 1,041 | $ | 22,991 | |||||||||
For the three months ended March 31, 2013 | |||||||||||||||||
Total revenues | $ | — | $ | 33,976 | $ | 68 | $ | 34,044 | |||||||||
Income (loss) from continuing operations before income taxes | (2,980 | ) | 8,372 | (100 | ) | 5,292 | |||||||||||
Capital expenditures | $ | — | $ | 18,699 | $ | — | $ | 18,699 | |||||||||
Segment assets | |||||||||||||||||
March 31, 2014 | $ | 14,427 | $ | 323,302 | $ | 7,195 | $ | 344,924 | (1) | ||||||||
December 31, 2013 | $ | 14,070 | $ | 321,749 | $ | 10,231 | $ | 346,050 | (1) | ||||||||
Goodwill | |||||||||||||||||
March 31, 2014 | $ | — | $ | 7,344 | $ | — | $ | 7,344 | |||||||||
December 31, 2013 | $ | — | $ | 7,535 | $ | — | $ | 7,535 | |||||||||
-1 | Excludes assets held for sale from our discontinued Moroccan operations of $29,000 and $0.5 million at March 31, 2014 and December 31, 2013, respectively. |
Financial_instruments
Financial instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial instruments | ' | ||||||||||||||||
10. Financial 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 Senior Credit Facility. | |||||||||||||||||
Foreign currency risk | |||||||||||||||||
We have underlying foreign currency exchange rate exposure. Our currency exposures relate to transactions denominated in the Bulgarian Lev, European Union Euro, and TRY. We are also subject to foreign currency exposures resulting from translating the functional currency of our subsidiary financial statements into the U.S. Dollar reporting currency. We have not used foreign currency forward contracts to manage exchange rate fluctuations. At March 31, 2014, we had 22.1 million TRY (approximately $10.1 million) in cash and cash equivalents, which exposes us to exchange rate risk based on fluctuations in the value of the TRY. | |||||||||||||||||
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 March 31, 2014 and December 31, 2013, we were a party to commodity derivative contracts. See Note 5 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 (“TPAO”), the national oil company of Turkey, Zorlu Dogal Gaz Ithalat Ihracat ve Toptan Ticaret A.S. (“Zorlu”), a privately owned natural gas distributor in Turkey, and TUPRAS, which purchase the majority of our oil and natural gas production. The receivables are not collateralized. To date, we have experienced minimal bad debts and have no allowance for doubtful accounts. The majority of our cash and cash equivalents are held by three financial institutions in the United States and Turkey. | |||||||||||||||||
Fair value measurements | |||||||||||||||||
Cash and cash equivalents, receivables, accounts payable, accrued liabilities, and the TBNG credit facility were each estimated to have a fair value approximating their carrying amount at March 31, 2014 and December 31, 2013 due to the short maturity of those instruments. Indebtedness under the Amended and Restated Credit Facility was estimated to have a fair value approximating the carrying amount at March 31, 2014 and December 31, 2013 since the interest rate is generally market sensitive. | |||||||||||||||||
The following table summarizes the valuation of our financial assets and liabilities as of March 31, 2014: | |||||||||||||||||
Fair Value Measurement Classification | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets or | (Level 2) | ||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (commodity) | $ | — | $ | (6,253 | ) | $ | — | $ | (6,253 | ) | |||||||
Total | $ | — | $ | (6,253 | ) | $ | — | $ | (6,253 | ) | |||||||
The following table summarizes the valuation of our financial assets and liabilities as of December 31, 2013: | |||||||||||||||||
Fair Value Measurement Classification | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets or | (Level 2) | ||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (commodity) | $ | — | $ | (7,967 | ) | $ | — | $ | (7,967 | ) | |||||||
Total | $ | — | $ | (7,967 | ) | $ | — | $ | (7,967 | ) | |||||||
Related_party_transactions
Related party transactions | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related party transactions | ' | ||||||||
11. Related party transactions | |||||||||
The following table summarizes related party accounts receivable and accounts payable as of the dates indicated: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Related party accounts receivable: | |||||||||
Viking International master services agreement | $ | 418 | $ | 939 | |||||
Riata Management Service Agreement | 54 | 65 | |||||||
Total related party accounts receivable | $ | 472 | $ | 1,004 | |||||
Related party accounts payable: | |||||||||
Viking International master services agreement | $ | 16,438 | $ | 15,956 | |||||
Viking Geophysical master services agreement | 2,051 | 6,800 | |||||||
Riata Management Service Agreement | 382 | 334 | |||||||
Total related party accounts payable | $ | 18,871 | $ | 23,090 | |||||
On June 13, 2012, we entered into separate master services agreements with each of Viking International Limited (“Viking International”), Viking Petrol Sahasi Hizmetleri A.S. (“VOS”) and Viking Geophysical Services, Ltd. (“Viking Geophysical”) in connection with the sale of our oilfield services business. Pursuant to the master services agreements with Viking International and VOS, we are entitled to receive certain oilfield services and materials, including, but not limited to, drilling rigs and fracture stimulation equipment that are needed for our operations in Turkey and Bulgaria. Pursuant to the master services agreement with Viking Geophysical, we are also entitled to receive geophysical services and materials that are needed for our operations in those countries. Each master services agreement is for a five-year term. | |||||||||
On June 13, 2012, we entered into a transition services agreement with Viking Services Management, Ltd. (“Viking Management”) in connection with the sale of our oilfield services business. Pursuant to the transition services agreement, we agreed to provide certain administrative services, including, but not limited to, continued use of certain of our employees and independent contractors, a guarantee of a lease for flats in Turkey, Turkish tax or legal advice and services, office space in Istanbul, Turkey, information technology support and certain software or licenses to Viking Management. In addition, Viking Management agreed to cause its subsidiaries to provide us with the continued use of certain office space in Tekirdag, Turkey. In the third quarter of 2012, we entered into an addendum to the transition services agreement whereby Viking Management agreed to cause its subsidiaries to provide us with the continued use of certain equipment yards in the Thrace Basin and in southwestern Turkey. The transition services agreement has a two-year term. Viking Management agreed to use commercially reasonable efforts to eliminate its need for such services as soon as practicable following the entry into the agreement. | |||||||||
On March 26, 2014, our wholly owned subsidiaries, TEMI and TBNG, entered into an equipment yard services agreement effective as of April 1, 2014 with Viking International for services related to the use of oilfield equipment yards located in Diyarbakir, Tekirdag and Muratli, Turkey. The initial term of the agreement is for twelve months, and the term of the agreement renews automatically for additional twelve-month periods unless earlier terminated. During the initial term, TEMI will pay monthly service fees of $17,250 to Viking International for services related to the use of the Diyarbakir equipment yard, and TBNG will pay monthly service fees of $17,250 to Viking International for services related to the use of the Tekirdag and Muratli equipment yards. | |||||||||
For the three months ended March 31, 2014 and 2013, we incurred expenses of $19.0 million and $20.2 million, respectively, related to our various related party agreements. |
Discontinued_operations
Discontinued operations | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||
Discontinued operations | ' | ||||||||
12. Discontinued operations | |||||||||
Discontinued operations in Morocco | |||||||||
On June 27, 2011, we decided to discontinue our operations in Morocco. We have transferred our oilfield services equipment from Morocco to Turkey and have substantially completed the process of winding down our operations in Morocco. We have presented the Moroccan segment operating results as discontinued operations for all periods presented. | |||||||||
The assets and liabilities held for sale are summarized as follows: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Cash | $ | 16 | $ | 23 | |||||
Other assets | 13 | 513 | |||||||
Total assets held for sale | $ | 29 | $ | 536 | |||||
Accrued expenses and other liabilities | $ | 7,455 | $ | 7,559 | |||||
Total liabilities held for sale | $ | 7,455 | $ | 7,559 | |||||
Our operating results from discontinued operations for the three months ended March 31, 2014 and 2013 are summarized as follows: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Total revenues | $ | — | $ | — | |||||
Total costs and expenses | (20 | ) | (86 | ) | |||||
Total other expense | — | (7 | ) | ||||||
Loss from discontinued operations before income taxes | (20 | ) | (93 | ) | |||||
Income tax provision | — | — | |||||||
Loss from discontinued operations, net of taxes | $ | (20 | ) | $ | (93 | ) | |||
Subsequent_events
Subsequent events | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Subsequent Events [Abstract] | ' | |||
Subsequent events | ' | |||
13. Subsequent events | ||||
Senior Credit Facility. On May [5], 2014, the Borrowers entered into the Senior Credit Facility with BNP Paribas and IFC. Each of the Borrowers is our wholly owned subsidiary. The Senior Credit Facility is guaranteed by TransAtlantic Petroleum Ltd. and each of TransAtlantic Petroleum (USA) Corp. and TransAtlantic Worldwide (each, a “Guarantor”). | ||||
The amount drawn under the Senior Credit Facility may not exceed the lesser of (i) $150.0 million, (ii) the borrowing base amount at such time, (iii) the aggregate commitments of all lenders at such time, and (iv) any amount borrowed from an individual lender to the extent it exceeds the aggregate amount of such lender’s individual commitment. The lenders have initial aggregate commitments of $80.0 million, with individual commitments of $40.0 million each. The Company has the ability to increase the commitments up to $150 million by March 31, 2016. On the first day of each fiscal quarter commencing April 1, 2016, the lenders’ commitments are subject to reduction in an amount equal to 7.69% of the aggregate commitments in effect on April 1, 2016. | ||||
The borrowing base amount is re-determined semi-annually on April 1st and October 1st of each year, beginning April 1, 2015. The initial borrowing base is $78.0 million. The borrowing base amount equals, for any calculation date, the lowest of: | ||||
• | the debt value which results in the field life coverage ratio for such calculation date being 1.50 to 1.00; and | |||
• | the debt value which results in the loan life coverage ratio for such calculation date being 1.30 to 1.00. | |||
The Senior Credit Facility matures on the earlier of (i) March 31, 2019, or (ii) the last date of the borrowing base calculation period that immediately precedes the date that the semi-annual banking case of BNP Paribas and the Borrowers determines that the aggregate amount of hydrocarbons to be produced from the borrowing base assets in Turkey are less than 25% of the amount of hydrocarbons to be produced from the borrowing base assets shown in the initial banking case prepared by BNP Paribas and the Borrowers. The Senior Credit Facility bears various letter of credit sub-limits, including among other things, sub-limits of up to (i) $10.0 million, (ii) the aggregate available unused and uncancelled portion of the lenders’ commitments or (iii) any amount borrowed from an individual lender to the extent it exceeds the aggregate amount of such lender’s individual commitment. | ||||
Loans under the Senior Credit Facility accrue interest at a rate of three-month LIBOR plus 5.00% per annum. The Borrowers are also required to pay (i) a commitment fee payable quarterly in arrears at a per annum rate equal to (a) 2.00% per annum of the unused and uncancelled portion of the aggregate commitments that is less than or equal to the maximum available amount under the Senior Credit Facility, and (b) 1.00% per annum of the unused and uncancelled portion of the aggregate commitments that exceed the maximum available amount under the Senior Credit Facility and is not available to be borrowed, (ii) on the date of issuance of any letter of credit, a fronting fee in an amount equal to 0.25% of the original maximum amount to be drawn under such letter of credit and (iii) a per annum letter of credit fee for each letter of credit issued equal to the face amount of such letter of credit multiplied by (a) 1.0% for any letter of credit that is cash collateralized or backed by a standby letter of credit issued by a financial institution acceptable to BNP Paribas or (b) 5.00% for all other letters of credit. | ||||
The Senior Credit Facility is secured by a pledge of (i) the local collection accounts and offshore collection accounts of each of the Borrowers, (ii) the receivables payable to each of the Borrowers, (iii) the shares of each Borrower and (iv) substantially all of the present and future assets of the Borrowers. | ||||
The Borrowers are required to comply with certain financial and non-financial covenants under the Senior Credit Facility, including maintaining the following financial ratios during the four most recently completed fiscal quarters occurring on or after March 31, 2014: | ||||
• | ratio of combined current assets to combined current liabilities of not less than 1.10 to 1.00; | |||
• | ratio of EBITDAX (less non-discretionary capital expenditures) to aggregate amounts payable under the Senior Credit Facility of not less than 1.50 to 1.00; | |||
• | ratio of EBITDAX (less non-discretionary capital expenditures) to interest expense of not less than 4.00 to 1.00; and | |||
• | ratio of total debt to EBITDAX of less than 2.50 to 1.00. | |||
The Senior Credit Facility defines EBITDAX as net income (excluding extraordinary items) plus, to the extent deducted in calculating such net income, (i) interest expense (excluding interest paid-in-kind, or non-cash interest expense and interest incurred on certain subordinated intercompany debt or interest on equity recapitalized into subordinated debt), (ii) income tax expense, (iii) depreciation, depletion and amortization expense, (iv) amortization of intangibles and organization costs, (v) any extraordinary, unusual or non-recurring non-cash expenses or losses, (vi) expenses incurred in connection with oil and gas exploration activities entered into in the ordinary course of business (including related drilling, completion, geological and geophysical costs), (vii) transaction costs, expenses and fees incurred in connection with the negotiation, execution and delivery of the Senior Credit Facility and the related loan documents, minus, to the extent included in calculating net income, (a) any extraordinary, unusual or non-recurring income or gains (including, gains on the sales of assets outside of the ordinary course of business) and (b) any other non-cash income or gains. | ||||
Pursuant to the terms of the Senior Credit Facility, until amounts under the Senior Credit Facility are repaid, each of the Borrowers shall not, and shall cause each of its subsidiaries not to, in each case subject to certain exceptions (i) incur indebtedness or create any liens, (ii) enter into any agreements that prohibit the ability of any Borrower or its subsidiaries to create any liens, (iii) enter into any merger, consolidation or amalgamation, liquidate or dissolve, (iv) dispose of any property or business, [(v) pay any dividends, distributions or similar payments to shareholders], (vi) make certain types of investments, (vii) enter into any transactions with an affiliate, (viii) enter into a sale and leaseback arrangement, (ix) engage in any business or business activity, own any assets or assume any liabilities or obligations except as necessary in connection with, or reasonably related to, its business as an oil and natural gas exploration and production company or operate or carry on business in any jurisdiction outside of Turkey or its jurisdiction of formation, (x) change its organizational documents, (xi) permit its fiscal year to end on a day other than December 31st or change its method of determining fiscal quarters, or alter the accounting principles it uses, (xii) modify certain hydrocarbon licenses and agreements or material contracts, (xiii) enter into any hedge agreement for speculative purposes, (xiv) open or maintain new deposit, securities or commodity accounts, (xv) use the proceeds from any loan in the territories of any country that is not a member of the World Bank, [(xvi) incur any expenditure that is not covered by the projections in the most recent corporate cashflow projection], (xvii) modify its social and environmental action plans as determined in conjunction with IFC, (xviii) enter into any transaction or engage in any activity prohibited by the United Nations Security Council, or (xix) engage in any corrupt, fraudulent, coercive, collusive or obstructive practice. | ||||
An event of default under the Senior Credit Facility includes, among other events, failure to pay principal or interest when due, breach of certain covenants and obligations, cross default to other indebtedness, bankruptcy or insolvency, failure to meet the required financial covenant ratios, failure to obtain an extension of the Selmo production lease before December 31, 2014 and the occurrence of a material adverse effect. In addition, the occurrence of a change of control is an event of default. A change of control is defined as the occurrence of any of the following: (i) our failure to own, of record and beneficially, all of the equity of the Borrowers or any Guarantor or to exercise, directly or indirectly, day-to-day management and operational control of any Borrower or Guarantor; (ii) the failure by the Borrowers to own or hold, directly or indirectly, all of the interests granted to Borrowers pursuant to certain hydrocarbon licenses designated in the Senior Credit Facility; or (iii) (a) Mr. Mitchell ceases for any reason to be the executive chairman of our board of directors at any time, (b) Mr. Mitchell and certain of his affiliates cease to own of record and beneficially at least 35% of our common shares; or (c) any person or group, excluding Mr. Mitchell and certain of his affiliates, shall become, or obtain rights to become, the beneficial owner, directly or indirectly, of more than 35% of our outstanding common shares entitled to vote for members of our board of directors on a fully-diluted basis. Provided that, if Mr. Mitchell ceases to be executive chairman of our board of directors by reason of his death or disability, such event shall not constitute an event of default unless we have not appointed a successor reasonably acceptable to the lenders within 60 days of the occurrence of such event. | ||||
We plan to use proceeds from the Senior Credit Facility to pay off in full our Amended and Restated Credit Facility by May 15, 2014 and to fund our oil and natural gas exploration and development activities in Turkey. |
General_Policies
General (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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, 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. As of March 31, 2014, we held interests in developed and undeveloped oil and natural gas properties in Turkey and Bulgaria. As of May 1, 2014, 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. | |
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 months ended March 31, 2014 equals net income divided by the weighted average shares outstanding during the period. 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 months ended March 31, 2014 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 RSUs. | |
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. In preparing financial statements, management makes informed judgments and estimates that affect the reported amounts of assets and liabilities as of the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management reviews estimates, including those related to fair value measurements associated with acquisitions and financial derivatives, the recoverability and impairment of long-lived assets and goodwill, contingencies and income taxes. Changes in facts and circumstances may result in revised estimates and actual results may differ from these estimates. | |
Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2013. | |
Recent accounting pronouncements | ' |
Recent accounting pronouncements | |
In April 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Components of an Entity (“ASU 2014-08”). ASU 2014-08 revises the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results, removing the lack of continuing involvement criteria and requiring discontinued operations reporting for the disposal of an equity method investment that meets the definition of discontinued operations. The update also requires expanded disclosures for discontinued operations, including disclosure of pretax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. The update is effective prospectively to all periods beginning after December 15, 2014. We do not expect the adoption of ASU 2014-08 to have a material impact on our consolidated financial statements. | |
We have reviewed other recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on our consolidated results of operations, financial position and cash flows. Based on that review, we believe that none of these pronouncements will have a significant effect on current or future earnings or operations. |
Property_and_equipment_Tables
Property and equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Oil and natural gas properties, proved: | |||||||||
Turkey | $ | 273,344 | $ | 260,232 | |||||
Bulgaria | 624 | 625 | |||||||
Total oil and natural gas properties, proved | 273,968 | 260,857 | |||||||
Oil and natural gas properties, unproved: | |||||||||
Turkey | 48,413 | 51,273 | |||||||
Bulgaria | 4,146 | 3,119 | |||||||
Total oil and natural gas properties, unproved | 52,559 | 54,392 | |||||||
Gross oil and natural gas properties | 326,527 | 315,249 | |||||||
Accumulated depletion | (104,180 | ) | (96,958 | ) | |||||
Net oil and natural gas properties | $ | 222,347 | $ | 218,291 | |||||
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: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Other equipment | $ | 3,560 | $ | 2,678 | |||||
Inventory | 22,179 | 24,318 | |||||||
Gas gathering system and facilities | 4,371 | 4,485 | |||||||
Vehicles | 316 | 321 | |||||||
Leasehold improvements, office equipment and software | 7,358 | 8,114 | |||||||
Gross equipment and other property | 37,784 | 39,916 | |||||||
Accumulated depreciation | (7,607 | ) | (7,235 | ) | |||||
Net equipment and other property | $ | 30,177 | $ | 32,681 | |||||
Asset_retirement_obligations_T
Asset retirement obligations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Changes in Asset Retirement Obligations | ' | ||||||||
The following table summarizes the changes in our asset retirement obligations for the three months ended March 31, 2014 and for the year ended December 31, 2013: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Asset retirement obligations at beginning of period | $ | 10,896 | $ | 11,958 | |||||
Change in estimates | — | (7 | ) | ||||||
Liabilities settled | (206 | ) | (296 | ) | |||||
Foreign exchange change effect | (271 | ) | (2,258 | ) | |||||
Additions | 168 | 991 | |||||||
Accretion expense | 98 | 508 | |||||||
Asset retirement obligations at end of period | 10,685 | 10,896 | |||||||
Less: current portion | 394 | 610 | |||||||
Long-term portion | $ | 10,291 | $ | 10,286 | |||||
Commodity_derivative_instrumen1
Commodity derivative instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Fair Value of Derivative Instruments of Future Crude Oil Production | ' | ||||||||||||||||||||||||
At March 31, 2013 and December 31, 2013, 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 March 31, 2014 | |||||||||||||||||||||||||
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 | April 1, 2014—December 31, 2014 | 614 | $ | 80.72 | $ | 117.84 | $ | (192 | ) | ||||||||||||||||
$ | (192 | ) | |||||||||||||||||||||||
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 | April 1, 2014—December 31, 2014 | 708 | $ | 85 | $ | 97.13 | $ | 162.13 | $ | (1,988 | ) | ||||||||||||||
Three-way collar contract | January 1, 2015—December 31, 2015 | 1,016 | $ | 85 | $ | 91.88 | $ | 151.88 | (4,073 | ) | |||||||||||||||
$ | (6,061 | ) | |||||||||||||||||||||||
Fair Value of Derivative Instruments as of December 31, 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 | January 1, 2014—December 31, 2014 | 622 | $ | 80.83 | $ | 118.07 | $ | (387 | ) | ||||||||||||||||
$ | (387 | ) | |||||||||||||||||||||||
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, 2014—December 31, 2014 | 726 | $ | 85 | $ | 97.13 | $ | 162.13 | $ | (3,350 | ) | ||||||||||||||
Three-way collar contract | January 1, 2015—December 31, 2015 | 1,016 | $ | 85 | $ | 91.88 | $ | 151.88 | (4,230 | ) | |||||||||||||||
$ | (7,580 | ) | |||||||||||||||||||||||
Summary of Gross Fair Value of Commodity Derivative Instruments by Balance Sheet Classification | ' | ||||||||||||||||||||||||
The following table summarizes both: (i) the gross fair value of the commodity derivative instruments by the appropriate balance sheet classification even when the commodity derivative instruments are subject to netting arrangements and qualify for net presentation in the balance sheet and (ii) the net recorded fair value as reflected on the balance sheet at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
Underlying commodity | Location on Balance Sheet | Gross | Gross | Net Amounts of | |||||||||||||||||||||
Amounts of | Amounts | Liabilities | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Liabilities | Consolidated | Consolidated | |||||||||||||||||||||||
Balance | Balance Sheet | ||||||||||||||||||||||||
Sheet | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Crude oil derivative contract | Current liabilities | $ | 3,384 | $ | — | $ | 3,384 | ||||||||||||||||||
Crude oil derivative contract | Long-term liabilities | $ | 2,869 | $ | — | $ | 2,869 | ||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Underlying commodity | Location on Balance Sheet | Gross | Gross | Net Amounts of | |||||||||||||||||||||
Amounts of | Amounts | Liabilities | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Liabilities | Consolidated | Consolidated | |||||||||||||||||||||||
Balance | Balance Sheet | ||||||||||||||||||||||||
Sheet | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Crude oil derivative contract | Current liabilities | $ | 3,737 | $ | — | $ | 3,737 | ||||||||||||||||||
Crude oil derivative contract | Long-term liabilities | $ | 4,230 | $ | — | $ | 4,230 |
Loans_payable_Tables
Loans payable (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
As of the dates indicated, our third-party debt consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Floating Rate Debt | (in thousands) | ||||||||
Amended and Restated Credit Facility | $ | 49,766 | $ | 49,766 | |||||
TBNG credit facility | 26,700 | 20,000 | |||||||
Loans payable | 76,466 | 69,766 | |||||||
Less: current portion | 26,700 | 43,284 | |||||||
Long-term portion | $ | 49,766 | $ | 26,482 | |||||
Shareholders_equity_Tables
Shareholders' equity (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Basic and Diluted Earnings Per Common Share Computations | ' | ||||||||
The following table presents the basic and diluted earnings per common share computations: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands, except per share amounts) | 2014 | 2013 | |||||||
Net income from continuing operations | $ | 3,993 | $ | 3,032 | |||||
Net loss from discontinued operations | $ | (20 | ) | $ | (93 | ) | |||
Basic net income per common share: | |||||||||
Shares: | |||||||||
Weighted average common shares outstanding | 37,392 | 36,888 | |||||||
Basic net income per common share: | |||||||||
Continuing operations | $ | 0.11 | $ | 0.08 | |||||
Discontinued operations | $ | 0 | $ | 0 | |||||
Diluted net income per common share: | |||||||||
Shares: | |||||||||
Weighted average common shares outstanding | 37,392 | 36,888 | |||||||
Diluted net income per common share: | |||||||||
Continuing operations | $ | 0.11 | $ | 0.08 | |||||
Discontinued operations | $ | 0 | $ | 0 | |||||
Segment_information_Tables
Segment information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 | Turkey | Bulgaria | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||
Total revenues | $ | — | $ | 33,639 | $ | 7 | $ | 33,646 | |||||||||
Income (loss) from continuing operations before income taxes | (3,820 | ) | 7,500 | 2,363 | 6,043 | ||||||||||||
Capital expenditures | $ | 169 | $ | 21,781 | $ | 1,041 | $ | 22,991 | |||||||||
For the three months ended March 31, 2013 | |||||||||||||||||
Total revenues | $ | — | $ | 33,976 | $ | 68 | $ | 34,044 | |||||||||
Income (loss) from continuing operations before income taxes | (2,980 | ) | 8,372 | (100 | ) | 5,292 | |||||||||||
Capital expenditures | $ | — | $ | 18,699 | $ | — | $ | 18,699 | |||||||||
Segment assets | |||||||||||||||||
March 31, 2014 | $ | 14,427 | $ | 323,302 | $ | 7,195 | $ | 344,924 | (1) | ||||||||
December 31, 2013 | $ | 14,070 | $ | 321,749 | $ | 10,231 | $ | 346,050 | (1) | ||||||||
Goodwill | |||||||||||||||||
March 31, 2014 | $ | — | $ | 7,344 | $ | — | $ | 7,344 | |||||||||
December 31, 2013 | $ | — | $ | 7,535 | $ | — | $ | 7,535 | |||||||||
-1 | Excludes assets held for sale from our discontinued Moroccan operations of $29,000 and $0.5 million at March 31, 2014 and December 31, 2013, respectively. |
Financial_instruments_Tables
Financial instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Valuation of Financial Assets and Liabilities | ' | ||||||||||||||||
The following table summarizes the valuation of our financial assets and liabilities as of March 31, 2014: | |||||||||||||||||
Fair Value Measurement Classification | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets or | (Level 2) | ||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (commodity) | $ | — | $ | (6,253 | ) | $ | — | $ | (6,253 | ) | |||||||
Total | $ | — | $ | (6,253 | ) | $ | — | $ | (6,253 | ) | |||||||
The following table summarizes the valuation of our financial assets and liabilities as of December 31, 2013: | |||||||||||||||||
Fair Value Measurement Classification | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets or | (Level 2) | ||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
(in thousands) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (commodity) | $ | — | $ | (7,967 | ) | $ | — | $ | (7,967 | ) | |||||||
Total | $ | — | $ | (7,967 | ) | $ | — | $ | (7,967 | ) | |||||||
Related_party_transactions_Tab
Related party transactions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Accounts Receivable and Accounts Payable | ' | ||||||||
The following table summarizes related party accounts receivable and accounts payable as of the dates indicated: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Related party accounts receivable: | |||||||||
Viking International master services agreement | $ | 418 | $ | 939 | |||||
Riata Management Service Agreement | 54 | 65 | |||||||
Total related party accounts receivable | $ | 472 | $ | 1,004 | |||||
Related party accounts payable: | |||||||||
Viking International master services agreement | $ | 16,438 | $ | 15,956 | |||||
Viking Geophysical master services agreement | 2,051 | 6,800 | |||||||
Riata Management Service Agreement | 382 | 334 | |||||||
Total related party accounts payable | $ | 18,871 | $ | 23,090 | |||||
Discontinued_operations_Tables
Discontinued operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||
Summary of Assets and Liabilities Held for Sale and Operating Results from Discontinued Operations | ' | ||||||||
The assets and liabilities held for sale are summarized as follows: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Cash | $ | 16 | $ | 23 | |||||
Other assets | 13 | 513 | |||||||
Total assets held for sale | $ | 29 | $ | 536 | |||||
Accrued expenses and other liabilities | $ | 7,455 | $ | 7,559 | |||||
Total liabilities held for sale | $ | 7,455 | $ | 7,559 | |||||
Our operating results from discontinued operations for the three months ended March 31, 2014 and 2013 are summarized as follows: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Total revenues | $ | — | $ | — | |||||
Total costs and expenses | (20 | ) | (86 | ) | |||||
Total other expense | — | (7 | ) | ||||||
Loss from discontinued operations before income taxes | (20 | ) | (93 | ) | |||||
Income tax provision | — | — | |||||||
Loss from discontinued operations, net of taxes | $ | (20 | ) | $ | (93 | ) | |||
General_Additional_Information
General - Additional Information (Detail) | 1-May-14 |
Accounting Policies [Abstract] | ' |
Percentage of common shares owned | 40.00% |
Property_and_Equipment_Capital
Property and Equipment - Capitalized Costs under Successful Efforts Method for Oil and Natural Gas Properties (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Oil and natural gas properties, proved | $273,968 | $260,857 |
Oil and natural gas properties, unproved | 52,559 | 54,392 |
Gross oil and natural gas properties | 326,527 | 315,249 |
Accumulated depletion | -104,180 | -96,958 |
Net oil and natural gas properties | 222,347 | 218,291 |
Turkey [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Oil and natural gas properties, proved | 273,344 | 260,232 |
Oil and natural gas properties, unproved | 48,413 | 51,273 |
Bulgaria [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Oil and natural gas properties, proved | 624 | 625 |
Oil and natural gas properties, unproved | $4,146 | $3,119 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Proved development wells excluded from depletion | $4.10 | ' | $1.50 |
Acquisition costs of proved properties | 33.2 | ' | 35.5 |
Well costs and additional development costs | 132.5 | ' | 126.9 |
Exploratory dry hole costs | 4.1 | 3.9 | ' |
Cash spent against exploratory dry hole cost | 1.1 | ' | ' |
Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment excluded from depreciation | 0.9 | ' | 0.7 |
Inventory [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property plant and equipment excluded from depreciation | 22.2 | ' | 24.3 |
Kazanci-5 well [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Exploratory drilling costs capitalized | 2.6 | ' | ' |
Hayrabolu-10 well [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Exploratory drilling costs capitalized | $1.70 | ' | ' |
Property_and_Equipment_Histori
Property and Equipment - Historical Cost of Equipment and Other Property on Gross Basis with Accumulated Depreciation (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | $37,784 | $39,916 |
Accumulated depreciation | -7,607 | -7,235 |
Net equipment and other property | 30,177 | 32,681 |
Other equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | 3,560 | 2,678 |
Inventory [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | 22,179 | 24,318 |
Gas gathering system and facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | 4,371 | 4,485 |
Vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | 316 | 321 |
Leasehold improvements, office equipment and software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross equipment and other property | $7,358 | $8,114 |
Asset_retirement_obligations_C
Asset retirement obligations - Changes in Asset Retirement Obligations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Asset retirement obligations at beginning of period | $10,896 | $11,958 | $11,958 |
Change in estimates | ' | ' | -7 |
Liabilities settled | -206 | ' | -296 |
Foreign exchange change effect | -271 | ' | -2,258 |
Additions | 168 | ' | 991 |
Accretion expense | 98 | 129 | 508 |
Asset retirement obligations at end of period | 10,685 | ' | 10,896 |
Less: current portion | 394 | ' | 610 |
Long-term portion | $10,291 | ' | $10,286 |
Recovered_Sheet1
Commodity Derivative Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative [Line Items] | ' | ' |
Net gain (loss) on sale of commodity derivative contracts | $1 | ($0.80) |
Turkey [Member] | Amended and Restated Credit Facility [Member] | Minimum [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Percentage of hedge of anticipated production volume | 30.00% | ' |
Turkey [Member] | Amended and Restated Credit Facility [Member] | Maximum [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Percentage of hedge of anticipated production volume | 75.00% | ' |
Recovered_Sheet2
Commodity Derivative Instruments - Fair Value of Derivative Instruments of Future Crude Oil Production (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Collar [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated Fair Value of Liability | ($192) | ($387) |
Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated Fair Value of Liability | -6,061 | -7,580 |
January 1, 2014 - December 31, 2014 [Member] | Collar [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Quantity (Bbl/day) | ' | 622 |
Collars Weighted Average Minimum Price (per Bbl) | ' | 80.83 |
Additional Call Weighted Average Maximum Price (per Bbl) | ' | 118.07 |
Estimated Fair Value of Liability | ' | -387 |
January 1, 2014 - December 31, 2014 [Member] | Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Quantity (Bbl/day) | ' | 726 |
Collars Weighted Average Minimum Price (per Bbl) | ' | 85 |
Additional Call Weighted Average Maximum Price (per Bbl) | ' | 97.13 |
Estimated Fair Value of Liability | ' | -3,350 |
January 1, 2014 - December 31, 2014 [Member] | Three-way collar contract [Member] | Additional Call [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Additional Call Weighted Average Maximum Price (per Bbl) | ' | 162.13 |
April 1, 2014 - December 31, 2014 [Member] | Collar [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Quantity (Bbl/day) | 614 | ' |
Collars Weighted Average Minimum Price (per Bbl) | 80.72 | ' |
Additional Call Weighted Average Maximum Price (per Bbl) | 117.84 | ' |
Estimated Fair Value of Liability | -192 | ' |
April 1, 2014 - December 31, 2014 [Member] | Three-way collar contract [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Quantity (Bbl/day) | 708 | ' |
Collars Weighted Average Minimum Price (per Bbl) | 85 | ' |
Additional Call Weighted Average Maximum Price (per Bbl) | 97.13 | ' |
Estimated Fair Value of Liability | -1,988 | ' |
April 1, 2014 - December 31, 2014 [Member] | Three-way collar contract [Member] | Additional Call [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Additional Call Weighted Average Maximum Price (per Bbl) | 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 | ($4,073) | ($4,230) |
January 1, 2015 - December 31, 2015 [Member] | Three-way collar contract [Member] | Additional Call [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Additional Call Weighted Average Maximum Price (per Bbl) | 151.88 | 151.88 |
Commodity_Derivative_Instrumen2
Commodity Derivative Instruments - Summary of Gross Fair Value of Commodity Derivative Instruments by Balance Sheet Classification (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | $3,384 | $3,737 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 2,869 | 4,230 |
Derivative [Member] | Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | 3,384 | 3,737 |
Gross Amounts Offset in the Consolidated Balance Sheet | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 3,384 | 3,737 |
Derivative [Member] | Long Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts of Recognized Liabilities | 2,869 | 4,230 |
Gross Amounts Offset in the Consolidated Balance Sheet | ' | ' |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | $2,869 | $4,230 |
Loans_Payable_Debt_Detail
Loans Payable - Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total third-party debt | $76,466 | $69,766 |
Short-term third-party debt | 26,700 | 43,284 |
Long-term third-party debt | 49,766 | 26,482 |
Amended and Restated Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total third-party debt | 49,766 | 49,766 |
Long-term third-party debt | 49,800 | ' |
TBNG credit facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total third-party debt | $26,700 | $20,000 |
Loans_Payable_Additional_Infor
Loans Payable - Additional Information (Detail) | 3 Months Ended | 3 Months Ended | |||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2013 | |
USD ($) | USD ($) | TBNG credit facility [Member] | TBNG credit facility [Member] | TBNG credit facility [Member] | TBNG credit facility [Member] | Amended and Restated Credit Facility [Member] | Amended and Restated Credit Facility [Member] | Amended and Restated Credit Facility [Member] | |
USD ($) | TRY | Cash [Member] | Letter of Credit [Member] | USD ($) | USD ($) | ||||
TRY | Bank Guarantees [Member] | ||||||||
TRY | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan payable, Long-Term | $49,766,000 | $26,482,000 | ' | ' | ' | ' | $49,800,000 | ' | ' |
Borrowing under amended and restated credit facility | ' | ' | 36,000,000 | 78,800,000 | 60,000,000 | 18,800,000 | ' | 43,100,000 | ' |
Current ratio to be maintained by borrowers | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 |
Line of Credit Facility, Initiation Date | 5-May-14 | ' | 18-Jun-13 | ' | ' | ' | ' | ' | ' |
Borrowings under credit facility | ' | ' | $26,700,000 | ' | ' | ' | ' | ' | ' |
Debt instrument Interest rate | ' | ' | 4.60% | ' | ' | ' | ' | ' | ' |
Recovered_Sheet3
Contingencies Relating to Exploration Permits - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2012 |
Direct Petroleum [Member] | Deventci-R2 [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Contingent liability reversed | $2.50 | ' |
Amendment [Member] | Stefenetz Concession Area [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Area of land leased under the production | 200,000 | ' |
Stock issued, non cash consideration, value | 10 | ' |
Amendment [Member] | Direct Petroleum [Member] | Deventci-R2 [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Contingency, Purchase obligation | 7.5 | ' |
Bulgaria [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Recovery of contractual obligations | ' | 2 |
Bulgaria [Member] | Aglen Exploration Permit Work Program [Member] | General and Administrative Expense [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
General and administrative expense | ' | 2 |
Moroccan Government [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Recovery of contractual obligations | ' | 5.5 |
Bank guarantee | 1 | ' |
Accrued liabilities relating to our Tselfat exploration permit | ' | $5 |
Shareholders_Equity_Additional
Shareholders Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 04, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 04, 2014 |
Restricted stock units [Member] | Restricted stock units [Member] | Reverse Stock Split [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' |
Description of the reverse stock split arrangement | ' | 'All shareholders of record received one common share for each ten common shares owned (subject to minor adjustments as a result of fractional shares) | ' | ' | ' | ' |
Ratio applied to the conversion of stock split | 10 | ' | ' | ' | ' | ' |
Common stock shares issued | 374,026,984 | 37,402,698 | 37,340,206 | ' | ' | 37,402,698 |
Common stock shares outstanding | 374,026,984 | 37,402,698 | 37,340,206 | ' | ' | 37,402,698 |
Share-based compensation expense | ' | ' | ' | $0.40 | $0.40 | ' |
Unrecognized compensation expense | ' | ' | ' | $2.20 | ' | ' |
Unrecognized compensation expense recognition period | ' | ' | ' | '1 year 9 months 18 days | ' | ' |
Shareholders_Equity_Basic_and_
Shareholders' Equity - Basic and Diluted Earnings Per Common Share Computations (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Net income from continuing operations | $3,993 | $3,032 |
Net loss from discontinued operations | ($20) | ($93) |
Weighted average common shares outstanding | 37,392 | 36,888 |
Continuing operations | $0.11 | $0.08 |
Discontinued operations | $0 | $0 |
Weighted average common shares outstanding | 37,392 | 36,888 |
Continuing operations | $0.11 | $0.08 |
Discontinued operations | $0 | $0 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable geographic segments | 2 |
Segment_Information_Financial_
Segment Information - Financial Information of Geographic Segments (Detail) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Total revenues | $33,646 | $34,044 | ' | ||
Income (loss) from continuing operations before income taxes | 6,043 | 5,292 | ' | ||
Capital expenditures | 22,991 | 18,699 | ' | ||
Segment assets | 344,924 | [1] | ' | 346,050 | [1] |
Goodwill | 7,344 | ' | 7,535 | ||
Corporate, Non-Segment [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Total revenues | ' | ' | ' | ||
Income (loss) from continuing operations before income taxes | -3,820 | -2,980 | ' | ||
Capital expenditures | 169 | ' | ' | ||
Segment assets | 14,427 | ' | 14,070 | ||
Goodwill | ' | ' | ' | ||
Operating Segments [Member] | Turkey [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Total revenues | 33,639 | 33,976 | ' | ||
Income (loss) from continuing operations before income taxes | 7,500 | 8,372 | ' | ||
Capital expenditures | 21,781 | 18,699 | ' | ||
Segment assets | 323,302 | ' | 321,749 | ||
Goodwill | 7,344 | ' | 7,535 | ||
Operating Segments [Member] | Bulgaria [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Total revenues | 7 | 68 | ' | ||
Income (loss) from continuing operations before income taxes | 2,363 | -100 | ' | ||
Capital expenditures | 1,041 | ' | ' | ||
Segment assets | 7,195 | ' | 10,231 | ||
Goodwill | ' | ' | ' | ||
[1] | Excludes assets held for sale from our discontinued Moroccan operations of $29,000 and $0.5 million at March 31, 2014 and December 31, 2013, respectively. |
Segment_Information_Financial_1
Segment Information - Financial Information of Geographic Segments (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting [Abstract] | ' | ' |
Assets from discontinued operations and services | $29 | $500 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | Foreign Currency Risk [Member] | Foreign Currency Risk [Member] |
USD ($) | TRY | |||||
Fair Value Disclosures [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign Currency exchange rate risk | $16,708 | $12,881 | $19,428 | $14,768 | $10,100 | 22,100 |
Financial_Instruments_Valuatio
Financial Instruments - Valuation of Financial Assets and Liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | ($6,253) | ($7,967) |
Derivative Financial Instruments (commodity) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities, fair value | -6,253 | -7,967 |
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 | -6,253 | -7,967 |
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 | -6,253 | -7,967 |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Total related party accounts receivable | $472 | $1,004 |
Total related party accounts payable | 18,871 | 23,090 |
Viking International master services agreement [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related party accounts receivable | 418 | 939 |
Total related party accounts payable | 16,438 | 15,956 |
Riata Management Service Agreement [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related party accounts receivable | 54 | 65 |
Total related party accounts payable | 382 | 334 |
Viking Geophysical master services agreement [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related party accounts payable | $2,051 | $6,800 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 26, 2014 | Mar. 26, 2014 | |
Viking International master services agreement [Member] | Viking Oilfield Services Services Agreement [Member] | TransAtlantic Exploration Mediterranean International Pty Ltd [Member] | Thrace Basin Natural Gas (Turkiye) Corporation [Member] | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Service agreement term | ' | ' | '5 years | '2 years | ' | ' |
Monthly rent on equipment yard | ' | ' | ' | ' | $17,250 | $17,250 |
Capital and operating expenditures | $19,000,000 | $20,200,000 | ' | ' | ' | ' |
Discontinued_Operations_Assets
Discontinued Operations - Assets and Liabilities Held for Sale (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Discontinued Operations And Disposal Groups [Abstract] | ' | ' |
Cash | $16 | $23 |
Other assets | 13 | 513 |
Total assets held for sale | 29 | 536 |
Accrued expenses and other liabilities | 7,455 | 7,559 |
Total liabilities held for sale | $7,455 | $7,559 |
Discontinued_Operations_Operat
Discontinued Operations - Operating Results from Discontinued Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' |
Total revenues | ' | ' |
Total costs and expenses | -20 | -86 |
Total other expense | ' | -7 |
Loss from discontinued operations before income taxes | -20 | -93 |
Income tax provision | ' | ' |
Loss from discontinued operations, net of taxes | ($20) | ($93) |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | 5-May-14 | 5-May-14 | 5-May-14 | 5-May-14 | 5-May-14 | 5-May-14 | 5-May-14 | 5-May-14 | 5-May-14 | 5-May-14 | 5-May-14 |
Senior Credit Facility [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Letter of Credit [Member] | Less Than [Member] | Maximum [Member] | Minimum [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | Senior Credit Facility [Member] | ||||
Turkey [Member] | Other Than Mr Mitchell And Affiliates [Member] | Mr Mitchell And Affiliates [Member] | Individual Commitments [Member] | Letter Of Credit Cash Collateralized [Member] | 5 May 2014 Line Of Credit [Member] | Letter Of Credit Other Than Cash Collateralized [Member] | Quarterly [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Credit Facility, entering date | 5-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individual commitments | ' | ' | ' | $10 | ' | ' | ' | $150 | $40 | ' | ' | ' | ' |
Lenders initial aggregate commitments | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' |
Maximum commitments available | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' | ' |
Commitments reduction percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.69% |
Initial borrowing base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $78 | ' | ' |
Field life coverage ratio for debt value calculation | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' |
Loan life coverage ratio for debt value calculation | ' | ' | ' | ' | ' | ' | ' | 1.3 | ' | ' | ' | ' | ' |
Maturity date of credit facility | 31-Mar-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated senior credit facility maturity trigger, remaining hydrocarbon percentage | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated senior credit facility maturity trigger description | 'The last date of the borrowing base calculation period that immediately precedes the date that the semi-annual report of BNP Paribas and the Borrowers determines that the aggregate amount of hydrocarbons to be produced from the borrowing base assets in Turkey are less than 25% of the amount of hydrocarbons to be produced from the borrowing base assets shown in the initial report prepared by BNP Paribas and the Borrowers. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | 'LIBOR plus 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' |
Commitment fee percentage, unused | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Commitment fee percentage, unused | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' |
Percentage of Fronting Fee | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | 1.00% | ' | 5.00% | ' |
Combined current ratio | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDAX to Credit facility ratio | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDAX to interest expense ratio | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt to EBITDAX ratio | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage triggering default | ' | ' | ' | ' | ' | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' |