Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | TAT | |
Entity Registrant Name | TRANSATLANTIC PETROLEUM LTD. | |
Entity Central Index Key | 0001092289 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-34574 | |
Entity Address, Address Line One | 16803 Dallas Parkway | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Addison | |
Entity Address, State or Province | Texas | |
Entity Address, Postal Zip Code | 75001 | |
City Area Code | 214 | |
Local Phone Number | 220-4323 | |
Entity Common Stock, Shares Outstanding | 55,044,534 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 13,707 | $ 9,892 |
Accounts receivable, net | ||
Oil and natural gas sales | 22,339 | 12,912 |
Joint interest and other | 1,113 | 982 |
Related party | 885 | 878 |
Prepaid and other current assets | 11,431 | 8,696 |
Derivative asset | 218 | |
Note receivable - related party | 5,828 | |
Inventory | 4,707 | 5,167 |
Total current assets | 54,400 | 44,355 |
Oil and natural gas properties (successful efforts method) | ||
Proved | 155,392 | 163,006 |
Unproved | 17,486 | 15,695 |
Equipment and other property | 12,918 | 14,408 |
Property and equipment, gross | 185,796 | 193,109 |
Less accumulated depreciation, depletion and amortization | (103,917) | (105,850) |
Property and equipment, net | 81,879 | 87,259 |
Other long-term assets: | ||
Other assets | 3,457 | 986 |
Note receivable - related party | 4,451 | |
Total other assets | 7,908 | 986 |
Total assets | 144,187 | 132,600 |
Current liabilities: | ||
Accounts payable | 6,554 | 3,896 |
Accounts payable - related party | 3,007 | 2,922 |
Accrued liabilities | 16,759 | 13,073 |
Derivative liability | 651 | |
Loans payable | 19,772 | 22,000 |
Total current liabilities | 46,743 | 41,891 |
Long-term liabilities: | ||
Asset retirement obligations | 4,506 | 4,667 |
Accrued liabilities | 9,667 | 7,259 |
Deferred income taxes | 21,845 | 20,314 |
Loans payable | 11,428 | |
Total long-term liabilities | 47,446 | 32,240 |
Total liabilities | 94,189 | 74,131 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common shares, $0.10 par value, 200,000,000 shares authorized; 52,722,966 shares and 52,413,588 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | 5,273 | 5,241 |
Treasury stock | (970) | (970) |
Additional paid-in-capital | 577,538 | 577,488 |
Accumulated other comprehensive loss | (146,663) | (142,021) |
Accumulated deficit | (431,230) | (427,319) |
Total shareholders' equity | 3,948 | 12,419 |
Total liabilities, Series A preferred shares and shareholders' equity | 144,187 | 132,600 |
Series A Preferred Shares [Member] | ||
Long-term liabilities: | ||
Preferred shares, value | 21,300 | 21,300 |
Related Party [Member] | Series A Preferred Shares [Member] | ||
Long-term liabilities: | ||
Preferred shares, value | $ 24,750 | $ 24,750 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Common shares, par value | $ 0.10 | $ 0.10 |
Common shares, authorized | 200,000,000 | 200,000,000 |
Common shares, issued | 52,722,966 | 52,413,588 |
Common shares, outstanding | 52,722,966 | 52,413,588 |
Series A Preferred Shares [Member] | ||
Preferred shares, outstanding | 921,000 | 921,000 |
Unrelated Party [Member] | Series A Preferred Shares [Member] | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 426,000 | 426,000 |
Preferred shares, issued | 426,000 | 426,000 |
Preferred shares, outstanding | 426,000 | 426,000 |
Preferred shares, liquidation preference per share | $ 50 | $ 50 |
Related Party [Member] | Series A Preferred Shares [Member] | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 495,000 | 495,000 |
Preferred shares, issued | 495,000 | 495,000 |
Preferred shares, outstanding | 495,000 | 495,000 |
Preferred shares, liquidation preference per share | $ 50 | $ 50 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Total revenues | $ 17,215 | $ 18,198 | $ 36,256 | $ 35,124 |
Costs and expenses: | ||||
Production | 2,712 | 2,804 | 5,214 | 5,673 |
Exploration, abandonment and impairment | 666 | 191 | 5,779 | 231 |
Seismic and other exploration | 108 | 59 | 185 | 218 |
General and administrative | 2,690 | 3,786 | 5,744 | 7,123 |
Depreciation, depletion and amortization | 3,442 | 3,276 | 7,158 | 7,735 |
Accretion of asset retirement obligations | 49 | 43 | 101 | 89 |
Total costs and expenses | 10,888 | 11,297 | 26,721 | 23,400 |
Operating income | 6,327 | 6,901 | 9,535 | 11,724 |
Other income (expense): | ||||
Interest and other expense | (2,753) | (2,091) | (5,231) | (4,873) |
Interest and other income | 221 | 377 | 395 | 631 |
Loss on derivative contracts | (323) | (3,141) | (433) | (3,866) |
Foreign exchange loss | (115) | (1,938) | (1,388) | (3,996) |
Total other expense | (2,970) | (6,793) | (6,657) | (12,104) |
Income (loss) from operations before income taxes | 3,357 | 108 | 2,878 | (380) |
Income tax expense | (3,366) | (1,114) | (6,789) | (2,401) |
Net loss | (9) | (1,006) | (3,911) | (2,781) |
Other comprehensive loss: | ||||
Foreign currency translation adjustment | (416) | (9,109) | (4,642) | (11,452) |
Comprehensive loss | $ (425) | $ (10,115) | $ (8,553) | $ (14,233) |
Net loss per common share | ||||
Basic net loss per common share | $ 0 | $ (0.02) | $ (0.07) | $ (0.06) |
Weighted average common shares outstanding | 52,529 | 50,420 | 52,506 | 50,397 |
Diluted net loss per common share | $ 0 | $ (0.02) | $ (0.07) | $ (0.06) |
Weighted average common and common equivalent shares outstanding | 52,529 | 50,420 | 52,506 | 50,397 |
Oil and Natural Gas Sales [Member] | ||||
Revenues: | ||||
Total revenues | $ 17,134 | $ 18,100 | $ 35,994 | $ 34,761 |
Other [Member] | ||||
Revenues: | ||||
Total revenues | 81 | 98 | 262 | 363 |
Transportation and Processing [Member] | ||||
Costs and expenses: | ||||
Cost of goods and services sold | $ 1,221 | $ 1,138 | $ 2,540 | $ 2,331 |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Shares [Member] | Treasury Stock [Member] | Warrants [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2017 | $ 32,604 | $ 5,032 | $ (970) | $ 575,411 | $ (124,766) | $ (422,103) | |
Beginning balance, shares at Dec. 31, 2017 | 50,319,000 | 333,000 | 700,000 | ||||
Expiration of warrants | (700,000) | ||||||
Issuance of restricted stock units | $ 27 | (27) | |||||
Issuance of restricted stock units, shares | 272,000 | ||||||
Share-based compensation | 218 | 218 | |||||
Tax effect of restricted stock | (11) | (11) | |||||
Foreign currency translation adjustment | (11,452) | (11,452) | |||||
Net loss | (2,781) | (2,781) | |||||
Ending balance at Jun. 30, 2018 | 18,578 | $ 5,059 | $ (970) | 575,591 | (136,218) | (424,884) | |
Ending balance, shares at Jun. 30, 2018 | 50,591,000 | 333,000 | |||||
Beginning balance at Mar. 31, 2018 | 28,587 | $ 5,038 | $ (970) | 575,506 | (127,109) | (423,878) | |
Beginning balance, shares at Mar. 31, 2018 | 50,383,000 | 333,000 | |||||
Issuance of restricted stock units | $ 21 | (21) | |||||
Issuance of restricted stock units, shares | 208,000 | ||||||
Share-based compensation | 117 | 117 | |||||
Tax effect of restricted stock | (11) | (11) | |||||
Foreign currency translation adjustment | (9,109) | (9,109) | |||||
Net loss | (1,006) | (1,006) | |||||
Ending balance at Jun. 30, 2018 | 18,578 | $ 5,059 | $ (970) | 575,591 | (136,218) | (424,884) | |
Ending balance, shares at Jun. 30, 2018 | 50,591,000 | 333,000 | |||||
Beginning balance at Dec. 31, 2018 | $ 12,419 | $ 5,241 | $ (970) | 577,488 | (142,021) | (427,319) | |
Beginning balance, shares at Dec. 31, 2018 | 52,413,588 | 52,413,000 | 333,000 | ||||
Issuance of restricted stock units | $ 32 | (32) | |||||
Issuance of restricted stock units, shares | 310,000 | ||||||
Share-based compensation | $ 179 | 179 | |||||
Tax effect of restricted stock | (97) | (97) | |||||
Foreign currency translation adjustment | (4,642) | (4,642) | |||||
Net loss | (3,911) | (3,911) | |||||
Ending balance at Jun. 30, 2019 | $ 3,948 | $ 5,273 | $ (970) | 577,538 | (146,663) | (431,230) | |
Ending balance, shares at Jun. 30, 2019 | 52,722,966 | 52,723,000 | 333,000 | ||||
Beginning balance at Mar. 31, 2019 | $ 4,304 | $ 5,249 | $ (970) | 577,493 | (146,247) | (431,221) | |
Beginning balance, shares at Mar. 31, 2019 | 52,496,000 | 333,000 | |||||
Issuance of restricted stock units | $ 24 | (24) | |||||
Issuance of restricted stock units, shares | 227,000 | ||||||
Share-based compensation | 77 | 77 | |||||
Tax effect of restricted stock | (8) | (8) | |||||
Foreign currency translation adjustment | (416) | (416) | |||||
Net loss | (9) | (9) | |||||
Ending balance at Jun. 30, 2019 | $ 3,948 | $ 5,273 | $ (970) | $ 577,538 | $ (146,663) | $ (431,230) | |
Ending balance, shares at Jun. 30, 2019 | 52,722,966 | 52,723,000 | 333,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |||||||
Operating activities: | |||||||||||||
Net loss | $ (9) | $ (1,006) | $ (3,911) | $ (2,781) | |||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||
Share-based compensation | 179 | 218 | |||||||||||
Foreign currency loss | 3,011 | 6,928 | |||||||||||
Gain on derivative contracts | 323 | $ 300 | 3,141 | $ 3,100 | 433 | 3,866 | |||||||
Cash settlement on derivative contracts | (3,199) | ||||||||||||
Amortization on loan financing costs | 21 | 21 | |||||||||||
Deferred income tax expense | 3,713 | 1,431 | |||||||||||
Exploration, abandonment and impairment | 666 | 191 | 5,779 | 231 | |||||||||
Depreciation, depletion and amortization | 3,442 | 3,276 | 7,158 | 7,735 | |||||||||
Accretion of asset retirement obligations | 49 | 43 | 101 | 89 | $ 174 | ||||||||
Changes in operating assets and liabilities: | |||||||||||||
Accounts receivable | (10,630) | (4,971) | |||||||||||
Prepaid expenses and other assets | (6,205) | (4,558) | |||||||||||
Accounts payable and accrued liabilities | 10,973 | 7,224 | |||||||||||
Net cash provided by operating activities | 10,622 | 12,234 | |||||||||||
Investing activities: | |||||||||||||
Additions to oil and natural gas properties | (15,538) | (10,898) | |||||||||||
Additions to equipment and other properties | (188) | (548) | |||||||||||
Net cash used in investing activities | (15,726) | (11,446) | |||||||||||
Financing activities: | |||||||||||||
Tax withholding on restricted share units | (97) | (15) | |||||||||||
Note receivable - related party | 1,000 | ||||||||||||
Loan proceeds | 20,000 | 10,000 | |||||||||||
Loan repayment | (10,800) | (8,250) | |||||||||||
Net cash provided by financing activities | 10,103 | 1,735 | |||||||||||
Effect of exchange rate on cash flows, cash equivalents, and restricted cash | (1,184) | (4,104) | |||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 3,815 | (1,581) | |||||||||||
Cash, cash equivalents and restricted cash, beginning of period | [1] | $ 10,032 | $ 20,431 | 10,032 | 20,431 | 20,431 | |||||||
Cash, cash equivalents and restricted cash, end of period | $ 13,847 | [2] | $ 18,850 | [2] | 13,847 | [2] | 18,850 | [2] | $ 10,032 | [1] | |||
Supplemental disclosures: | |||||||||||||
Cash paid for interest | 2,269 | 5,236 | |||||||||||
Cash paid for taxes | $ 1,565 | $ 534 | |||||||||||
[1] | The beginning of period balance at December 31, 2018 includes cash and cash equivalents of $9.9 million and restricted cash of $0.1 million in other assets. The beginning of period balance at December 31, 2017 includes cash and cash equivalents of $18.9 million and restricted cash of $1.5 million in other assets | ||||||||||||
[2] | The end of period balance at June 30, 2019 includes cash and cash equivalents of $13.7 million and restricted cash of $0.1 million in other assets. The end of period balance at June 30, 2018 includes cash and cash equivalents of $18.7 million and restricted cash of $0.1 million in other assets. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 13,707 | $ 9,892 | $ 18,700 | $ 18,900 |
Other Assets [Member] | ||||
Restricted cash | $ 100 | $ 100 | $ 100 | $ 1,500 |
General
General | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [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. We hold interests in developed and undeveloped oil and natural gas properties in Turkey and Bulgaria. As of August 2, 2019, approximately 47% of our outstanding common shares were beneficially owned by N. Malone Mitchell 3rd, our chief executive officer and chairman of our board of directors. We are a holding company with two operating segments – Turkey and Bulgaria. Our assets consist of our ownership interests in subsidiaries that primarily own assets in Turkey and Bulgaria. Basis of presentation Our consolidated financial statements are expressed in U.S. Dollars (“USD”) and have been prepared by management in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All amounts in the notes to the consolidated financial statements are in USD unless otherwise indicated. The unaudited consolidated financial statements include accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 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, 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 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, 2018. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent accounting pronouncements | 2. Recent accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), In June 2016, the FASB issued ASU 2 Financial Instruments - Credit Losses In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting Compensation – Stock Compensation In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities In June 2018, the FASB issued ASU 2018-07, Stock Compensation - Improvements to Nonemployee Share-Based Payment Accounting In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses 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. |
Series A Preferred Shares
Series A Preferred Shares | 6 Months Ended |
Jun. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Series A preferred shares | 3. Series A Preferred Shares As of June 30, 2019 and 2018, we had 921,000 outstanding shares of our 12.0% Series A Convertible Redeemable Preferred Shares (“Series A Preferred Shares”). The Series A Preferred Shares contain a substantive conversion option, are mandatorily redeemable, and convert into a fixed number of common shares. As a result, under U.S. GAAP, we have classified the Series A Preferred Shares within mezzanine equity in our consolidated balance sheets. As of June 30, 2019, there were $21.3 million of Series A Preferred Shares and $24.8 million of Series A Preferred Shares – related party outstanding (See Note 13. “Related party transactions”). Pursuant to the Certificate of Designations for the Series A Preferred Shares (the “Certificate of Designations”), each Series A Preferred Share may be converted at any time, at the option of the holder, into 45.754 common shares (which is equal to an initial conversion price of approximately $1.0928 per common share and is subject to customary adjustments for stock splits, stock dividends, recapitalizations, or other fundamental changes). If not converted sooner, on November 4, 2024, we are required to redeem the outstanding Series A Preferred Shares in cash at a price per share equal to the liquidation preference plus accrued and unpaid dividends. At any time on or after November 4, 2020, we may redeem all or a portion of the Series A Preferred Shares at the redemption prices listed below (expressed as a percentage of the liquidation preference amount per share) plus accrued and unpaid dividends to the date of redemption, if the closing sale price of the common shares equals or exceeds 150% of the conversion price then in effect for at least 10 trading days (whether or not consecutive) in a period of 20 consecutive trading days, including the last trading day of such 20 trading day period, ending on, and including, the trading day immediately preceding the business day on which we issue a notice of optional redemption. The redemption prices for the 12-month period starting on the dates below are: Period Commencing Redemption Price November 4, 2020 105.000% November 4, 2021 103.000% November 4, 2022 101.000% November 4, 2023 and thereafter 100.000% Additionally, upon the occurrence of a change of control, we are required to offer to redeem the Series A Preferred Shares within 120 days after the first date on which such change of control occurred, for cash at a redemption price equal to the liquidation preference per share, plus any accrued and unpaid dividends. Dividends on the Series A Preferred Shares are payable quarterly at our election in cash, common shares, or a combination of cash and common shares at an annual dividend rate of 12.0% of the liquidation preference if paid all in cash or 16.0% of the liquidation preference if paid in common shares. If paid partially in cash and partially in common shares, the dividend rate on the cash portion is 12.0%, and the dividend rate on the common share portion is 16.0%. Dividends are payable quarterly on March 31, June 30, September 30, and December 31 of each year. The holders of the Series A Preferred Shares also are entitled to participate pro-rata in any dividends paid on the common shares on an as-converted-to-common shares basis. For the three and six months ended June 30, 2019, we accrued $1.8 million and $3.2 million, respectively, in dividends on the Series A Preferred Shares, which is recorded in our consolidated statements of operations and comprehensive (loss) income under the caption “ ” Except as required by Bermuda law, the holders of Series A Preferred Shares have no voting rights, except that for so long as at least 400,000 Series A Preferred Shares are outstanding, the holders of the Series A Preferred Shares voting as a separate class have the right to elect two directors to our Board of Directors. For so long as between 80,000 and 399,999 Series A Preferred Shares are outstanding, the holders of the Series A Preferred Shares voting as a separate class have the right to elect one director to our Board of Directors. Upon less than 80,000 Series A Preferred Shares remaining outstanding, any directors elected by the holders of Series A Preferred Shares shall immediately resign from our Board of Directors. The Certificate of Designation also provides that without the approval of the holders of a majority of the outstanding Series A Preferred Shares, we will not issue indebtedness for money borrowed or other securities which are senior to the Series A Preferred Shares in excess of the greater of (i) $100 million or (ii) 35% of our PV-10 of proved reserves as disclosed in our most recent independent reserve report filed or furnished by us on EDGAR. |
Property and equipment
Property and equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and equipment | 4. Property and equipment Oil and natural gas properties The following table sets forth the capitalized costs under the successful efforts method for our oil and natural gas properties as of: June 30, 2019 December 31, 2018 (in thousands) Oil and natural gas properties, proved: Turkey $ 154,883 $ 162,494 Bulgaria 509 512 Total oil and natural gas properties, proved 155,392 163,006 Oil and natural gas properties, unproved: Turkey 17,486 14,965 Bulgaria – 730 Total oil and natural gas properties, unproved 17,486 15,695 Gross oil and natural gas properties 172,878 178,701 Accumulated depletion (98,704 ) (100,582 ) Net oil and natural gas properties $ 74,174 $ 78,119 The decline in oil and natural gas properties during the six months ended June 30, 2019 was primarily driven by the devaluation of the New Turkish Lira (“TRY”) versus the USD. From December 31, 2018 to June 30, 2019, the TRY to the USD declined 9.4%. At June 30, 2019, the exchange rate was 5.7751 as compared to 5.2609 at December 31, 2018. For the six months ended June 30, 2019, foreign currency translations reduced oil and natural gas properties and increased accumulated other comprehensive loss within shareholders’ equity on our consolidated balance sheet. At June 30, 2019 and December 31, 2018, we excluded $0.1 million and $0.5 million, respectively, from the depletion calculation for proved development wells currently in progress and for costs associated with fields currently not in production. At June 30, 2019, the capitalized costs of our oil and natural gas properties, net of accumulated depletion, included $5.7 million relating to acquisition costs of proved properties, which are being depleted by the unit-of-production method using total proved reserves, and $53.3 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, 2018, the capitalized costs of our oil and natural gas properties included $6.5 million relating to acquisition costs of proved properties, which are being amortized by the unit-of-production method using total proved reserves, and $58.7 million relating to well costs and additional development costs, which are being amortized by the unit-of-production method using proved developed reserves. Impairments of proved properties and impairment of exploratory well costs Proved oil and natural gas properties are reviewed for impairment when events and circumstances indicate the carrying value of such properties may not be recoverable. We primarily use Level 3 inputs to determine fair value, including but not limited to, estimates of proved reserves, future commodity prices, the timing and amount of future production and capital expenditures and discount rates commensurate with the risk reflective of the lives remaining for the respective oil and natural gas properties. During the three months ended June 30, 2019 and 2018, we recorded $0.7 million of exploratory dry-hole costs and $0.2 million of impairment of proved properties and exploratory well costs, respectively, which are primarily measured using Level 3 inputs. During the six months ended June 30, 2019 and 2018, we recorded $5.8 million of exploratory dry-hole costs and $0.2 million of impairment of proved properties and exploratory well costs, respectively, which are primarily measured using Level 3 inputs. Capitalized cost greater than one year As of June 30, 2019, there were no exploratory well costs greater than one year. Equipment and other property The historical cost of equipment and other property, presented on a gross basis with accumulated depreciation, is summarized as follows: June 30, 2019 December 31, 2018 (in thousands) Other equipment $ 1,136 $ 1,240 Land 137 149 Inventory 5,788 6,791 Gas gathering system and facilities 178 194 Vehicles 311 336 Leasehold improvements, office equipment and software 5,368 5,698 Gross equipment and other property 12,918 14,408 Accumulated depreciation (5,213 ) (5,268 ) Net equipment and other property $ 7,705 $ 9,140 At June 30, 2019, in addition to the above, we have classified $4.7 million of inventory as a current asset, which represents our expected inventory consumption during the next twelve months. We classify our remaining materials and supply inventory as a long-term asset because such materials will ultimately be classified as a long-term asset when the material is used in the drilling of a well. At June 30, 2019 and December 31, 2018, we excluded $10.5 million and $12.0 million of inventory, respectively, from depreciation as the inventory had not been placed into service. |
Asset Retirement obligations
Asset Retirement obligations | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement obligations | 5. Asset retirement obligations The following table summarizes the changes in our asset retirement obligations (“ARO”) for the six months ended June 30, 2019 and for the year ended December 31, 2018: June 30, 2019 December 31, 2018 (in thousands) Asset retirement obligations at beginning of period $ 4,667 $ 4,727 Foreign exchange change effect (371 ) (1,270 ) Additions 109 1,036 Accretion expense 101 174 Asset retirement obligations at end of period $ 4,506 $ 4,667 Our ARO is measured using primarily Level 3 inputs. The significant unobservable inputs to this fair value measurement include estimates of plugging costs, remediation costs, inflation rate and well life. The inputs are calculated based on historical data as well as current estimated costs. |
Derivative instruments
Derivative instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative instruments | 6. Derivative instruments We use derivative instruments to manage certain risks related to commodity prices and foreign currency exchange rates. The use of derivative instruments for risk management is covered by operating policies and is closely monitored by our senior management. We do not hold any derivatives for speculative purposes and do not use derivatives with leveraged or complex features. 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. Commodity price derivatives 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 operations and comprehensive (loss) income under the caption “Loss on derivative contracts.” Settlements of derivative contracts are included in operating activities on our consolidated statements of cash flows under the caption “Cash settlement on derivative contracts.” At June 30, 2019, we had outstanding derivative contracts with respect to our future crude oil production as set forth in the table below: Fair Value of Commodity Derivative Instruments as of June 30, 2019 Weighted Weighted Average Average Quantity Minimum Maximum Price Additional Call Estimated Fair Type Period (Bbl/day) Price (per Bbl) (per Bbl) Ceiling Value of Asset (in thousands) Three-way collar July 1, 2019 - April 30, 2020 1,000 $ 55.00 $ 72.90 $ 80.00 $ 218 Total Estimated Fair Value of Asset $ 218 As of December 31, 2018, we had no outstanding derivative contracts with respect to our future crude oil production. Foreign currency derivatives 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 foreign exchange derivative contracts are settled based upon the contract rate. We recognize gains and losses related to these contracts on a fair value basis in our consolidated statements of operations and comprehensive (loss) income under the caption “Loss on derivative contracts.” Settlements of derivative contracts are included in operating activities on our consolidated statements of cash flows under the caption “Cash settlement on derivative contracts.” At June 30, 2019, we had outstanding foreign exchange derivative contracts as set forth in the table below: Fair Value of Foreign Exchange Derivative Instruments as of June 30, 2019 Buy Sell Estimated Fair Type Buy/Sell Rate Settlement Date Buy Currency Currency Amount Sell Currency Currency Amount Value of Asset (Liability) (in thousands) FXOPT Buy 5.750 07/01/19 TRY 8,625,000 USD 1,500,000 11 FXOPT Sell 5.750 07/01/19 USD 2,250,000 TRY 12,937,500 (2 ) FXOPT Sell 5.750 07/01/19 TRY 8,625,000 USD 1,500,000 (11 ) FXOPT Buy 5.750 07/01/19 USD 2,250,000 TRY 12,937,500 2 FXOPT Buy 6.030 07/01/19 TRY 9,045,000 USD 1,500,000 - FXOPT Sell 6.030 07/01/19 USD 2,250,000 TRY 13,567,500 (95 ) FXOPT Buy 5.870 09/03/19 USD 1,500,000 TRY 8,805,000 (52 ) FXOPT Buy 6.090 10/28/19 USD 1,400,000 TRY 8,526,000 (504 ) Total Estimated Fair Value of Liability $ (651 ) During the three months ended June 30, 2019 and 2018, we recorded a net loss on derivative contracts of $0.3 million and $3.1 million, respectively. During the six months ended June 30, 2019 and 2018, we recorded a net loss on derivative contracts of $0.4 million and $3.9 million, respectively. Balance sheet presentation The following table summarizes both: (i) the gross fair value of our derivative instruments by the appropriate balance sheet classification even when the derivative instruments are subject to netting arrangements and qualify for net presentation in our consolidated balance sheets at June 30, 2019, and (ii) the net recorded fair value as reflected on our consolidated balance sheet at June 30, 2019. As of June 30, 2019 Gross Amount Net Amount of Gross Offset in the Assets (Liabilities) Amount of Consolidated Presented in the Location on Consolidated Recognized Balance Consolidated Type of Derivative Contract Balance Sheets Assets (Liabilities) Sheet s Balance Sheets (in thousands) Foreign exchange Current liabilities $ (664 ) $ 13 $ (651 ) Commodity - crude oil Current assets $ 218 $ - $ 218 |
Loans payable
Loans payable | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Loans payable | 7. Loans payable As of the dates indicated, our third-party debt consisted of the following: June 30, December 31, 2019 2018 Fixed and floating rate loans (in thousands) Term Loans (1) $ 31,200 $ 22,000 Less: current portion 19,772 22,000 Long-term portion $ 11,428 $ – _________________________________________________________ (1) Includes the 2019 Term Loan, the 2018 Term Loan, and the 2017 Term Loan (each as defined below and collectively, “Term Loans”). On August 23, 2016, the Turkish branch of TransAtlantic Exploration Mediterranean International Pty Ltd (“TEMI”) entered into a Credit Agreement (the “Credit Agreement”) with DenizBank, A.S. (“DenizBank”). The Credit Agreement is a master agreement pursuant to which DenizBank may make loans to TEMI from time to time pursuant to additional loan agreements. 2016 Term Loan On August 31, 2016, DenizBank entered into a $30.0 million term loan (the “2016 Term Loan”) with TEMI under the Credit Agreement. In addition, we and DenizBank entered into additional agreements with respect to up to $20.0 million of non-cash facilities, including guarantee letters and treasury instruments for future hedging transactions. The 2016 Term Loan bore interest at a fixed rate of 5.25% (plus 0.2625% for Banking and Insurance Transactions Tax per the Turkish government) per annum and was payable in six monthly installments of $1.25 million each through February 2017 and thereafter in twelve monthly installments of $1.88 million each through February 2018. On April 27, 2017, TEMI and DenizBank approved a revised amortization schedule for the 2016 Term Loan. Pursuant to the revised amortization schedule, the maturity date of the 2016 Term Loan was extended from February 2018 to June 2018, and the monthly principal payments were reduced from $1.88 million to $1.38 million. The other terms of the 2016 Term Loan remained unchanged. The 2016 Term Loan was guaranteed by DMLP, Ltd. (“DMLP”), TransAtlantic Turkey, Ltd. (“TransAtlantic Turkey”), Talon Exploration, Ltd. (“Talon Exploration”), and TransAtlantic Worldwide, Ltd. (“TransAtlantic Worldwide”). The 2016 Term Loan contained standard prohibitions on the activities of TEMI as the borrower, including prohibitions on granting of liens on its assets, incurring additional debt, dissolving, liquidating, merging, consolidating, paying dividends, making certain investments, selling assets or transferring revenue, and other similar matters. In addition, the 2016 Term Loan prohibited Amity Oil International Pty Ltd (“Amity”) and Petrogas Petrol Gaz ve Petrokimya Urunleri Insaat Sanayi ve Ticaret A.S. (“Petrogas”) from incurring additional debt. An event of default under the 2016 Term Loan included, among other events, failure to pay principal or interest when due, breach of certain covenants, representations, warranties, and obligations, bankruptcy or insolvency, and the occurrence of a material adverse effect. The 2016 Term Loan was secured by a pledge of (i) the stock of TEMI, DMLP, TransAtlantic Turkey, and Talon Exploration, (ii) substantially all of the assets of TEMI, (iii) certain real estate owned by Petrogas, (iv) certain Gundem real estate and Muratli real estate owned by Gundem Yatirim ve Ticaret A.S. (“Gundem Yatirim”), and (v) certain Diyarbakir real estate owned 80% by Mr. Mitchell and 20% by Selami Erdem Uras. In addition, TEMI assigned its Turkish collection accounts and its receivables from the sale of oil to DenizBank as additional security for the 2016 Term Loan. Gundem Yatirim is beneficially owned by Mr. Mitchell, his adult children, and Mr. Uras. Mr. Mitchell is our chief executive officer and chairman of our board of directors. Mr. Uras is our executive vice president, Turkey. On June 28, 2018, we repaid the 2016 Term Loan in full in accordance with its terms. 2017 Term Loan On November 17, 2017, DenizBank entered into a $20.4 million term loan (the “2017 Term Loan”) with TEMI under the Credit Agreement. The 2017 Term Loan bears interest at a fixed rate of 6.0% (plus 0.3% for Banking and Insurance Transactions Tax per the Turkish government) per annum. The 2017 Term Loan had a grace period which bore no interest or payments due until July 2018. Thereafter, the 2017 Term Loan is payable in one monthly installment of $1.38 million, nine monthly installments of $1.2 million each through April 2019 and thereafter in eight monthly installments of $1.0 million each through December 2019, with the exception of one monthly installment of $1.2 million occurring in October 2019. The 2017 Term Loan matures in December 2019. Amounts repaid under the 2017 Term Loan may not be re-borrowed, and early repayments under the 2017 Term Loan are subject to early repayment fees. The 2017 Term Loan is guaranteed by Petrogas, Amity, Talon Exploration, DMLP, and TransAtlantic Turkey. The 2017 Term Loan contains standard prohibitions on the activities of TEMI as the borrower, including prohibitions on granting of liens on its assets, incurring additional debt, dissolving, liquidating, merging, consolidating, paying dividends, making certain investments, selling assets or transferring revenue, and other similar matters. In addition, the 2017 Term Loan prohibits Amity and Petrogas from incurring additional debt. An event of default under the 2017 Term Loan includes, among other events, failure to pay principal or interest when due, breach of certain covenants, representations, warranties, and obligations, bankruptcy or insolvency, and the occurrence of a material adverse effect. The 2017 Term Loan is secured by a pledge of (i) the stock of TEMI, DMLP, TransAtlantic Turkey, and Talon Exploration, (ii) substantially all of the assets of TEMI, (iii) certain real estate owned by Petrogas, (iv) certain Gundem real estate and Muratli real estate owned by Gundem Yatirim, (v) certain Diyarbakir real estate owned 80% by Mr. Mitchell and 20% by Mr. Uras, and (vi) certain Ankara real estate owned 100% by Mr. Uras. In addition, TEMI assigned its Turkish collection accounts and its receivables from the sale of oil to DenizBank as additional security for the 2017 Term Loan. At June 30, 2019, we had $6.2 million outstanding under the 2017 Term Loan and no availability, and we were in compliance with the covenants in the 2017 Term Loan. 2018 Term Loan On May 28, 2018, DenizBank entered into a $10.0 million term loan (the “2018 Term Loan”) with TEMI under the Credit Agreement. The 2018 Term Loan bears interest at a fixed rate of 7.25% (plus 0.3% for Banking and Insurance Transactions Tax per the Turkish government) per annum. The 2018 Term Loan had a grace period through July 2018 during which no payments were due. Thereafter, accrued interest on the 2018 Term Loan is payable monthly and the principal on the 2018 Term Loan is payable in five monthly installments of $0.2 million each through December 2018, four monthly installments of $0.5 million each through April 2019, four monthly installments of $1.0 million each through August 2019, and four monthly installments of $0.75 million each through December 2019. The 2018 Term Loan matures in December 2019. Amounts repaid under the 2018 Term Loan may not be reborrowed, and early repayments under the 2018 Term Loan are subject to early repayment fees. The 2018 Term Loan is guaranteed by Petrogas, Amity, Talon Exploration, DMLP, and TransAtlantic Turkey. The 2018 Term Loan contains standard prohibitions on the activities of TEMI as the borrower, including prohibitions on encumbering or creating restrictions or limitations on all or a part of its assets, revenues, or properties, giving guaranties or sureties, selling assets or transferring revenues, dissolving, liquidating, merging, or consolidating, incurring additional debt, paying dividends, making certain investments, undergoing a change of control, and other similar matters. In addition, the 2018 Term Loan prohibits Amity, Talon Exploration, DMLP, and TransAtlantic Turkey from incurring additional debt. An event of default under the 2018 Term Loan includes, among other events, failure to pay principal or interest when due, breach of certain covenants, representations, warranties, and obligations, bankruptcy or insolvency, and the occurrence of a material adverse effect. The 2018 Term Loan is secured by a pledge of (i) the stock of TEMI, DMLP, TransAtlantic Turkey, and Talon Exploration, (ii) substantially all of the assets of TEMI, (iii) certain real estate owned by Petrogas, (iv) certain Gundem real estate and Muratli real estate owned by Gundem Yatirim, (v) certain Diyarbakir real estate owned 80% by Mr. Mitchell and 20% by Mr. Uras, and (vi) certain Ankara real estate owned 100% by Mr. Uras. In addition, TEMI assigned its Turkish collection accounts and its receivables from the sale of oil to DenizBank as additional security for the 2018 Term Loan. At June 30, 2019, we had $5.0 million outstanding under the 2018 Term Loan and no availability, and we were in compliance with the covenants in the 2018 Term Loan. 2019 Term Loan On February 22, 2019, DenizBank entered into a $20.0 million term loan (the “2019 Term Loan”) with TEMI under the Credit Agreement. The 2019 Term Loan bears interest at a fixed rate of 7.5% (plus 0.375% for Banking and Insurance Transactions Tax per the Turkish government) per annum. The 2019 Term Loan has a grace period through December 2019 during which no payments are due. Thereafter, accrued interest on the 2019 Term Loan is payable monthly, and the principal on the 2019 Term Loan is payable in 14 monthly installments of $1.4 million each. The 2019 Term Loan matures in February 2021. Amounts repaid under the 2019 Term Loan may not be reborrowed, and early repayments under the 2019 Term Loan are subject to early repayment fees. The 2019 Term Loan is guaranteed by Petrogas, Amity, Talon Exploration, DMLP, and TransAtlantic Turkey. The 2019 Term Loan contains standard prohibitions on the activities of TEMI as the borrower, including prohibitions on encumbering or creating restrictions or limitations on all or a part of its assets, revenues, or properties, giving guaranties or sureties, selling assets or transferring revenues, dissolving, liquidating, merging, or consolidating, incurring additional debt, paying dividends, making certain investments, undergoing a change of control, and other similar matters. In addition, the 2019 Term Loan prohibits Amity, Talon Exploration, DMLP, and TransAtlantic Turkey from incurring additional debt. An event of default under the 2019 Term Loan includes, among other events, failure to pay principal or interest when due, breach of certain covenants, representations, warranties, and obligations, bankruptcy or insolvency, and the occurrence of a material adverse effect. The 2019 Term Loan is secured by a pledge of (i) the stock of TEMI, DMLP, TransAtlantic Turkey, and Talon Exploration, (ii) substantially all of the assets of TEMI, (iii) certain real estate owned by Petrogas, (iv) certain Gundem real estate and Muratli real estate owned by Gundem Yatirim, (v) certain Diyarbakir real estate owned 80% by Mr. Mitchell and 20% by Mr. Uras, and (vi) certain Ankara real estate owned 100% by Mr. Uras. In addition, TEMI assigned its Turkish collection accounts and its receivables from the sale of oil to DenizBank as additional security for the 2019 Term Loan. At June 30, 2019, we had $20.0 million outstanding under the 2019 Term Loan and no availability, and we were in compliance with the covenants in the 2019 Term Loan. Unsecured lines of credit Our wholly-owned subsidiaries operating in Turkey are party to unsecured, non-interest bearing lines of credit with a Turkish bank. At June 30, 2019, we had no outstanding borrowings under these lines of credit. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 8. Leases Operating leases We lease office space in Dallas, Texas, Bulgaria, and Turkey. We also lease apartments, vehicles, and operations yards in Turkey. The terms of our lease agreements generally range from one to five years, and some contain options to renew or cancel. We determine if an arrangement meets the definition of a lease at inception, at which time we also perform an analysis to determine whether the lease qualifies as an operating or financing lease. We currently do not have any financing leases. Operating leases are included in prepaid and other current assets and other assets and accrued liabilities (current and long-term) on our consolidated balance sheet. Lease expense for our operating leases is recognized in our consolidated statements of operations and comprehensive (loss) income under the caption “General and administrative”. Lease expense for our operating leases for our operations yards in Turkey in our consolidated statements of operations and comprehensive (loss) income under the caption “Production”. Lease right-of-use assets and lease liabilities are measured using the present value of future minimum lease payments over the lease term at commencement date. The right-of-use asset also includes any lease payments made on or before the commencement date of the lease, less any lease incentives received. As the rate implicit in the lease is not readily determinable in our leases, we use our incremental borrowing rates based on the information available at the lease commencement date in determining the present value of lease payments. For leases with an initial non-cancelable lease term of less than one year and no option to purchase, we have elected not to recognize the lease on our consolidated balance sheets and instead recognize lease payments on a straight-line basis over the lease term. Operating lease costs were comprised of the following: June 30, 2019 (in thousands) Operations yards $ 292 Office rent 115 Vehicles 70 Other 42 Total lease costs $ 519 Future non-cancelable minimum lease payments under our operating lease commitments as of June 30, 2019 were as follows for each of the next five years and thereafter: June 30, 2019 (in thousands) Remainder of 2019 $ 500 2020 731 2021 658 2022 648 2023 327 2024 - Thereafter - Total $ 2,864 Less: Imputed interest 440 Present value of lease liabilities $ 2,424 As of June 30, 2019, the weighted average remaining lease term in years is 4.0 years and the weighted average discount rate used was 7.55%. Future non-cancelable minimum lease payments under our operating lease commitments as of December 31, 2018 were as follows for each of the next five years and thereafter: December 31, 2018 (in thousands) 2019 $ 963 2020 710 2021 636 2022 626 2023 316 Thereafter - Total $ 3,251 |
Contingencies relating to produ
Contingencies relating to production leases and exploration permits | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies relating to production leases and exploration permits | 9. Contingencies relating to production leases and exploration permits Selmo We are involved in litigation with persons who claim ownership of a portion of the surface at the Selmo oil field in Turkey. These cases are being vigorously defended by TEMI and Turkish governmental authorities. We do not have enough information to estimate the potential additional operating costs 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. Bulgaria During 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 Bulgarian 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. In October 2015, the Bulgarian Minister of Energy filed a suit in the Sofia City Court against Direct Petroleum Bulgaria EOOD (“Direct Bulgaria”), claiming $200,000 in liquidated damages for Direct Bulgaria’s alleged failure to fulfill its obligations under the Aglen exploration permit work program. In May 2018, the Sofia City Court concluded that Direct Bulgaria did not fail to fulfill its obligations under the Aglen exploration permit work program as Direct Bulgaria received a force majeure event recognition as a result of a fracture stimulation ban in 2012, imposed by the Bulgarian Parliament, which force majeure event had not been terminated before the expiry of Direct Bulgaria’s obligations under the Aglen exploration permit work program. Additionally, the Sofia City Court concluded that, even if Direct Bulgaria had failed to fulfill its obligations under the Aglen exploration permit work program, the Bulgarian Minister of Energy failed to file suit within the three-year limitation period. Therefore, the Sofia City Court dismissed all claims of the Bulgarian Minister of Energy and ordered the Bulgarian Minister of Energy to pay Direct Bulgaria’s attorney’s fees and legal costs for court experts. In June 2018, the Bulgarian Minister of Energy filed an appeal in the Sofia Court of Appeal. In November 2018, the Sofia Court of Appeal concluded that the judgement of the Sofia City Court was correct and, therefore, dismissed the Bulgarian Minister of Energy’s appeal. In January 2019, the Bulgarian Minister of Energy filed an appeal in the Supreme Court of Cassation. We continue to vigorously defend against this claim. As a result of the judgement of the Sofia Court of Appeal , we are currently evaluating an adjustment to our contingencies relating to production leases and exploration permits. |
Shareholders' equity
Shareholders' equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Shareholders' equity | 10. Shareholders’ equity Restricted stock units We recorded share-based compensation expense of $0.1 million for awards of restricted stock units (“RSUs”) for each of the three months ended June 30, 2019 and 2018. We recorded share-based compensation expense of $0.2 million for awards of RSUs for each of the six months ended June 30, 2019 and 2018. As of June 30, 2019, we had approximately $0.2 million of unrecognized compensation expense related to unvested RSUs, which is expected to be recognized over a weighted average period of 1 Earnings per share We account for earnings per share in accordance with ASC Subtopic 260-10, Earnings Per Share The following table presents the basic and diluted earnings per common share computations: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share amounts) 2019 2018 2019 2018 Net loss $ (9 ) $ (1,006 ) $ (3,911 ) $ (2,781 ) Basic net loss earnings per common share: Shares: Weighted average common shares outstanding 52,529 50,420 52,506 50,397 Basic net loss per common share: $ (0.00 ) $ (0.02 ) $ (0.07 ) $ (0.06 ) Diluted net loss per common share: Shares: Weighted average common shares outstanding 52,529 50,420 52,506 50,397 Diluted net loss per common share: $ (0.00 ) $ (0.02 ) $ (0.07 ) $ (0.06 ) |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment information | 11. Segment information In accordance with ASC 280, Segment Reporting Corporate Turkey Bulgaria Total (in thousands) For the three months ended June 30, 2019 Total revenues $ - $ 17,215 $ - $ 17,215 (Loss) income from operations before income taxes (2,667 ) 6,756 (732 ) 3,357 Capital expenditures $ - $ 5,509 $ 667 $ 6,176 For the three months ended June 30, 2018 Total revenues $ - $ 18,198 $ - $ 18,198 (Loss) income from operations before income taxes (4,429 ) 4,612 (75 ) 108 Capital expenditures $ - $ 5,625 $ - $ 5,625 For the six months ended June 30, 2019 Total revenues $ - $ 36,256 $ - $ 36,256 (Loss) income from operations before income taxes (5,540 ) 14,372 (5,954 ) 2,878 Capital expenditures $ - $ 10,728 $ 5,050 $ 15,778 For the six months ended June 30, 2018 Total revenues $ - $ 35,124 $ - $ 35,124 (Loss) income from operations before income taxes (8,222 ) 7,963 (121 ) (380 ) Capital expenditures $ - $ 10,835 $ - $ 10,835 Segment assets June 30, 2019 $ 6,674 $ 136,363 $ 1,150 $ 144,187 December 31, 2018 $ 8,358 $ 122,325 $ 1,917 $ 132,600 |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial instruments | 12. Financial instruments Interest rate risk We are exposed to interest rate risk as a result of our variable rate short-term cash holdings. Foreign currency risk We have underlying foreign currency exchange rate exposure. Our currency exposures primarily relate to transactions denominated in the Bulgarian Lev, the European Union Euro, and the TRY. We are also subject to foreign currency exposures resulting from translating the functional currency of our subsidiary financial statements into the USD reporting currency. At June 30, 2019, we had 1.0 million TRY (approximately $0.2 million) in cash and cash equivalents, which exposes us to exchange rate risk based on fluctuations in the value of the TRY. At June 30, 2019, we were a party to foreign exchange derivative contracts (See Note 6. “Derivative instruments”). 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 June 30, 2019, we were a party to commodity derivative contracts (See Note 6. “Derivative instruments”). At December 31, 2018, we were not party to any 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 for TUPRAS. The majority of our cash and cash equivalents are held by four financial institutions in the United States and Turkey. Fair value measurements Cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and our loans payable were each estimated to have a fair value approximating the carrying amount at June 30, 2019 and December 31, 2018, due to the short maturity of those instruments. The following table summarizes the valuation of our financial assets and liabilities as of June 30, 2019: Fair Value Measurement Classification Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (in thousands) Measured on a recurring basis Assets: Commodity derivative contracts $ - $ 218 $ - $ 218 Liabilities: Foreign exchange derivative contracts $ - $ (651 ) $ - $ (651 ) Disclosed but not carried at fair value Liabilities: 2019 Term Loan - - (16,651 ) (16,651 ) 2018 Term Loan - - (4,781 ) (4,781 ) 2017 Term Loan - - (5,910 ) (5,910 ) Total $ - $ - $ (27,342 ) $ (27,342 ) The following table summarizes the valuation of our financial assets and liabilities as of December 31, 2018: Fair Value Measurement Classification Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (in thousands) Disclosed but not carried at fair value Liabilities: 2018 Term Loan - - (8,192 ) (8,192 ) 2017 Term Loan - - (11,938 ) (11,938 ) Total $ - $ - $ (20,130 ) $ (20,130 ) We remeasure our derivative contracts on a recurring basis, with changes flowing through earnings. At June 30, 2019 and December 31, 2018, the fair values of the 2019 Term Loan, the 2018 Term Loan, and the 2017 Term Loan were estimated using a discounted cash flow analysis based on unobservable Level 3 inputs, including our own credit risk associated with the loans payable. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related party transactions | 13. Related party transactions The following table summarizes related party accounts receivable and accounts payable as of the dates indicated: June 30, December 31, 2019 2018 (in thousands) Related party accounts receivable: Service Agreement $ 491 $ 526 PSI MSA 394 352 Total related party accounts receivable $ 885 $ 878 Related party accounts payable: Service Agreement $ 367 $ 372 PSI MSA 1,569 2,439 Interest payable on Series A Preferred Shares 960 - Other - board of directors fees 111 111 Total related party accounts payable $ 3,007 $ 2,922 Services transactions We are a party to a Service Agreement (as amended, the “Service Agreement”) with Longfellow Energy, LP (“Longfellow”), Viking Drilling, LLC (“Viking Drilling”), Riata Management, LLC (“Riata”), LFN Holdco LLC (“LFN”), Red Rock Minerals, LP (“RRM”), Red Rock Minerals II, LP (“RRM II”), Red Rock Advisors, LLC (“RRA”), Production Solutions International Limited (“PSIL”), and NexLube Operating, LLC (“NexLube”) and their subsidiaries (collectively, the “Riata Entities”), under which we and the Riata Entities agreed to provide technical and administrative services to each other from time to time on an as-needed basis. Under the terms of the Service Agreement, the Riata Entities agree to provide us upon our request certain computer services, payroll and benefits services, insurance administration services, and entertainment services, and we and the Riata Entities agree to provide to each other certain management consulting services, oil and natural gas services, and general accounting services (collectively, the “Services”). Under the terms of the Service Agreement, we pay, or are paid, for the actual cost of the Services rendered plus the actual cost of reasonable expenses on a monthly basis. We or any Riata Entity may terminate the Service Agreement at any time by providing advance notice of termination to the other parties. As of June 30, 2019, we had $ 0.5 0.4 On March 3, 2016, Mr. Mitchell closed a transaction whereby he sold his interests in Viking Services B.V. (“Viking Services”), the beneficial owner of Viking International Limited (“Viking International”), Viking Petrol Sahasi Hizmetleri A.S. (“VOS”) and Viking Geophysical Services Ltd. (“Viking Geophysical”), to a third party. As part of the transaction, Mr. Mitchell acquired certain equipment used in the performance of stimulation, wireline, workover and similar services, which equipment is owned and operated by Production Solutions International Petrol Arama Hizmetleri Anonim Sirketi (“PSI”). PSI is beneficially owned by PSIL, which is beneficially owned by Dalea Investment Group, LLC, which is controlled by Mr. Mitchell. Consequently, on March 3, 2016, TEMI entered into a master services agreement (the “PSI MSA”) with PSI on substantially similar terms to our then current master services agreements with Viking International, VOS, and Viking Geophysical. Pursuant to the PSI MSA, PSI performs the services on behalf of TEMI and its affiliates. On February 28, 2019, TEMI and PSI entered into an amendment (the “PSI MSA Amendment”) to the PSI MSA, pursuant to which PSI and TEMI agreed to extend the primary term of the PSI MSA to February 26, 2021, with automatic successive renewal terms of one (1) year each, unless terminated by PSI or TEMI by written notice at least sixty (60) days prior to the end of the primary term or any successive renewal term. The master services agreement with each of Viking International, VOS, and Viking Geophysical currently remain in effect. As of June 30, 2019, we had $0.4 million of outstanding receivables and $1.6 million of outstanding payables pursuant to the PSI MSA. Office sublease On August 7, 2018 and effective as of June 14, 2018, TransAtlantic USA entered into a sublease agreement (the “Sublease”) with Longfellow to lease corporate office space located at 16803 North Dallas Parkway, Addison, Texas. The Sublease was approved by the audit committee of the board of directors. TransAtlantic USA subleases approximately 10,000 square feet of corporate office space in Addison, Texas. The initial lease term under the Sublease commenced on June 14, 2018 (the “Commencement Date”) and expires on June 30, 2020, unless earlier terminated in accordance with the Sublease. From the Commencement Date until June 30, 2019, TransAtlantic USA was required to pay monthly rent of $18,333.33 to Longfellow, plus utilities, real property taxes, and liability insurance (to the extent that TransAtlantic USA does not obtain its own liability insurance). The monthly rent increases by $416.67 for the period commencing June 30, 2019 and ending June 30, 2021. Pursuant to the Sublease, effective as of June 14, 2018, TransAtlantic USA and Longfellow agreed to terminate the Amended and Restated Office Lease, dated June 26, 2017, by and between TransAtlantic USA and Longfellow. Series A Preferred Shares Dividends On July 2, 2019, we issued an aggregate of 2,321,568 common shares to holders of the Series A Preferred Shares as payment of the June 30, 2019 quarterly dividend on the Series A Preferred Shares (see Note 14. “ ” Dalea Note and Pledge Agreement On June 13, 2012, we closed the sale of our oilfield services business, which was substantially comprised of our wholly owned subsidiaries, Viking International and Viking Geophysical, to a joint venture owned by Dalea Partners, LP (“Dalea”) and funds advised by Abraaj Investment Management Limited for an aggregate purchase price of $168.5 million, consisting of approximately $157.0 million in cash and a $11.5 million promissory note from Dalea (the “Original Note”). The promissory note bore interest at a rate of 3.0% per annum and was guaranteed by Mr. Mitchell. The promissory note was payable five years from the date of issuance or earlier upon the occurrence of certain specified events. On April 19, 2016, we entered into a note amendment agreement (the “Note Amendment Agreement”) with Mr. Mitchell and Dalea, pursuant to which Dalea agreed to deliver an amended and restated promissory note (the “Amended Note”) in favor of us, in the principal sum of $7,964,053, which Amended Note would amend and restate that certain Promissory Note, dated June 13, 2012, made by Dalea in favor of us in the principal amount of $11.5 million (the “Original Note”). The Note Amendment Agreement reduced the principal amount of the Original Note to $7,964,053 in exchange for the cancellation of an account payable of approximately $3.5 million (the “Account Payable”) owed by TransAtlantic Albania Ltd. (“TransAtlantic Albania”), our former subsidiary, to Viking International. Pursuant to the Note Amendment Agreement, on April 19, 2016, we entered into the Amended Note, which amended and restated the Original Note that was issued in connection with our sale of our subsidiaries, Viking International and Viking Geophysical Services, to a joint venture owned by Dalea and Abraaj Investment Management Limited in June 2012. In the Amended Note, we and Dalea acknowledged that (i) while the sale of Dalea’s interest in Viking Services enabled us to take the position that the Original Note was accelerated in accordance with its terms, the principal purpose of including the acceleration events in the Original Note was to ensure that certain oilfield services provided by Viking Services to us would continue to be available to us, and (ii) such services will now be provided pursuant to the PSI MSA. PSI is beneficially owned by PSIL, which is beneficially owned by Dalea Investment Group, LLC, which is controlled by Mr. Mitchell. As a result, the Amended Note revised the events triggering acceleration of the repayment of the Original Note to the following: (i) a reduction of ownership by Dalea (and other controlled affiliates of Mr. Mitchell) of equity interest in PSI to less than 50%; (ii) the sale or transfer by Dalea or PSI of all or substantially all of its assets to any person (a “Transferee”) that does not own a controlling interest in Dalea or PSI and is not controlled by Mr. Mitchell (an “Unrelated Person”), or the subsequent transfer by any Transferee that is not an Unrelated Person of all or substantially all of its assets to an Unrelated Person; (iii) the acquisition by an Unrelated Person of more than 50% of the voting interests of Dalea or PSI; (iv) termination of the PSI MSA other than as a result of an uncured default thereunder by TEMI; (v) default by PSI under the PSI MSA, which default is not remedied within a period of 30 days after notice thereof to PSI; and (vi) insolvency or bankruptcy of PSI. The interest rate on the Amended Note remains at 3.0% per annum and continues to be guaranteed by Mr. Mitchell. The Amended Note contains customary events of default. On February 28, 2019, we and Dalea entered into an amendment (the “Note Amendment”) to the Amended Note (as amended by the Note Amendment, the “Note”), pursuant to which we and Dalea agreed to extend the maturity date of the Note to February 26, 2021 (unless otherwise accelerated in accordance with the terms of the Note). In addition, pursuant to the Note Amendment Agreement, on April 19, 2016, we entered into a pledge agreement (the “Pledge Agreement”) with Dalea, whereby Dalea pledged the $2.0 million principal amount of the Company’s 13.0% Senior Convertible Notes due 2017 (“Convertible Notes”) owned by Dalea (the “Dalea Convertible Notes”), including any future securities for which the Dalea Convertible Notes are converted or exchanged, as security for the performance of Dalea’s obligations under the Amended Note. The Pledge Agreement contains customary events of default. On November 4, 2016, Dalea exchanged $2.0 million of Convertible Notes for 40,000 Series A Preferred Shares. On June 28, 2019, we and Dalea entered into an amendment to the Pledge Agreement, pursuant to which we and Dalea agreed that any interest payable on the Series A Preferred Shares held by Dalea and pledged under the Pledge Agreement (i) if paid in cash, will be credited first against the outstanding principal balance of the Note and, upon full repayment of the outstanding principal balance of the Note, any accrued and unpaid interest on the Note, and (ii) if paid other than in cash, will be paid to Dalea and, within five business days of such payment to Dalea, Dalea will pay $61,500 toward the principal and, upon full repayment of the outstanding principal balance of the Note, any accrued and unpaid interest on the Note. During the six months ended June 30, 2019, we reduced the principal amount of the Note by $1.0 million for amounts prepaid by Dalea on February 28, 2019 in conjunction with the Note Amendment and by $0.1 million for cash dividends paid on the Series A Preferred Shares. As of June 30, 2019, the amount receivable under the Note was $4.5 million. Pledge fee agreements In connection with the pledge of certain Gundem real estate and Muratli real estate to DenizBank as collateral for the 2016 Term Loan, on August 31, 2016, we entered into a pledge fee agreement (the “Gundem Fee Agreement”) with Gundem Turizm Yatirim ve Isletme A.S., predecessor-in-interest to Gundem Yatirim with respect to the Gundem real estate and Muratli real estate pledged as collateral for the Term Loans (“Gundem”). Pursuant to the Gundem Fee Agreement, Gundem Yatirim pledged as collateral for the Term Loans In connection with the pledge of the Diyarbakir real estate to DenizBank as collateral for the 2016 Term Loan, on August 31, 2016, we entered into a pledge fee agreement with Messrs. Mitchell and Uras (the “Diyarbakir Fee Agreement”) pursuant to which we pay Mr. Mitchell and Mr. Uras Amounts payable to Mr. Mitchell under the Gundem Fee Agreement and the Diyarbakir Fee Agreement are used to reduce the outstanding principal amount of the Note. During the six months ended June 30, 2019, we reduced the principal amount of the Note by $0.3 million for amounts paid under the pledge fee agreements. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On July 2, 2019, we issued an aggregate of 2,321,568 common shares to holders of the Series A Preferred Shares as payment of the June 30, 2019 quarterly dividend on the Series A Preferred Shares. Each common share was issued at a value of $0.7934 per common share, which was equal to the 15-day volume weighted average price through the close of trading of the common shares on the NYSE American on June 14, 2019. |
General (Policies)
General (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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. We hold interests in developed and undeveloped oil and natural gas properties in Turkey and Bulgaria. As of August 2, 2019, approximately 47% of our outstanding common shares were beneficially owned by N. Malone Mitchell 3rd, our chief executive officer and chairman of our board of directors. We are a holding company with two operating segments – Turkey and Bulgaria. Our assets consist of our ownership interests in subsidiaries that primarily own assets in Turkey and Bulgaria. |
Basis of presentation | Basis of presentation Our consolidated financial statements are expressed in U.S. Dollars (“USD”) and have been prepared by management in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All amounts in the notes to the consolidated financial statements are in USD unless otherwise indicated. The unaudited consolidated financial statements include accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 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, 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 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, 2018. |
Recent accounting pronouncements | In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), In June 2016, the FASB issued ASU 2 Financial Instruments - Credit Losses In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting Compensation – Stock Compensation In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities In June 2018, the FASB issued ASU 2018-07, Stock Compensation - Improvements to Nonemployee Share-Based Payment Accounting In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses 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. |
Series A Preferred Shares (Tabl
Series A Preferred Shares (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Redemption Prices | The redemption prices for the 12-month period starting on the dates below are: Period Commencing Redemption Price November 4, 2020 105.000% November 4, 2021 103.000% November 4, 2022 101.000% November 4, 2023 and thereafter 100.000% |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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: June 30, 2019 December 31, 2018 (in thousands) Oil and natural gas properties, proved: Turkey $ 154,883 $ 162,494 Bulgaria 509 512 Total oil and natural gas properties, proved 155,392 163,006 Oil and natural gas properties, unproved: Turkey 17,486 14,965 Bulgaria – 730 Total oil and natural gas properties, unproved 17,486 15,695 Gross oil and natural gas properties 172,878 178,701 Accumulated depletion (98,704 ) (100,582 ) Net oil and natural gas properties $ 74,174 $ 78,119 |
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: June 30, 2019 December 31, 2018 (in thousands) Other equipment $ 1,136 $ 1,240 Land 137 149 Inventory 5,788 6,791 Gas gathering system and facilities 178 194 Vehicles 311 336 Leasehold improvements, office equipment and software 5,368 5,698 Gross equipment and other property 12,918 14,408 Accumulated depreciation (5,213 ) (5,268 ) Net equipment and other property $ 7,705 $ 9,140 |
Asset Retirement obligations (T
Asset Retirement obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes in Asset Retirement Obligations | The following table summarizes the changes in our asset retirement obligations (“ARO”) for the six months ended June 30, 2019 and for the year ended December 31, 2018: June 30, 2019 December 31, 2018 (in thousands) Asset retirement obligations at beginning of period $ 4,667 $ 4,727 Foreign exchange change effect (371 ) (1,270 ) Additions 109 1,036 Accretion expense 101 174 Asset retirement obligations at end of period $ 4,506 $ 4,667 |
Derivative instruments (Tables)
Derivative instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Gross Fair Value of Derivative Instruments by Balance Sheet Classification | The following table summarizes both: (i) the gross fair value of our derivative instruments by the appropriate balance sheet classification even when the derivative instruments are subject to netting arrangements and qualify for net presentation in our consolidated balance sheets at June 30, 2019, and (ii) the net recorded fair value as reflected on our consolidated balance sheet at June 30, 2019. As of June 30, 2019 Gross Amount Net Amount of Gross Offset in the Assets (Liabilities) Amount of Consolidated Presented in the Location on Consolidated Recognized Balance Consolidated Type of Derivative Contract Balance Sheets Assets (Liabilities) Sheet s Balance Sheets (in thousands) Foreign exchange Current liabilities $ (664 ) $ 13 $ (651 ) Commodity - crude oil Current assets $ 218 $ - $ 218 |
Foreign Exchange [Member] | |
Summary of Fair Value of Derivative Instruments | At June 30, 2019, we had outstanding foreign exchange derivative contracts as set forth in the table below: Fair Value of Foreign Exchange Derivative Instruments as of June 30, 2019 Buy Sell Estimated Fair Type Buy/Sell Rate Settlement Date Buy Currency Currency Amount Sell Currency Currency Amount Value of Asset (Liability) (in thousands) FXOPT Buy 5.750 07/01/19 TRY 8,625,000 USD 1,500,000 11 FXOPT Sell 5.750 07/01/19 USD 2,250,000 TRY 12,937,500 (2 ) FXOPT Sell 5.750 07/01/19 TRY 8,625,000 USD 1,500,000 (11 ) FXOPT Buy 5.750 07/01/19 USD 2,250,000 TRY 12,937,500 2 FXOPT Buy 6.030 07/01/19 TRY 9,045,000 USD 1,500,000 - FXOPT Sell 6.030 07/01/19 USD 2,250,000 TRY 13,567,500 (95 ) FXOPT Buy 5.870 09/03/19 USD 1,500,000 TRY 8,805,000 (52 ) FXOPT Buy 6.090 10/28/19 USD 1,400,000 TRY 8,526,000 (504 ) Total Estimated Fair Value of Liability $ (651 ) |
Crude Oil [Member] | Commodity Price [Member] | |
Summary of Fair Value of Derivative Instruments | At June 30, 2019, we had outstanding derivative contracts with respect to our future crude oil production as set forth in the table below: Fair Value of Commodity Derivative Instruments as of June 30, 2019 Weighted Weighted Average Average Quantity Minimum Maximum Price Additional Call Estimated Fair Type Period (Bbl/day) Price (per Bbl) (per Bbl) Ceiling Value of Asset (in thousands) Three-way collar July 1, 2019 - April 30, 2020 1,000 $ 55.00 $ 72.90 $ 80.00 $ 218 Total Estimated Fair Value of Asset $ 218 |
Loans payable (Tables)
Loans payable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | As of the dates indicated, our third-party debt consisted of the following: June 30, December 31, 2019 2018 Fixed and floating rate loans (in thousands) Term Loans (1) $ 31,200 $ 22,000 Less: current portion 19,772 22,000 Long-term portion $ 11,428 $ – _________________________________________________________ (1) Includes the 2019 Term Loan, the 2018 Term Loan, and the 2017 Term Loan (each as defined below and collectively, “Term Loans”). |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Operating Lease Costs | Operating lease costs were comprised of the following: June 30, 2019 (in thousands) Operations yards $ 292 Office rent 115 Vehicles 70 Other 42 Total lease costs $ 519 |
Schedule of Future Non-Cancelable Minimum Lease Payments Under Operating Lease | Future non-cancelable minimum lease payments under our operating lease commitments as of June 30, 2019 were as follows for each of the next five years and thereafter: June 30, 2019 (in thousands) Remainder of 2019 $ 500 2020 731 2021 658 2022 648 2023 327 2024 - Thereafter - Total $ 2,864 Less: Imputed interest 440 Present value of lease liabilities $ 2,424 |
Schedule of Future Non-Cancelable Minimum Lease Payments Under Operating Lease | Future non-cancelable minimum lease payments under our operating lease commitments as of December 31, 2018 were as follows for each of the next five years and thereafter: December 31, 2018 (in thousands) 2019 $ 963 2020 710 2021 636 2022 626 2023 316 Thereafter - Total $ 3,251 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 Six Months Ended June 30, June 30, (in thousands, except per share amounts) 2019 2018 2019 2018 Net loss $ (9 ) $ (1,006 ) $ (3,911 ) $ (2,781 ) Basic net loss earnings per common share: Shares: Weighted average common shares outstanding 52,529 50,420 52,506 50,397 Basic net loss per common share: $ (0.00 ) $ (0.02 ) $ (0.07 ) $ (0.06 ) Diluted net loss per common share: Shares: Weighted average common shares outstanding 52,529 50,420 52,506 50,397 Diluted net loss per common share: $ (0.00 ) $ (0.02 ) $ (0.07 ) $ (0.06 ) |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Financial Information of Geographic Segments | In accordance with ASC 280, Segment Reporting Corporate Turkey Bulgaria Total (in thousands) For the three months ended June 30, 2019 Total revenues $ - $ 17,215 $ - $ 17,215 (Loss) income from operations before income taxes (2,667 ) 6,756 (732 ) 3,357 Capital expenditures $ - $ 5,509 $ 667 $ 6,176 For the three months ended June 30, 2018 Total revenues $ - $ 18,198 $ - $ 18,198 (Loss) income from operations before income taxes (4,429 ) 4,612 (75 ) 108 Capital expenditures $ - $ 5,625 $ - $ 5,625 For the six months ended June 30, 2019 Total revenues $ - $ 36,256 $ - $ 36,256 (Loss) income from operations before income taxes (5,540 ) 14,372 (5,954 ) 2,878 Capital expenditures $ - $ 10,728 $ 5,050 $ 15,778 For the six months ended June 30, 2018 Total revenues $ - $ 35,124 $ - $ 35,124 (Loss) income from operations before income taxes (8,222 ) 7,963 (121 ) (380 ) Capital expenditures $ - $ 10,835 $ - $ 10,835 Segment assets June 30, 2019 $ 6,674 $ 136,363 $ 1,150 $ 144,187 December 31, 2018 $ 8,358 $ 122,325 $ 1,917 $ 132,600 |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Valuation of Financial Assets and Liabilities | The following table summarizes the valuation of our financial assets and liabilities as of June 30, 2019: Fair Value Measurement Classification Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (in thousands) Measured on a recurring basis Assets: Commodity derivative contracts $ - $ 218 $ - $ 218 Liabilities: Foreign exchange derivative contracts $ - $ (651 ) $ - $ (651 ) Disclosed but not carried at fair value Liabilities: 2019 Term Loan - - (16,651 ) (16,651 ) 2018 Term Loan - - (4,781 ) (4,781 ) 2017 Term Loan - - (5,910 ) (5,910 ) Total $ - $ - $ (27,342 ) $ (27,342 ) The following table summarizes the valuation of our financial assets and liabilities as of December 31, 2018: Fair Value Measurement Classification Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (in thousands) Disclosed but not carried at fair value Liabilities: 2018 Term Loan - - (8,192 ) (8,192 ) 2017 Term Loan - - (11,938 ) (11,938 ) Total $ - $ - $ (20,130 ) $ (20,130 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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: June 30, December 31, 2019 2018 (in thousands) Related party accounts receivable: Service Agreement $ 491 $ 526 PSI MSA 394 352 Total related party accounts receivable $ 885 $ 878 Related party accounts payable: Service Agreement $ 367 $ 372 PSI MSA 1,569 2,439 Interest payable on Series A Preferred Shares 960 - Other - board of directors fees 111 111 Total related party accounts payable $ 3,007 $ 2,922 |
General - Additional Informatio
General - Additional Information (Detail) - Segment | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Nature Of Business [Line Items] | ||
Number of operating segments | 2 | |
Subsequent Event [Member] | ||
Nature Of Business [Line Items] | ||
Percentage of common shares owned | 47.00% |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease, liability | $ 2,424 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease, right-of-use asset | $ 2,700 | |
Operating lease, liability | $ 2,700 |
Series A Preferred Shares - Add
Series A Preferred Shares - Additional Information (Detail) - Series A Preferred Shares [Member] | Jul. 02, 2019shares | Nov. 04, 2016USD ($)Director$ / sharesshares | Jun. 30, 2019USD ($)shares | Jun. 30, 2019USD ($)shares | Dec. 31, 2018USD ($)shares |
Redeemable Noncontrolling Interest [Line Items] | |||||
Preferred shares, outstanding | 921,000 | 921,000 | 921,000 | ||
Preferred shares, value | $ | $ 21,300,000 | $ 21,300,000 | $ 21,300,000 | ||
Preferred stock, dividend rate, percentage | 12.00% | ||||
Convertible preferred stock, terms of conversion | each Series A Preferred Share may be converted at any time, at the option of the holder, into 45.754 common shares (which is equal to an initial conversion price of approximately $1.0928 per common share and is subject to customary adjustments for stock splits, stock dividends, recapitalizations, or other fundamental changes) | ||||
Convertible preferred shares issued upon conversion | 45.754 | ||||
Conversion of stock, per share | $ / shares | $ 1.0928 | ||||
Preferred stock redemption period end date | Nov. 4, 2024 | ||||
Preferred stock redemption period start date | Nov. 4, 2020 | ||||
Maximum closing sale price of common shares on conversion price | 150.00% | ||||
Preferred stock, redemption description | At any time on or after November 4, 2020, we may redeem all or a portion of the Series A Preferred Shares at the redemption prices listed below (expressed as a percentage of the liquidation preference amount per share) plus accrued and unpaid dividends to the date of redemption, if the closing sale price of the common shares equals or exceeds 150% of the conversion price then in effect for at least 10 trading days (whether or not consecutive) in a period of 20 consecutive trading days, including the last trading day of such 20 trading day period, ending on, and including, the trading day immediately preceding the business day on which we issue a notice of optional redemption. | ||||
Change in control, offering redemption period | 120 days | ||||
Preferred stock, dividend payment terms | Dividends on the Series A Preferred Shares are payable quarterly at our election in cash, common shares, or a combination of cash and common shares at an annual dividend rate of 12.0% of the liquidation preference if paid all in cash or 16.0% of the liquidation preference if paid in common shares. If paid partially in cash and partially in common shares, the dividend rate on the cash portion is 12.0%, and the dividend rate on the common share portion is 16.0%. | ||||
Dividend payment description | Dividends are payable quarterly on March 31, June 30, September 30, and December 31 of each year. | ||||
Preferred stock accrued dividends | $ | $ 1,800,000 | $ 3,200,000 | |||
Aggregate number of common shares issued to preferred share holders as payment of dividend | 2,321,568 | 2,321,568 | |||
Preferred stock voting rights | no voting rights | no voting rights | |||
Certificate of designation description | The Certificate of Designation also provides that without the approval of the holders of a majority of the outstanding Series A Preferred Shares, we will not issue indebtedness for money borrowed or other securities which are senior to the Series A Preferred Shares in excess of the greater of (i) $100 million or (ii) 35% of our PV-10 of proved reserves as disclosed in our most recent independent reserve report filed or furnished by us on EDGAR. | ||||
Maximum amount of indebtedness for borrowed money allowed under certificate of designation | $ | $ 100,000,000 | ||||
PV10 reserve value percentage | 35.00% | ||||
Maximum [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Right to elect number of directors | Director | 2 | ||||
Minimum [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Right to elect number of directors | Director | 1 | ||||
Two Director [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Preferred shares, outstanding | 400,000 | ||||
One Director [Member] | Maximum [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Preferred shares, outstanding | 80,000 | ||||
One Director [Member] | Minimum [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Preferred shares, outstanding | 399,999 | ||||
Dividend Paid in Cash [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Preferred stock, dividend rate, percentage | 12.00% | ||||
Dividend Paid in Common Shares [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Preferred stock, dividend rate, percentage | 16.00% | ||||
Related Party [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Preferred shares, outstanding | 495,000 | 495,000 | 495,000 | ||
Preferred shares, value | $ | $ 24,750,000 | $ 24,750,000 | $ 24,750,000 |
Series A Preferred Shares - Sch
Series A Preferred Shares - Schedule of Redemption Prices (Detail) - Series A Preferred Shares [Member] | Nov. 04, 2016 |
Redeemable Noncontrolling Interest [Line Items] | |
November 4, 2020 | 105.00% |
November 4, 2021 | 103.00% |
November 4, 2022 | 101.00% |
November 4, 2023 and thereafter | 100.00% |
Property and Equipment - Capita
Property and Equipment - Capitalized Costs under Successful Efforts Method for Oil and Natural Gas Properties (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Oil and natural gas properties, proved | $ 155,392 | $ 163,006 |
Oil and natural gas properties, unproved | 17,486 | 15,695 |
Gross oil and natural gas properties | 172,878 | 178,701 |
Accumulated depletion | (98,704) | (100,582) |
Net oil and natural gas properties | 74,174 | 78,119 |
Turkey [Member] | ||
Property Plant And Equipment [Line Items] | ||
Oil and natural gas properties, proved | 154,883 | 162,494 |
Oil and natural gas properties, unproved | 17,486 | 14,965 |
Bulgaria [Member] | ||
Property Plant And Equipment [Line Items] | ||
Oil and natural gas properties, proved | $ 509 | 512 |
Oil and natural gas properties, unproved | $ 730 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Property Plant And Equipment [Line Items] | |||||
Proved development wells excluded from depletion | $ 100 | $ 100 | $ 500 | ||
Acquisition costs of proved properties | 5,700 | 6,500 | |||
Well costs and additional development costs | 53,300 | 53,300 | 58,700 | ||
Exploratory dry hole costs | 700 | $ 200 | 5,800 | $ 200 | |
Capitalized exploratory cost greater than one year | 0 | 0 | |||
Inventory | 4,707 | 4,707 | 5,167 | ||
Inventory [Member] | |||||
Property Plant And Equipment [Line Items] | |||||
Property plant and equipment excluded from depreciation | $ 10,500 | $ 10,500 | $ 12,000 | ||
Turkey [Member] | |||||
Property Plant And Equipment [Line Items] | |||||
Percentage of decrease in foreign currency exchange rate | 9.40% | ||||
Exchange rate | 5.7751 | 5.7751 | 5.2609 |
Property and Equipment - Histor
Property and Equipment - Historical Cost of Equipment and Other Property on Gross Basis with Accumulated Depreciation (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Gross equipment and other property | $ 12,918 | $ 14,408 |
Accumulated depreciation | (5,213) | (5,268) |
Net equipment and other property | 7,705 | 9,140 |
Other equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross equipment and other property | 1,136 | 1,240 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross equipment and other property | 137 | 149 |
Inventory [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross equipment and other property | 5,788 | 6,791 |
Gas gathering system and facilities [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross equipment and other property | 178 | 194 |
Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross equipment and other property | 311 | 336 |
Leasehold improvements, office equipment and software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross equipment and other property | $ 5,368 | $ 5,698 |
Asset Retirement Obligations -
Asset Retirement Obligations - Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |||||
Asset retirement obligations at beginning of period | $ 4,667 | $ 4,727 | $ 4,727 | ||
Foreign exchange change effect | (371) | (1,270) | |||
Additions | 109 | 1,036 | |||
Accretion expense | $ 49 | $ 43 | 101 | $ 89 | 174 |
Asset retirement obligations at end of period | $ 4,506 | $ 4,506 | $ 4,667 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Fair Value of Commodity Derivative Instruments of Future Crude Oil Production (Detail) - Commodity Price [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)$ / bbl$ / Callbbl | |
Derivatives Fair Value [Line Items] | |
Estimated Fair Value of Liability | $ | $ 218 |
Three-way Collar - July 1, 2019 - April 30, 2020 [Member] | |
Derivatives Fair Value [Line Items] | |
Quantity (Bbl/day) | bbl | 1,000 |
Collars Weighted Average Minimum Price (per Bbl) | $ / bbl | 55 |
Weighted Average Maximum Price (per Bbl) | $ / bbl | 72.90 |
Additional Call Ceiling | $ / Call | 80 |
Estimated Fair Value of Liability | $ | $ 218 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Fair Value of Foreign Exchange Derivative Instruments (Detail) - Foreign Exchange [Member] ₺ in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2019TRY (₺) | |
Derivatives Fair Value [Line Items] | ||
Estimated Fair Value of Asset (Liability) | $ (651) | |
Currency Derivative Instruments One [Member] | ||
Derivatives Fair Value [Line Items] | ||
Type | FXOPT | FXOPT |
Buy/Sell | Buy | Buy |
Rate | 5.750 | |
Settlement Date | Jul. 1, 2019 | Jul. 1, 2019 |
Buy Currency | TRY | TRY |
Buy Currency Amount | ₺ | ₺ 8,625,000 | |
Sell Currency | USD | USD |
Sell Currency Amount | $ 1,500,000 | |
Estimated Fair Value of Asset (Liability) | $ 11 | |
Currency Derivative Instruments Two [Member] | ||
Derivatives Fair Value [Line Items] | ||
Type | FXOPT | FXOPT |
Buy/Sell | Sell | Sell |
Rate | 5.750 | |
Settlement Date | Jul. 1, 2019 | Jul. 1, 2019 |
Buy Currency | USD | USD |
Buy Currency Amount | $ 2,250,000 | |
Sell Currency | TRY | TRY |
Sell Currency Amount | ₺ | ₺ 12,937,500 | |
Estimated Fair Value of Asset (Liability) | $ (2) | |
Currency Derivative Instruments Three [Member] | ||
Derivatives Fair Value [Line Items] | ||
Type | FXOPT | FXOPT |
Buy/Sell | Sell | Sell |
Rate | 5.750 | |
Settlement Date | Jul. 1, 2019 | Jul. 1, 2019 |
Buy Currency | TRY | TRY |
Buy Currency Amount | ₺ | ₺ 8,625,000 | |
Sell Currency | USD | USD |
Sell Currency Amount | $ 1,500,000 | |
Estimated Fair Value of Asset (Liability) | $ (11) | |
Currency Derivative Instruments Four [Member] | ||
Derivatives Fair Value [Line Items] | ||
Type | FXOPT | FXOPT |
Buy/Sell | Buy | Buy |
Rate | 5.750 | |
Settlement Date | Jul. 1, 2019 | Jul. 1, 2019 |
Buy Currency | USD | USD |
Buy Currency Amount | $ 2,250,000 | |
Sell Currency | TRY | TRY |
Sell Currency Amount | ₺ | ₺ 12,937,500 | |
Estimated Fair Value of Asset (Liability) | $ 2 | |
Currency Derivative Instruments Five [Member] | ||
Derivatives Fair Value [Line Items] | ||
Type | FXOPT | FXOPT |
Buy/Sell | Buy | Buy |
Rate | 6.030 | |
Settlement Date | Jul. 1, 2019 | Jul. 1, 2019 |
Buy Currency | TRY | TRY |
Buy Currency Amount | ₺ | ₺ 9,045,000 | |
Sell Currency | USD | USD |
Sell Currency Amount | $ 1,500,000 | |
Currency Derivative Instruments Six [Member] | ||
Derivatives Fair Value [Line Items] | ||
Type | FXOPT | FXOPT |
Buy/Sell | Sell | Sell |
Rate | 6.030 | |
Settlement Date | Jul. 1, 2019 | Jul. 1, 2019 |
Buy Currency | USD | USD |
Buy Currency Amount | $ 2,250,000 | |
Sell Currency | TRY | TRY |
Sell Currency Amount | ₺ | ₺ 13,567,500 | |
Estimated Fair Value of Asset (Liability) | $ (95) | |
Currency Derivative Instruments Seven | ||
Derivatives Fair Value [Line Items] | ||
Type | FXOPT | FXOPT |
Buy/Sell | Buy | Buy |
Rate | 5.870 | |
Settlement Date | Sep. 3, 2019 | Sep. 3, 2019 |
Buy Currency | USD | USD |
Buy Currency Amount | $ 1,500,000 | |
Sell Currency | TRY | TRY |
Sell Currency Amount | ₺ | ₺ 8,805,000 | |
Estimated Fair Value of Asset (Liability) | $ (52) | |
Currency Derivative Instruments Eight | ||
Derivatives Fair Value [Line Items] | ||
Type | FXOPT | FXOPT |
Buy/Sell | Buy | Buy |
Rate | 6.090 | |
Settlement Date | Oct. 28, 2019 | Oct. 28, 2019 |
Buy Currency | USD | USD |
Buy Currency Amount | $ 1,400,000 | |
Sell Currency | TRY | TRY |
Sell Currency Amount | ₺ | ₺ 8,526,000 | |
Estimated Fair Value of Asset (Liability) | $ (504) |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||||
Loss on derivative contracts | $ 323 | $ 300 | $ 3,141 | $ 3,100 | $ 433 | $ 3,866 |
Derivative Instruments - Summ_3
Derivative Instruments - Summary of Gross Fair Value of Derivative Instruments by Balance Sheet Classification (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Derivatives Fair Value [Line Items] | |
Net Amount of Liabilities Presented in the Consolidated Balance Sheets, Current Liabilities | $ 651 |
Foreign Exchange [Member] | Current Liabilities [Member] | |
Derivatives Fair Value [Line Items] | |
Gross Amount of Recognized Liabilities | (664) |
Gross Amount Offset in the Consolidated Balance Sheets | 13 |
Net Amount of Liabilities Presented in the Consolidated Balance Sheets, Current Liabilities | (651) |
Commodity Price [Member] | Current Assets | Crude Oil [Member] | |
Derivatives Fair Value [Line Items] | |
Gross Amount of Recognized Liabilities | 218 |
Net Amount of Liabilities Presented in the Consolidated Balance Sheet, Long-term Liabilities | $ 218 |
Loans Payable - Debt (Detail)
Loans Payable - Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Term Loans | $ 31,200 | $ 22,000 |
Less: current portion | 19,772 | $ 22,000 |
Long-term portion | $ 11,428 |
Loans Payable - Additional Info
Loans Payable - Additional Information (Detail) - USD ($) | Apr. 27, 2017 | Jun. 30, 2019 | Feb. 22, 2019 | Dec. 31, 2018 | May 28, 2018 | Nov. 17, 2017 | Aug. 31, 2016 |
Line Of Credit Facility [Line Items] | |||||||
Loans payable | $ 31,200,000 | $ 22,000,000 | |||||
2016 TEMI Term Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument interest rate stated percentage | 5.25% | ||||||
Debt instrument interest rate basis for effective rate | The 2016 Term Loan bore interest at a fixed rate of 5.25% (plus 0.2625% for Banking and Insurance Transactions Tax per the Turkish government) | ||||||
Debt instrument payment terms | Payable in six monthly installments of $1.25 million each through February 2017 and thereafter in twelve monthly installments of $1.88 million each through February 2018. | ||||||
Amount of each installment payable through February 2017 | $ 1,250,000 | ||||||
Amount of each installment payable through February 2018 | $ 1,880,000 | ||||||
Line of credit facility, expiration date | Feb. 28, 2018 | ||||||
2016 TEMI Term Loan [Member] | Turkish Banking and Insurance Transactions Tax Rate [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument basis spread on variable rate | 0.2625% | ||||||
2017 Term Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument interest rate stated percentage | 6.00% | ||||||
Debt instrument interest rate basis for effective rate | The 2017 Term Loan bears interest at a fixed rate of 6.0% (plus 0.3% for Banking and Insurance Transactions Tax per the Turkish government) per annum. | ||||||
Debt instrument payment terms | The 2017 Term Loan had a grace period which bore no interest or payments due until July 2018. Thereafter, the 2017 Term Loan is payable in one monthly installment of $1.38 million, nine monthly installments of $1.2 million each through April 2019 and thereafter in eight monthly installments of $1.0 million each through December 2019, with the exception of one monthly installment of $1.2 million occurring in October 2019. | ||||||
Line of credit facility, expiration date | Dec. 31, 2019 | ||||||
2017 Term Loan [Member] | Due until July 2018 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument interest rate stated percentage | 0.00% | ||||||
Debt instrument, principal installments | $ 0 | ||||||
2017 Term Loan [Member] | One Monthly Installment Payable through April 2019 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument, principal installments | 1,380,000 | ||||||
2017 Term Loan [Member] | Nine Monthly Installments Payable through April 2019 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument, principal installments | 1,200,000 | ||||||
2017 Term Loan [Member] | Eight Monthly Installments Payable through December 2019 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument, principal installments | 1,000,000 | ||||||
2017 Term Loan [Member] | One Monthly Installment Occurring in October 2019 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Amount of each installment payable occurring in October 2019 | $ 1,200,000 | ||||||
2017 Term Loan [Member] | Turkish Banking and Insurance Transactions Tax Rate [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument basis spread on variable rate | 0.30% | ||||||
2018 Term Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument interest rate stated percentage | 7.25% | ||||||
Debt instrument interest rate basis for effective rate | The 2018 Term Loan bears interest at a fixed rate of 7.25% (plus 0.3% for Banking and Insurance Transactions Tax per the Turkish government) per annum. | ||||||
Debt instrument payment terms | The 2018 Term Loan had a grace period through July 2018 during which no payments were due. Thereafter, accrued interest on the 2018 Term Loan is payable monthly and the principal on the 2018 Term Loan is payable in five monthly installments of $0.2 million each through December 2018, four monthly installments of $0.5 million each through April 2019, four monthly installments of $1.0 million each through August 2019, and four monthly installments of $0.75 million each through December 2019. | ||||||
Line of credit facility, expiration date | Dec. 31, 2019 | ||||||
2018 Term Loan [Member] | Due through July 2018 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument, principal installments | $ 0 | ||||||
2018 Term Loan [Member] | Five Monthly Installments Payable through December 2018 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument, principal installments | 200,000 | ||||||
2018 Term Loan [Member] | Four Monthly Installments Payable through April 2019 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument, principal installments | 500,000 | ||||||
2018 Term Loan [Member] | Four Monthly Installments Payable through August 2019 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument, principal installments | 1,000,000 | ||||||
2018 Term Loan [Member] | Four Monthly Installments Payable through December 2019 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument, principal installments | $ 750,000 | ||||||
2018 Term Loan [Member] | Turkish Banking and Insurance Transactions Tax Rate [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument basis spread on variable rate | 0.30% | ||||||
2019 Term Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument interest rate stated percentage | 7.50% | ||||||
Debt instrument interest rate basis for effective rate | The 2019 Term Loan bears interest at a fixed rate of 7.5% (plus 0.375% for Banking and Insurance Transactions Tax per the Turkish government) per annum. | ||||||
Debt instrument payment terms | The 2019 Term Loan has a grace period through December 2019 during which no payments are due. Thereafter, accrued interest on the 2019 Term Loan is payable monthly, and the principal on the 2019 Term Loan is payable in 14 monthly installments of $1.4 million each. | ||||||
Line of credit facility, expiration date | Feb. 28, 2021 | ||||||
2019 Term Loan [Member] | Due through December 2019 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument, principal installments | $ 0 | ||||||
2019 Term Loan [Member] | Fourteen Monthly Installments [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument, principal installments | $ 1,400,000 | ||||||
2019 Term Loan [Member] | Turkish Banking and Insurance Transactions Tax Rate [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument basis spread on variable rate | 0.375% | ||||||
Unsecured lines of credit [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Loans payable | $ 0 | ||||||
Credit Agreement [Member] | DenizBank [Member] | 2016 TEMI Term Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility, initiation date | Aug. 31, 2016 | ||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 30,000,000 | ||||||
Line of credit facility, expiration date | Jun. 30, 2018 | ||||||
Debt instrument, monthly payments | $ 1,380,000 | ||||||
Credit Agreement [Member] | DenizBank [Member] | 2017 Term Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility, initiation date | Nov. 17, 2017 | ||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 20,400,000 | ||||||
Credit Agreement [Member] | DenizBank [Member] | 2018 Term Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility, initiation date | May 28, 2018 | ||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 10,000,000 | ||||||
Credit Agreement [Member] | DenizBank [Member] | 2019 Term Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility, initiation date | Feb. 22, 2019 | ||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 20,000,000 | ||||||
Non-cash Facilities [Member] | DenizBank [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 20,000,000 | ||||||
Line of Credit [Member] | 2016 TEMI Term Loan [Member] | Mr. Mitchell [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility ownership percentage | 80.00% | ||||||
Line of Credit [Member] | 2016 TEMI Term Loan [Member] | Mr. Uras [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility ownership percentage | 20.00% | ||||||
Line of Credit [Member] | 2017 Term Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Loans payable | $ 6,200,000 | ||||||
Line of Credit [Member] | 2017 Term Loan [Member] | Mr. Mitchell [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility ownership percentage | 80.00% | ||||||
Line of Credit [Member] | 2017 Term Loan [Member] | Mr. Uras [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility ownership percentage | 20.00% | ||||||
Line of Credit [Member] | 2017 Term Loan [Member] | Mr. Uras [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility ownership percentage | 100.00% | ||||||
Line of Credit [Member] | 2018 Term Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Loans payable | $ 5,000,000 | ||||||
Line of Credit [Member] | 2018 Term Loan [Member] | Mr. Mitchell [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility ownership percentage | 80.00% | ||||||
Line of Credit [Member] | 2018 Term Loan [Member] | Mr. Uras [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility ownership percentage | 20.00% | ||||||
Line of Credit [Member] | 2018 Term Loan [Member] | Mr. Uras [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility ownership percentage | 100.00% | ||||||
Line of Credit [Member] | 2019 Term Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Loans payable | $ 20,000,000 | ||||||
Line of Credit [Member] | 2019 Term Loan [Member] | Mr. Mitchell [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility ownership percentage | 80.00% | ||||||
Line of Credit [Member] | 2019 Term Loan [Member] | Mr. Uras [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility ownership percentage | 20.00% | ||||||
Line of Credit [Member] | 2019 Term Loan [Member] | Mr. Uras [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility ownership percentage | 100.00% | ||||||
Turkey [Member] | Credit Agreement [Member] | DenizBank [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility, initiation date | Aug. 23, 2016 |
Leases - Additional Information
Leases - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Lessee Lease Description [Line Items] | |
Operating lease options to renew or cancel | some contain options to renew or cancel |
Weighted average remaining lease term | 4 years |
Weighted average discount rate | 7.55% |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Lease agreements, term | 1 year |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Lease agreements, term | 5 years |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Costs (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Lessee Lease Description [Line Items] | |
Total lease costs | $ 519 |
Operations Yards [Member] | |
Lessee Lease Description [Line Items] | |
Total lease costs | 292 |
Office Rent [Member] | |
Lessee Lease Description [Line Items] | |
Total lease costs | 115 |
Vehicles [Member] | |
Lessee Lease Description [Line Items] | |
Total lease costs | 70 |
Other [Member] | |
Lessee Lease Description [Line Items] | |
Total lease costs | $ 42 |
Leases - Schedule of Future Non
Leases - Schedule of Future Non-Cancelable Minimum Lease Payments Under Operating Lease (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Remainder of 2019 | $ 500 | |
2020 | 731 | |
2021 | 658 | |
2022 | 648 | |
2023 | 327 | |
Total | 2,864 | |
Less: Imputed interest | 440 | |
Operating lease, liability | $ 2,424 | |
2019 | $ 963 | |
2020 | 710 | |
2021 | 636 | |
2022 | 626 | |
2023 | 316 | |
Total | $ 3,251 |
Contingencies Relating to Pro_2
Contingencies Relating to Production Leases and Exploration Permits - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Oct. 31, 2015 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2012 | |
Loss Contingencies [Line Items] | ||||||
General and administrative | $ 2,690,000 | $ 3,786,000 | $ 5,744,000 | $ 7,123,000 | ||
Bulgaria [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Recovery of contractual obligations | $ 2,000,000 | |||||
Liquidated damages, claim amount | $ 200,000 | |||||
Bulgaria [Member] | Aglen Exploration Permit Work Program [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
General and administrative | $ 2,000,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - Restricted Stock Units [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Unrecognized compensation expense | $ 0.2 | $ 0.2 | ||
Unrecognized compensation expense recognition period | 1 year 7 months 6 days | |||
Dilutive securities included in the calculation of diluted earnings per share | 0 | 0 |
Shareholders' Equity - Basic an
Shareholders' Equity - Basic and Diluted Earnings Per Common Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Equity [Abstract] | ||||
Net loss | $ (9) | $ (1,006) | $ (3,911) | $ (2,781) |
Weighted average common shares outstanding | 52,529 | 50,420 | 52,506 | 50,397 |
Basic net loss per common share | $ 0 | $ (0.02) | $ (0.07) | $ (0.06) |
Weighted average common shares outstanding | 52,529 | 50,420 | 52,506 | 50,397 |
Diluted net loss per common share | $ 0 | $ (0.02) | $ (0.07) | $ (0.06) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable geographic segments | 2 |
Segment Information - Financial
Segment Information - Financial Information of Geographic Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 17,215 | $ 18,198 | $ 36,256 | $ 35,124 | |
(Loss) income from operations before income taxes | 3,357 | 108 | 2,878 | (380) | |
Capital expenditures | 6,176 | 5,625 | 15,778 | 10,835 | |
Segment assets | 144,187 | 144,187 | $ 132,600 | ||
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
(Loss) income from operations before income taxes | (2,667) | (4,429) | (5,540) | (8,222) | |
Segment assets | 6,674 | 6,674 | 8,358 | ||
Operating Segments [Member] | Turkey [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 17,215 | 18,198 | 36,256 | 35,124 | |
(Loss) income from operations before income taxes | 6,756 | 4,612 | 14,372 | 7,963 | |
Capital expenditures | 5,509 | 5,625 | 10,728 | 10,835 | |
Segment assets | 136,363 | 136,363 | 122,325 | ||
Operating Segments [Member] | Bulgaria [Member] | |||||
Segment Reporting Information [Line Items] | |||||
(Loss) income from operations before income taxes | (732) | $ (75) | (5,954) | $ (121) | |
Capital expenditures | 667 | 5,050 | |||
Segment assets | $ 1,150 | $ 1,150 | $ 1,917 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - 6 months ended Jun. 30, 2019 ₺ in Millions | USD ($)Institution | TRY (₺) |
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | ||
Currency risk descriptions | We have underlying foreign currency exchange rate exposure. Our currency exposures primarily relate to transactions denominated in the Bulgarian Lev, the European Union Euro, and the TRY. We are also subject to foreign currency exposures resulting from translating the functional currency of our subsidiary financial statements into the USD reporting currency. At June 30, 2019, we had 1.0 million TRY (approximately $0.2 million) in cash and cash equivalents, which exposes us to exchange rate risk based on fluctuations in the value of the TRY. At June 30, 2019, we were a party to foreign exchange derivative contracts (See Note 6. “Derivative instruments”). | |
Number of financial institutions | Institution | 4 | |
TUPRAS [Member] | ||
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | ||
Allowance for doubtful accounts | $ | $ 0 | |
Cash and cash equivalents [Member] | ||
Financial Statement Line Items With Differences In Reported Amount And Reporting Currency Denominated Amounts [Line Items] | ||
Cash and cash equivalents | $ 200,000 | ₺ 1 |
Financial Instruments - Valuati
Financial Instruments - Valuation of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets (liabilities), fair value | $ (27,342) | $ (20,130) |
Disclosed but not carried at fair value [Member] | 2019 Term Loan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | (16,651) | |
Disclosed but not carried at fair value [Member] | 2018 Term Loan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | (4,781) | (8,192) |
Disclosed but not carried at fair value [Member] | 2017 Term Loan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | (5,910) | (11,938) |
Measured on a recurring basis [Member] | Derivative Financial Instruments (Commodity) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 218 | |
Measured on a recurring basis [Member] | Foreign Exchange Derivative Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | (651) | |
Significant Other Observable Inputs (Level 2) [Member] | Measured on a recurring basis [Member] | Derivative Financial Instruments (Commodity) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 218 | |
Significant Other Observable Inputs (Level 2) [Member] | Measured on a recurring basis [Member] | Foreign Exchange Derivative Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | (651) | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets (liabilities), fair value | (27,342) | (20,130) |
Significant Unobservable Inputs (Level 3) [Member] | Disclosed but not carried at fair value [Member] | 2019 Term Loan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | (16,651) | |
Significant Unobservable Inputs (Level 3) [Member] | Disclosed but not carried at fair value [Member] | 2018 Term Loan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | (4,781) | (8,192) |
Significant Unobservable Inputs (Level 3) [Member] | Disclosed but not carried at fair value [Member] | 2017 Term Loan [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | $ (5,910) | $ (11,938) |
Related Party Transactions - Re
Related Party Transactions - Related Party Accounts Receivable and Accounts Payable (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Total related party accounts receivable | $ 885 | $ 878 |
Total related party accounts payable | 3,007 | 2,922 |
Service Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party accounts receivable | 491 | 526 |
Total related party accounts payable | 367 | 372 |
PSI MSA [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party accounts receivable | 394 | 352 |
Total related party accounts payable | 1,569 | 2,439 |
Other - Board of Directors Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party accounts payable | 111 | $ 111 |
Interest payable on Series A Preferred Shares [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party accounts payable | $ 960 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Jul. 02, 2019shares | Jun. 28, 2019USD ($) | Feb. 28, 2019 | Nov. 04, 2016shares | Apr. 19, 2016USD ($) | Jun. 13, 2012USD ($) | Jun. 30, 2019USD ($)shares | Dec. 31, 2018USD ($) | Jun. 14, 2018ft² | Aug. 31, 2016USD ($) |
Related Party Transaction [Line Items] | ||||||||||
Related parties outstanding receivables | $ 885,000 | $ 878,000 | ||||||||
Related parties outstanding payables | 3,007,000 | 2,922,000 | ||||||||
Note receivable - related party | $ 11,500,000 | 4,451,000 | ||||||||
Dalea and Funds [Member] | 2017 Notes [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Repayments of debt | 1,000,000 | |||||||||
Interest receivable | $ 4,500,000 | |||||||||
Series A Preferred Shares [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Aggregate number of common shares issued to preferred share holders as payment of dividend | shares | 2,321,568 | 2,321,568 | ||||||||
Series A Preferred Shares [Member] | 13.0% Senior Convertible Notes Due 2017 [Member] | Convertible Debt [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt instrument interest rate stated percentage | 13.00% | |||||||||
Series A Preferred Stock [Member] | Dalea and Funds [Member] | 2017 Notes [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Repayments of debt | $ 100,000 | |||||||||
Riata Management Service Agreement [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related parties outstanding receivables | 491,000 | 526,000 | ||||||||
Related parties outstanding payables | 367,000 | 372,000 | ||||||||
PSI MSA [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related parties outstanding receivables | 394,000 | 352,000 | ||||||||
Related parties outstanding payables | $ 1,569,000 | $ 2,439,000 | ||||||||
Longfellow [Member] | TransAtlantic USA [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Office sub lease space | ft² | 10,000 | |||||||||
Office sub lease commencement date | Jun. 14, 2018 | |||||||||
Office sub Lease Expiration Date | Jun. 30, 2020 | |||||||||
Office sub lease monthly rent payable during first twelve months | $ 18,333.33 | |||||||||
Increase in office sub lease monthly rent payable from first year | $ 416.67 | |||||||||
Increase in office sub lease monthly rent payable, commencement date | Jun. 30, 2019 | |||||||||
Increase in office sub lease monthly rent payable, expiration date | Jun. 30, 2021 | |||||||||
Dalea [Member] | Series A Preferred Shares [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Aggregate number of common shares issued to preferred share holders as payment of dividend | shares | 1,036,010 | |||||||||
Joint Venture [Member] | Dalea and Funds [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Aggregate purchase price | 168,500,000 | |||||||||
Cash received from sale of business | $ 157,000,000 | |||||||||
Promissory notes receivable, interest rate | 3.00% | |||||||||
Promissory note receivable term | 5 years | |||||||||
Convertible preferred shares issued upon conversion | shares | 40,000 | |||||||||
Joint Venture [Member] | Promissory Note [Member] | Dalea and Funds [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Note receivable - related party | $ 11,500,000 | |||||||||
Note receivable - related party | $ 7,964,053 | |||||||||
Cancellation of purchase price in promissory note | $ 3,500,000 | |||||||||
Debt instrument interest rate stated percentage | 3.00% | |||||||||
Debt Instrument, maturity date | Feb. 26, 2021 | |||||||||
Promissory note, collateral amount | $ 2,000,000 | |||||||||
Dalea Promissory Note [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Promissory notes default remedy period | 30 days | |||||||||
Debt instrument payment terms | (i) if paid in cash, will be credited first against the outstanding principal balance of the Note and, upon full repayment of the outstanding principal balance of the Note, any accrued and unpaid interest on the Note, and (ii) if paid other than in cash, will be paid to Dalea and, within five business days of such payment to Dalea, Dalea will pay $61,500 toward the principal and, upon full repayment of the outstanding principal balance of the Note, any accrued and unpaid interest on the Note. | |||||||||
Debt Instrument, principal payment | $ 61,500 | |||||||||
Dalea Promissory Note [Member] | PSIL [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Noncontrolling equity voting interest percentage | 50.00% | |||||||||
Gundem Fee Agreement [Member] | Gundem Real Estate [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt instrument interest rate stated percentage | 5.00% | |||||||||
Promissory note, collateral amount | $ 10,000,000 | |||||||||
Gundem Fee Agreement [Member] | Muratli Real Estate [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt instrument interest rate stated percentage | 5.00% | |||||||||
Promissory note, collateral amount | $ 5,000,000 | |||||||||
Diyarbakir Fee Agreement [Member] | Diyarbakir Real Estate [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt instrument interest rate stated percentage | 5.00% | |||||||||
Promissory note, collateral amount | $ 5,000,000 | |||||||||
Gundem Fee Agreement and the Diyarbakir Fee Agreement [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Decrease in principal amount of Amended Note | $ 300,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Series A Preferred Shares [Member] - $ / shares | Jul. 02, 2019 | Jun. 30, 2019 |
Subsequent Event [Line Items] | ||
Aggregate number of common shares issued to preferred share holders as payment of dividend | 2,321,568 | 2,321,568 |
Preferred stock, dividend payment terms | Dividends on the Series A Preferred Shares are payable quarterly at our election in cash, common shares, or a combination of cash and common shares at an annual dividend rate of 12.0% of the liquidation preference if paid all in cash or 16.0% of the liquidation preference if paid in common shares. If paid partially in cash and partially in common shares, the dividend rate on the cash portion is 12.0%, and the dividend rate on the common share portion is 16.0%. | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Aggregate number of common shares issued to preferred share holders as payment of dividend | 2,321,568 | |
Common shares issued, price per share | $ 0.7934 | |
Preferred stock, dividend payment terms | Each common share was issued at a value of $0.7934 per common share, which was equal to the 15-day volume weighted average price through the close of trading of the common shares on the NYSE American on June 14, 2019 |