TransAtlantic Petroleum (TAT) 10-Q 7 Aug 19 2019 Q2 Quarterly report Financial data

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