TransAtlantic Petroleum (TAT) 10-Q 12 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 07, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Title of 12(b) Security	Common shares, par value $0.10
Trading Symbol	TAT
Security Exchange Name	NYSEAMER
Entity Registrant Name	TRANSATLANTIC PETROLEUM LTD.
Entity Central Index Key	0001092289
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		68,586,290
Entity File Number	001-34574
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	16803 Dallas Parkway
Entity Address, City or Town	Addison
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75001
City Area Code	214
Local Phone Number	220-4323
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 8,598	$ 9,664
Accounts receivable, net
Oil and natural gas sales	6,796	13,299
Joint interest and other	1,106	1,218
Related party	478	561
Prepaid and other current assets	12,497	12,375
Note receivable - related party	3,492
Derivative asset	10
Inventory	3,249	7,091
Total current assets	36,226	44,208
Oil and natural gas properties (successful efforts method)
Proved	120,915	167,948
Unproved	10,414	12,978
Equipment and other property	13,136	10,202
Property and equipment, gross	144,465	191,128
Less accumulated depreciation, depletion and amortization	(89,529)	(106,610)
Property and equipment, net	54,936	84,518
Other long-term assets:
Other assets	3,524	3,827
Note receivable - related party		3,951
Total other assets	3,524	7,778
Total assets	94,686	136,504
Current liabilities:
Accounts payable	1,611	4,555
Accounts payable - related party	5,120	4,262
Accrued liabilities	13,993	15,244
Derivative liability	3,227	966
Loans payable	11,269	17,143
Total current liabilities	35,220	42,170
Long-term liabilities:
Asset retirement obligations	3,505	4,749
Accrued liabilities	9,455	10,370
Deferred income taxes	17,721	22,728
Loans payable		2,857
Total long-term liabilities	30,681	40,704
Total liabilities	65,901	82,874
Commitments and contingencies
Shareholders' equity:
Common shares, $0.10 par value, 200,000,000 shares authorized; 62,759,347 shares and 62,230,058 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	6,276	6,223
Treasury stock	(970)	(970)
Additional paid-in-capital	582,484	582,359
Accumulated other comprehensive loss	(140,671)	(147,347)
Accumulated deficit	(464,384)	(432,685)
Total shareholders' equity (deficit)	(17,265)	7,580
Total liabilities, Series A preferred shares and shareholders' equity	94,686	136,504
Series A Preferred Shares [Member]
Long-term liabilities:
Preferred shares, value	5,000	5,000
Related Party [Member] | Series A Preferred Shares [Member]
Long-term liabilities:
Preferred shares, value	$ 41,050	$ 41,050

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Common shares, par value	$ 0.10	$ 0.10
Common shares, authorized	200,000,000	200,000,000
Common shares, issued	62,759,347	62,230,058
Common shares, outstanding	62,759,347	62,230,058
Series A Preferred Shares [Member]
Preferred shares, outstanding	921,000
Unrelated Party [Member] | Series A Preferred Shares [Member]
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, authorized	100,000	100,000
Preferred shares, issued	100,000	100,000
Preferred shares, outstanding	100,000	100,000
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	821,000	821,000
Preferred shares, issued	821,000	821,000
Preferred shares, outstanding	821,000	821,000
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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenues	$ 6,500	$ 17,215	$ 14,860	$ 36,256
Costs and expenses:
Production	2,380	2,712	5,899	5,214
Exploration, abandonment and impairment		666	20,338	5,779
Seismic and other exploration		108	45	185
General and administrative	2,394	2,690	4,746	5,744
Depreciation, depletion and amortization	2,517	3,442	5,506	7,158
Accretion of asset retirement obligations	44	49	97	101
Total costs and expenses	8,296	10,888	38,752	26,721
Operating (loss) income	(1,796)	6,327	(23,892)	9,535
Other income (expense):
Loss on sale			(10,128)
Interest and other expense	(2,396)	(2,753)	(4,608)	(5,231)
Interest and other income	292	221	413	395
Gain (loss) on derivative contracts	(3,217)	(323)	4,296	(433)
Foreign exchange loss	(356)	(115)	(484)	(1,388)
Total other expense	(5,677)	(2,970)	(10,511)	(6,657)
(Loss) income from operations before income taxes	(7,473)	3,357	(34,403)	2,878
Income tax (expense) benefit	(261)	(3,366)	2,704	(6,789)
Net loss	(7,734)	(9)	(31,699)	(3,911)
Other comprehensive loss:
Foreign currency translation adjustment	(1,245)	(416)	6,676	(4,642)
Comprehensive loss	$ (8,979)	$ (425)	$ (25,023)	$ (8,553)
Net loss per common share
Basic net loss per common share	$ (0.12)	$ 0	$ (0.51)	$ (0.07)
Weighted average common shares outstanding	62,502	52,529	62,406	52,506
Diluted net loss per common share	$ (0.12)	$ 0	$ (0.51)	$ (0.07)
Weighted average common and common equivalent shares outstanding	62,502	52,529	62,406	52,506
Oil and Natural Gas Sales [Member]
Revenues:
Total revenues	$ 6,483	$ 17,134	$ 14,826	$ 35,994
Other [Member]
Revenues:
Total revenues	17	81	34	262
Transportation and Processing [Member]
Costs and expenses:
Cost of goods and services sold	$ 961	$ 1,221	$ 2,121	$ 2,540

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2018	$ 12,419	$ 5,241	$ (970)	$ 577,488	$ (142,021)	$ (427,319)
Beginning balance, shares at Dec. 31, 2018		52,413,000	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		52,723,000	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		52,723,000	333,000
Beginning balance at Dec. 31, 2019	$ 7,580	$ 6,223	$ (970)	582,359	(147,347)	(432,685)
Beginning balance, shares at Dec. 31, 2019	62,230,058	62,230,000	333,000
Issuance of restricted stock units		$ 53		(53)
Issuance of restricted stock units, shares		529,000
Share-based compensation	$ 229			229
Tax effect of restricted stock	(51)			(51)
Foreign currency translation adjustment	6,676				6,676
Net loss	(31,699)					(31,699)
Ending balance at Jun. 30, 2020	$ (17,265)	$ 6,276	$ (970)	582,484	(140,671)	(464,384)
Ending balance, shares at Jun. 30, 2020	62,759,347	62,759,000	333,000
Beginning balance at Mar. 31, 2020	$ (8,385)	$ 6,235	$ (970)	582,426	(139,426)	(456,650)
Beginning balance, shares at Mar. 31, 2020		62,349,000	333,000
Issuance of restricted stock units		$ 41		(41)
Issuance of restricted stock units, shares		410,000
Share-based compensation	114			114
Tax effect of restricted stock	(15)			(15)
Foreign currency translation adjustment	(1,245)				(1,245)
Net loss	(7,734)					(7,734)
Ending balance at Jun. 30, 2020	$ (17,265)	$ 6,276	$ (970)	$ 582,484	$ (140,671)	$ (464,384)
Ending balance, shares at Jun. 30, 2020	62,759,347	62,759,000	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, 2020		Jun. 30, 2019		Jun. 30, 2020		Jun. 30, 2019		Dec. 31, 2019
Operating activities:
Net loss		$ (7,734)		$ (9)		$ (31,699)		$ (3,911)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation						229		179
Foreign currency loss						427		3,011
(Gain) loss on derivative contracts		3,217		323		(4,296)		433
Cash settlement on derivative contracts						6,468
Loss on sale						10,128
Amortization on loan financing costs						21		21
Deferred income tax (benefit) expense						(1,776)		3,713
Exploration, abandonment and impairment				666		20,338		5,779
Depreciation, depletion and amortization		2,517		3,442		5,506		7,158
Accretion of asset retirement obligations		44		49		97		101		$ 213
Changes in operating assets and liabilities:
Accounts receivable						5,457		(10,630)
Prepaid expenses and other assets						(1,635)		(6,205)
Accounts payable and accrued liabilities						996		10,973
Net cash provided by operating activities						10,261		10,622
Investing activities:
Additions to oil and natural gas properties						(3,472)		(15,538)
Additions to equipment and other properties						(158)		(188)
Proceeds from sale						1,451
Net cash used in investing activities						(2,179)		(15,726)
Financing activities:
Tax withholding on restricted share units						(51)		(97)
Note receivable - related party								1,000
Loan proceeds						626		20,000
Loan repayment						(9,357)		(10,800)
Net cash (used in) provided by financing activities						(8,782)		10,103
Effect of exchange rate on cash flows, cash equivalents, and restricted cash						(366)		(1,184)
Net (decrease) increase in cash, cash equivalents and restricted cash						(1,066)		3,815
Cash, cash equivalents and restricted cash, beginning of period	[1]					9,804		10,032		10,032
Cash, cash equivalents and restricted cash, end of period		$ 8,738	[2]	$ 13,847	[2]	8,738	[2]	13,847	[2]	$ 9,804	[1]
Supplemental disclosures:
Cash paid for interest						2,229		2,269
Cash paid for taxes						$ 414		$ 1,565
[1]	The beginning of period balance at December 31, 2019 includes cash and cash equivalents of $9.7 million and restricted cash of $0.1 million in other assets. 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
[2]	The end of period balance at June 30, 2020 includes cash and cash equivalents of $8.6 million and restricted cash of $0.1 million in other assets. 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.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Cash and cash equivalents	$ 8,598	$ 9,664	$ 13,700	$ 9,900
Other Assets [Member]
Restricted cash	$ 100	$ 100	$ 100	$ 100

General

General	6 Months Ended
	Jun. 30, 2020
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 7, 2020, approximately 50.5% of our outstanding common shares were beneficially owned by N. Malone Mitchell 3rd, our chief executive officer and chairman of our board of directors. Persons and entities associated with Mr. Mitchell also owned 739,000 of our 12.0% Series A Convertible Redeemable Preferred Shares (“Series A Preferred Shares”). Mr. Mitchell’s affiliates are currently prohibited from converting any of their Series A Preferred Shares to common shares if such conversion would cause Mr. Mitchell or his affiliates to obtain beneficial ownership in excess of 49.9% of the outstanding common shares; however, Mr. Mitchell, upon 61 days’ prior notice, may increase or decrease such percentage cap. 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 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 Annual Report on Form 10-K for the year ended December 31, 2019.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2020
Going Concern [Abstract]
Going Concern	2. Going Concern These consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern. These principles assume that we will be able to realize our assets and discharge our obligations in the normal course of operations for the foreseeable future. We incurred a net loss of $31.7 million for the six months ended June 30, 2020. At June 30, 2020, we had cash and cash equivalents of $8.6 million, $11.3 million in short-term debt, and a working capital surplus of $1.0 million, compared to cash and cash equivalents of $9.7 million, $2.9 million in long-term debt, $17.1 million in short-term debt and a working capital surplus of $2.0 million at December 31, 2019. In March 2020, crude oil prices declined to approximately $25 per barrel for Brent crude as a result of market concerns about the economic impact from the COVID-19 as well as the ability of OPEC and Russia to agree on a perceived need to implement further production cuts in response to weaker worldwide demand. Since then, Brent crude prices have rebounded to approximately $45.00 per barrel as of August 10, 2020 and remain unpredictable. As a result of the decline in Brent crude prices, the current near term price outlook and resulting lower current and projected cash flows from operations, we have reduced our planned capital expenditures to those necessary for production lease maintenance and those projecting a return on invested capital at current prices. In order to mitigate the impact of reduced prices on our 2020 cash flows and liquidity, we implemented cost reduction measures to reduce our operating costs and general and administrative expenses. In connection therewith, we intend to prioritize funding operating expenditures over general and administrative expenditures, whenever possible. On March 9, 2020, we unwound our commodity derivative contracts with respect to our future crude oil production. In connection with these transactions, we received $6.5 million. In order to reduce future interest expense, we used these proceeds to pay down the 2019 Term Loan (as defined in Note 8. “Loans Payable”). On April 3, 2020, we entered into a new swap contract with DenizBank, A.S. (“DenizBank”), which hedged approximately 2,000 barrels of oil per day. The swap contract is in place from May 2020 through February 2021, has an ICE Brent Index strike price of $36.00 per barrel, and is settled monthly. Therefore, DenizBank is required to make a payment to us if the average monthly ICE Brent Index price is less than $36.00 per barrel, and we are required to make a payment to DenizBank if the average monthly ICE Brent Index price is greater than $36.00 per barrel. Türkiye Petrol Rafinerileri A.Ş. (“TUPRAS”), a privately-owned oil refinery in Turkey, purchases substantially all of our crude oil production. The price of substantially all of the oil delivered pursuant to the purchase and sale agreement with TUPRAS is tied to Arab Medium oil prices adjusted upward based on an API adjustment, Suez Canal tariff costs, and freight charges. Between March 2020 and May 2020, there was a significant widening of the differential between the average monthly ICE Brent Index price and our realized oil prices. In 2018 and 2019, the average monthly ICE Brent Index Price exceeded our realized oil prices by $2.44 and $0.17 per barrel, respectively. The differential between the average monthly ICE Brent Index Price and our realized oil prices widened from $3.40 per barrel in March 2020 to $8.34 per barrel in May 2020. The widening of the differential between the average monthly ICE Brent Index Price and our realized oil prices rendered our hedges less effective, resulting in significantly lowered revenues from March 2020 through May 2020. In June 2020, the differential between the average monthly ICE Brent Index Price and our realized oil prices contracted to $0.74 per barrel, and, in July 2020, our realized oil prices exceeded the average monthly ICE Brent Index Price by $3.71 per barrel. The differential between the average monthly ICE Brent Index Price and our realized oil prices remains unpredictable and may expand or contract in the future. The price of the oil delivered pursuant to the purchase and sale agreement with TUPRAS is determined under the Petroleum Market Law No. 5015 under the laws of the Republic of Turkey. In the second quarter of 2020, we borrowed approximately $626,000 pursuant to the U.S. Paycheck Protection Program (the “PPP”) to cover certain payroll, benefit, and rent expenses. We have forecast that amounts borrowed or received pursuant to the PPP will be forgiven for cash flow purposes. New guidance on the criteria for forgiveness continues to be released, and we currently expect that we will meet the conditions for forgiveness for a majority of the loan. As of June 30, 2020, we had $10.6 million of outstanding principal under the 2019 Term Loan. The 2019 Term Loan is payable in seven monthly installments of $1.4 million plus accrued interest from July 2020 through the maturity date in February 2021. In addition, dividends on our 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 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%. In order to conserve cash, we elected to pay the 2020 second quarter dividend in common shares, and, as such, on July 30, 2020, we issued 5,819,908 common shares to holders of Series A Preferred Shares. On August 7, 2020, to supplement our liquidity, we entered into an up to $8.0 million loan with an affiliate of Mr. Mitchell. The loan is due August 7, 2021. Even with this additional liquidity, as of the date hereof, based on cash on hand and projected future cash flow from operations, our current liquidity position is severely constrained. As a result, substantial doubt exists regarding our ability to continue as a going concern. Our management is actively pursuing improving our working capital position in order to remain a going concern for the foreseeable future. Management believes the going concern assumption to be appropriate for these consolidated financial statements. If the going concern assumption was not appropriate, adjustments would be necessary to the carrying values of assets and liabilities, reported revenues and expenses and in the balance sheet classifications used in these consolidated financial statements.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
Accounting Changes And Error Corrections [Abstract]
Recent accounting pronouncements	3. Recent accounting pronouncements In June 2016, the Financial Accounting Standards Board (“ FASB”) issued ASU 2 Financial Instruments - Credit Losses In November 2018, the FASB ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses Leases We adopted this standard effective January 1, 2020. The adoption of this update had no impact on our consolidated financial statements and results of operations. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes 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, 2020
Temporary Equity Disclosure [Abstract]
Series A preferred shares	4. Series A Preferred Shares Series A Preferred Shares As of June 30, 2020 and 2019, we had 921,000 outstanding 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, 2020, there were $5.0 million of Series A Preferred Shares and $41.1 million of Series A Preferred Shares – related party outstanding (See Note 15. “Related party transactions”). Pursuant to the Certificate of Designations for the Series A Preferred Shares (as amended to date, 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 (as defined in the Certificate of Designations), 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. A change of control excludes a transaction with Mr. Mitchell, his family members, and their affiliates. 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, 2020, we recorded $1.8 million and $3.2 million, respectively, in dividends on the Series A Preferred Shares, which is recorded in our consolidated statements of comprehensive (loss) income under the caption in our consolidated statements of 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, 2020
Property Plant And Equipment [Abstract]
Property and equipment	5. 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, 2020 December 31, 2019 (in thousands) Oil and natural gas properties, proved: Turkey $ 120,414 $ 167,446 Bulgaria 501 502 Total oil and natural gas properties, proved 120,915 167,948 Oil and natural gas properties, unproved: Turkey 10,414 12,978 Total oil and natural gas properties, unproved 10,414 12,978 Gross oil and natural gas properties 131,329 180,926 Accumulated depletion (84,606 ) (101,232 ) Net oil and natural gas properties $ 46,723 $ 79,694 At June 30, 2020 and December 31, 2019, we excluded $0.3 million and $0.2 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, 2020, the capitalized costs of our oil and natural gas properties, net of accumulated depletion, included $3.4 million relating to acquisition costs of proved properties, which are being depleted by the unit-of-production method using total proved reserves, and $56.8 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, 2019, the capitalized costs of our oil and natural gas properties included $5.0 million relating to acquisition costs of proved properties, which are being amortized by the unit-of-production method using total proved reserves, and $63.8 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 six months ended June 30, 2020, we recorded $2.1 million of exploratory dry-hole costs and $18.2 million of impairment of proved properties, which are primarily measured using Level 3 inputs. During the three and six months ended June 30, 2019, we recorded $0.7 million and $5.8 million of exploratory dry-hole costs, respectively, which are primarily measured using Level 3 inputs. Capitalized cost greater than one year As of June 30, 2020, 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, 2020 December 31, 2019 (in thousands) Other equipment $ 1,101 $ 1,121 Land 115 132 Inventory 7,032 3,209 Gas gathering system and facilities 76 172 Vehicles 242 304 Leasehold improvements, office equipment and software 4,570 5,264 Gross equipment and other property 13,136 10,202 Accumulated depreciation (4,923 ) (5,378 ) Net equipment and other property $ 8,213 $ 4,824 At June 30, 2020, in addition to the above, we have classified $3.2 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, 2020 and December 31, 2019, we excluded $10.3 million and $10.3 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, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement obligations	6. Asset retirement obligations The following table summarizes the changes in our asset retirement obligations (“ARO”) for the six months ended June 30, 2020 and for the year ended December 31, 2019: June 30, 2020 December 31, 2019 (in thousands) Asset retirement obligations at beginning of period $ 4,749 $ 4,667 Liabilities settled (791 ) – Foreign exchange change effect (550 ) (519 ) Additions – 388 Accretion expense 97 213 Asset retirement obligations at end of period $ 3,505 $ 4,749 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, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative instruments	7. 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. 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 under the caption “(Loss) gain 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.” On March 9, 2020, we unwound our three-way collar contract with DenizBank, which hedged approximately 1,000 Bbl/d of our oil production in Turkey. The three-way collar contract had a Brent floor of $55.00, a Brent ceiling of $72.90, and a Brent long call of $80.00, and was in place through April 30, 2020. We also unwound our swap contract with DenizBank, which hedged approximately 1,000 Bbl/d of our oil production in Turkey. The swap contract had a Brent strike price of $60.30 and was in place through December 31, 2020. In connection with these transactions, we received approximately $6.5 million. We used these proceeds to pay down the 2019 Term Loan to reduce our future interest expense. On April 3, 2020, we entered into a new swap contract DenizBank, which hedged 1,975 barrels of oil per day. The swap contract is in place from May 2020 through February 2021, has an ICE Brent Index strike price of $36.00 per barrel, and is settled monthly. At June 30, 2020, we had outstanding commodity 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, 2020 Weighted Weighted Average Average Quantity Minimum Maximum Price Additional Call Estimated Fair Type Period (Bbl/day) Price (per Bbl) (per Bbl) Ceiling Value of Liability (in thousands) Swap July 1, 2020 - February 28, 2021 1,975 $ 36.00 $ - $ - $ (3,227 ) Total Estimated Fair Value of Liability $ (3,227 ) At December 31, 2019, we had outstanding commodity derivative contracts with respect to our future crude oil production as set forth in the table below: Fair Value of Derivative Instruments as of December 31, 2019 Weighted Weighted Average Average Additional Estimated Fair Quantity Minimum Maximum Price Call Ceiling Value of Asset Type Period (Bbl/day) Price (per Bbl) (per Bbl) (per Bbl) (Liability) (in thousands) Three-way collar January 1, 2020 - April 30, 2020 1,000 $ 55.00 $ 72.90 $ 80.00 21 Swap January 1, 2020 - December 31, 2020 986 $ 60.30 - - (987 ) Total Estimated Fair Value of Liability $ (966 ) 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) gain On May 20, 2020, we entered into foreign exchange forward contracts to hedge against currency fluctuations between the TRY and USD. The forward contract settlement dates are from July through August, 2020 for $1.0 million at a strike price of 6.84 TRY to $1.00 USD. At June 30, 2020, 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, 2020 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 Sell 6.840 07/01/20 USD 1,000,000 USD 6,840,000 2 FXOPT Buy 1.000 08/03/20 TRY 1,000,000 USD 1,000,000 8 Total Estimated Fair Value of Asset $ 10 We did not have any outstanding foreign currency derivatives outstanding as of December 31, 2019. During the three months ended June 30, 2020 and 2019, we recorded a net loss on derivative contracts of $3.2 million and $0.3 million, respectively. During the six months ended June 30, 2020 and 2019, we recorded a net gain on derivative contracts of $4.3 million and a net loss of $0.4 million, respectively. Balance sheet presentation The following tables 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, 2020 and December 31, 2019, and (ii) the net recorded fair value as reflected on our consolidated balance sheet at June 30, 2020 and December 31, 2019. As of June 30, 2020 Gross Amount Net Amount of Gross Offset in the Assets (Liabilities) Amount of Consolidated Presented in the Type of Derivative Location on Consolidated Recognized Balance Consolidated Contract Balance Sheets Assets (Liabilities) Sheets Balance Sheets (in thousands) Commodity - crude oil Current liabilities $ (3,227 ) $ - $ (3,227 ) Foreign exchange Current asset $ 10 $ - $ 10 As of December 31, 2019 Gross Amount Net Amount of Gross Offset in the (Liabilities) Amount of Consolidated Presented in the Type of Derivative Location on Consolidated Recognized Balance Consolidated Contract Balance Sheets (Liabilities) Sheet s Balance Sheets (in thousands) Crude Oil Current liabilities $ (987 ) $ 21 $ (966 )

Loans payable

Loans payable	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Loans Payable	8. Loans payable As of the dates indicated, our third-party debt consisted of the following: June 30, December 31, 2020 2019 Fixed and floating rate loans (in thousands) Term Loans (1) $ 10,643 $ 20,000 PPP Loan 626 - Less: current portion 11,269 17,143 Long-term portion $ – $ 2,857 _________________________________________________________ (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. 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. On August 31, 2016, 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. 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 bore 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 was 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. On December 30, 2019, we repaid the 2017 Term Loan in full in accordance with its terms. 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 bore 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 was payable monthly and the principal on the 2018 Term Loan was 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. On December 30, 2019, we repaid the 2018 Term Loan in full in accordance with its terms. 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 had a grace period through December 2019 during which no payments were due. Thereafter, accrued interest on the 2019 Term Loan was payable monthly, and the principal on the 2019 Term Loan was payable in 14 monthly installments of $1.4 million each. On March 9, 2020, we unwound our three-way collar contract with DenizBank and received approximately $6.5 million in proceeds, which we used to pay down the 2019 Term Loan. As part of the pay down, DenizBank extended a grace period for principal repayments until July 2020, at which time we resumed principal payments for one monthly installment in July 2020 of $0.6 million and seven monthly installments of $1.4 million beginning in August 2020.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 Amity Oil International Pty Ltd (“Amity”), Talon Exploration, Ltd. (“Talon Exploration”), DMLP, Ltd. (“DMLP”), and TransAtlantic Turkey, Ltd. (“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 Gundem real estate and Muratli real estate owned by Gundem (as defined in Note 15. “Related party transactions”), (iv) certain Diyarbakir real estate owned 80% by Mr. Mitchell and 20% by Mr. Uras, and (v) 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, 2020, we had $10.6 million outstanding under the 2019 Term Loan and no availability, and we were in compliance with the covenants in the 2019 Term Loan. Paycheck Protection Program On April 10, 2020, we received loan proceeds in the amount of $626,000 under the PPP. The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans are forgivable after 24 weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the 24-week period. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. We used the proceeds for purposes consistent with the PPP and believe that our use of the loan proceeds will meet the conditions for forgiveness for a majority of the loan.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	9. Leases Operating and financing 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, with some containing 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. Our operating and financing leases are included in 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 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 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, 2020 For the six months ended June 30, 2020 (in thousands) Operations yards $ 300 Office rent 133 Vehicles 22 Other 51 Total lease costs $ 506 Future non-cancelable minimum lease payments under our operating lease commitments as of June 30, 2020 were as follows for each of the next five years and thereafter: June 30, 2020 (in thousands) Remainder of 2020 $ 461 2021 729 2022 861 2023 558 2024 202 2025 - Thereafter - Total $ 2,811 Less: Imputed interest 87 Present value of lease liabilities $ 2,724 As of June 30, 2020, the weighted average remaining lease term in years was 3.5 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, 2019 were as follows for each of the next five years and thereafter: December 31, 2019 (in thousands) 2020 $ 960 2021 867 2022 867 2023 557 2024 200 Thereafter - Total $ 3,451

Contingencies relating to produ

Contingencies relating to production leases and exploration permits	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Contingencies relating to production leases and exploration permits	10. 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. The Supreme Court of Cessation held a court hearing on October 21, 2019. A ruling was issued on March 10, 2020, by virtue of which the Supreme Court of Cessation decided that the appeal of the Bulgarian Minister of Energy in its substance is inadmissible. The Bulgarian Minister of Energy has no further rights to appeal. TUPRAS We sell all of our Southeastern Turkey oil to TUPRAS pursuant to a domestic crude oil purchase and sale agreement between TUPRAS and TEMI. The price of the oil delivered pursuant to the purchase and sale agreement is determined under the Petroleum Market Law No. 5015 under the laws of the Republic of Turkey. In February 2019, Turkey entered into the Pricing Amendment to change the statutory pricing formula for purchases of Turkish domestic crude oil. In November 2019, TUPRAS filed a lawsuit against us, and filed similar lawsuits against other domestic oil producers, in the Batman 4th Civil Court of First Instance seeking restitution from TEMI for alleged overpayments resulting from the implementation of the Pricing Amendment plus interest thereon. In addition, TUPRAS claimed that the Pricing Amendment violates the Constitution of the Republic of Turkey and seeks to have the Pricing Amendment cancelled. TEMI is vigorously defending against these allegations. Any adjustment arising out of the claims will be recorded when it becomes probable and measurable.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Shareholders' equity	11. Shareholders’ equity Restricted stock units We recorded share-based compensation expense of $0.1 million for awards of restricted stock units (“RSUs”) for the three months ended June 30, 2020 and 2019, respectively. We recorded share-based compensation expense of $0.2 million for awards of RSUs for the six months ended June 30, 2020 and 2019. As of June 30, 2020, 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 0.4 years. 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) 2020 2019 2020 2019 Net loss $ (7,734 ) $ (9 ) $ (31,699 ) $ (3,911 ) Basic net loss earnings per common share: Shares: Weighted average common shares outstanding 62,502 52,529 62,406 52,506 Basic net loss per common share: $ (0.12 ) $ (0.00 ) $ (0.51 ) $ (0.07 ) Diluted net loss per common share: Shares: Weighted average common shares outstanding 62,502 52,529 62,406 52,506 Diluted net loss per common share: $ (0.12 ) $ (0.00 ) $ (0.51 ) $ (0.07 )

Segment information

Segment information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment information	12. Segment information In accordance with ASC 280, Segment Reporting Corporate Turkey Bulgaria Total (in thousands) For the three months ended June 30, 2020 Total revenues $ - $ 6,500 $ - $ 6,500 Loss from operations before income taxes (3,456 ) (3,963 ) (54 ) (7,473 ) Capital expenditures $ - $ 561 $ - $ 561 For the three months ended June 30, 2019 Total revenues $ - $ 17,215 $ - $ 17,215 Loss from operations before income taxes (2,667 ) 6,756 (732 ) 3,357 Capital expenditures $ - $ 5,509 $ 667 $ 6,176 For the six months ended June 30, 2020 Total revenues $ - $ 14,860 $ - $ 14,860 Loss from operations before income taxes (6,972 ) (27,254 ) (177 ) (34,403 ) Capital expenditures $ - $ 3,472 $ - $ 3,472 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 Segment assets June 30, 2020 $ 6,973 $ 87,054 $ 659 $ 94,686 December 31, 2019 $ 7,810 $ 127,986 $ 708 $ 136,504

Financial instruments

Financial instruments	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Financial instruments	13. 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, 2020, we had 14.6 million TRY (approximately $2.1 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, 2020, we were a party to foreign exchange derivative contracts (See Note 7. “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, 2020 and December 31, 2019, we were a party to commodity derivative contracts (See Note 7. “Derivative instruments”). 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, 2020 and December 31, 2019, due to the short maturity of those instruments. The following table summarizes the valuation of our financial liabilities as of June 30, 2020: 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 and (liabilities): Commodity derivative contracts $ - $ (3,227 ) $ - $ (3,227 ) Foreign exchange derivative contracts 10 10 Total $ - $ (3,217 ) $ - $ (3,217 ) Disclosed but not carried at fair value Liabilities: 2019 Term Loan - - (9,708 ) (9,708 ) Total $ - $ - $ (9,708 ) $ (9,708 ) The following table summarizes the valuation of our financial liabilities as of December 31, 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 Liabilities: Commodity derivative contracts $ - $ (966 ) $ - $ (966 ) Disclosed but not carried at fair value Liabilities: 2019 Term Loan - - (17,333 ) (17,333 ) Total $ - $ - $ (17,333 ) $ (17,333 ) We remeasure our derivative contracts on a recurring basis, with changes flowing through earnings. At June 30, 2020 and December 31, 2019, the fair values of the 2019 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.

Asset divestiture

Asset divestiture	3 Months Ended
	Mar. 31, 2020
Proceeds From Divestiture Of Businesses Net Of Cash Divested [Abstract]
Asset divestiture	14. Asset divestiture On February 24, 2020, we sold the shares in our wholly-owned subsidiary Petrogas Petrol Gaz ve Petrokemya Urunleri Insaat Sanayive Ticaret A.S. (“Petrogas”), which held the Edirne, Dogu Adatepe, Adatepe, and Gocerler production leases (the “Petrogas Leases”) and 14 employees, to Reform Ham Petrol Dogal Gaz Arama Uretim Sanayi ve Ticaret A.S. (“Reform”) in exchange for $1.5 million and a release of all plugging and abandonment obligations for 65 wells on the Petrogas leases and certain former leases. For the three months ended March 31, 2020, we recorded a net loss of $10.1 million on the sale of Petrogas. The loss primarily related to the reclassification of the accumulated foreign currency translation adjustment that was realized into earnings from accumulated other comprehensive loss within shareholders’ equity and presented below: Loss on Sale (in thousands) Total cash proceeds for Petrogas $ 1,451 Less: Petrogas net liabilities (652 ) Gain on sale before accumulated foreign currency translation adjustment 2,103 Less: Petrogas accumulated foreign currency translation adjustment (12,231 ) Net loss on sale of Petrogas $ (10,128 )

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related party transactions	15. Related party transactions The following table summarizes related party accounts receivable and accounts payable as of the dates indicated: June 30, December 31, 2020 2019 (in thousands) Related party accounts receivable: Service Agreement $ 204 $ 433 PSI MSA 274 128 Total related party accounts receivable $ 478 $ 561 Related party accounts payable: Service Agreement $ 215 $ 204 PSI MSA 3,055 3,959 Interest payable on Series A Preferred 1,560 - Other - board of directors fees 290 99 Total related party accounts payable $ 5,120 $ 4,262 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, 2020, we had $ 0.2 0.2 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, 2020, we had $ 0.3 3 .1 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. On June 30, 2020, TransAtlantic USA entered into a landlord consent (the “Consent”) with Longfellow, pursuant to which Longfellow consented to the continuing of that Sublease on a month-to-month basis with the rights of each of TransAtlantic USA and Longfellow to terminate the Sublease upon thirty days’ written notice. 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 expired on June 30, 2020. 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. 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. We have indemnified a third party for any liability relating to the payment of the Account Payable. 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 maturity date of the Amended Note was extended to June 13, 2019. 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. 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 2017 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 provides that interest payable to Dalea under the Dalea Convertible Notes (or any future securities for which the Dalea Convertible Notes are converted or exchanged) will be credited first against the outstanding principal balance of the Amended Note and, upon full repayment of the outstanding principal balance of the Amended Note, any accrued and unpaid interest on the Amended Note. The Pledge Agreement contains customary events of default. On November 4, 2016, Dalea exchanged $2.0 million of 2017 Notes for 40,000 Series A Preferred Shares. 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 Dalea and we agreed to extend the maturity date of the Note to February 26, 2021 (unless otherwise accelerated in accordance with the terms of 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. During the six months ended June 30, 2020, we reduced the principal amount of the Note by $0.2 million for cash dividends paid on the Series A Preferred Shares. As of June 30, 2020, the amount receivable under the Note was $3.5 million. Pledge fee agreements In connection with the pledge of certain Gundem real estate and Muratli real estate to DenizBank as collateral for certain loans, 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 pledged as collateral for the Term Loans In connection with the pledge of the Diyarbakir real estate to DenizBank as collateral for certain loans, 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 Amended Note. During the six months ended June 30, 2020, we reduced the principal amount of the Note by $ 0.3

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Series A Dividend On July 30, 2020, we issued an aggregate of 5,819,908 common shares to holders of the Series A Preferred Shares as payment of the June 30, 2020 quarterly dividend on the Series A Preferred Shares. Each common share was issued at a price of $0.3165 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 July 8, 2020. Merger Agreement On August 7, 2020, we entered into an Agreement and Plan of Merger (the “Merger Agreement”), with TAT Holdco LLC, a Texas limited liability company (“Parent”) controlled by a group of holders (the “Preferred Shareholder Group”) representing 100% of our outstanding Series A Preferred Shares, and TAT Merger Sub LLC, a Texas limited liability company and wholly-owned subsidiary of Parent (“Merger Sub”), pursuant to which we will merge with and into Merger Sub and each of our issued and outstanding common shares (other than the Excluded Shares and Dissenting Shares (each as defined in the Merger Agreement)) will be canceled and will be converted automatically into the right to receive $0.13 in cash (the “Merger Consideration”). The members of the Preferred Shareholder Group are Longfellow, Dalea, the Alexandria Nicole Mitchell Trust 2005, the Elizabeth Lee Mitchell Trust 2005, the Noah Malone Mitchell Trust 2005, Stevenson Briggs Mitchell, KMF Investments Partners, LP, West Investment Holdings, LLC, Randall I. Rochman, and Betsy Rochman. Longfellow and Dalea are affiliates of our chief executive officer and chairman of our board of directors, N. Malone Mitchell 3rd. A special committee comprised entirely of independent and disinterested directors of our board of directors voted unanimously to recommend to our board of directors that it, and thereafter our board of directors (other than N. Malone Mitchell 3rd, Randall I. Rochman, and Jonathon T. Fite) voted unanimously to approve and declare, among other things, that (i) the merger, the Merger Agreement, a guaranty made in connection with the Merger Agreement (collectively, the “Merger Documents”) and the transactions contemplated by the Merger Documents are procedurally fair to, and advisable and in the best interests of, us and our shareholders, including our unaffiliated shareholders, and (ii) the Merger Consideration is fair to, both from a financial point of view and otherwise, advisable and in the best interests of our shareholders, including our unaffiliated shareholders. Seaport Gordian Energy LLC served as the financial advisor to the special committee in connection with the merger and the Merger Agreement. If the merger is consummated, our common shares will be delisted from the NYSE American Exchange and Toronto Stock Exchange and deregistered under the Exchange Act as soon as practicable following the effective time of the merger. Our shareholders will be asked to vote on the adoption and approval of the Merger Agreement, a Bermuda statutory merger agreement and the transactions contemplated thereby at a special meeting of our shareholders that will be held on a date to be announced. Consummation of the merger is subject to customary conditions, including without limitation, the adoption and approval of the Merger Agreement and the Bermuda statutory merger agreement by holders of our common shares by at least 75% of the votes cast and holders of Series A Preferred Shares with at least 75% of the votes cast, in each case at a duly convened meeting of our shareholders at which a quorum is present. In connection with the execution of the Merger Agreement, the members of the Preferred Shareholder Group have entered into a voting agreement pursuant to which such shareholders have agreed to vote in favor of the merger and the adoption of the Merger Agreement, subject to the limitations set forth in the voting agreement. Loan and Security Agreement In addition, on August 7, 2020, we entered into a Loan and Security Agreement (the “Loan Agreement”) with Dalea Investment Group, LLC (the “Lender”), an entity controlled by the Preferred Shareholder Group. Pursuant to the Loan Agreement, the Lender has committed to lend us an aggregate principal amount of up to $8.0 million (the “Loan”). Advances shall be made available by Lender and applied by us in accordance with a budget agreed to by us and the Lender and subject to milestones set forth in the Loan Agreement. We intend to use the proceeds of the Loan to finance our and our subsidiaries working capital needs in accordance with the budget. The outstanding borrowings under the Loan Agreement bear interest at a rate equal to 10% per annum. Principal on the Loan does not amortize and is required to be repaid in full on the maturity date of August 7, 2021. The Loan may be optionally prepaid in whole or in part from time to time without fee, premium, or penalty. Our obligations under the Loan Agreement are secured by all of our present and future accounts, chattel paper, commercial tort claims, commodity accounts, commodity contracts, contracts receivable, deposit accounts, documents, financial assets, general intangibles, instruments, investment property (including all of our right, title, and interest in and to all of the capital stock of TransAtlantic Petroleum (USA) Corp. and TransAtlantic Worldwide Ltd., each our wholly-owned direct subsidiary), letters of credit, letter of credit rights, payment intangibles, securities, notes receivable, choses of action, security accounts, and security entitlements, now or hereafter owned, held, or acquired. The Loan Agreement contains representations, warranties, covenants, and events of default. Farmout Agreement On August 4, 2020, we entered into an agreement (the “Farmout Agreement”) with Longfellow, an affiliate of Mr. Mitchell, to farm-out a petroleum license held by TEMI, our wholly owned subsidiary, for the exploration and production of oil and natural gas resources covering approximately 14,500 total acres in the region of Southeast Turkey (the “License”). Under the regulatory provisions governing the License, we must undertake operations to restore oil production or establish new production, from lands covered by the License on or before December 1, 2020, in order to perpetuate the term of the License past that date. We have decided not to undertake such operations and have agreed to farmout the License to Longfellow in accordance with the Farmout Agreement. Under the terms of the Farmout Agreement, Longfellow has the right to re-enter the Goksu 3H wellbore, sidetrack the wellbore, and deepen the well to test the Bedinan formation, or other formations as encountered. In the event the operations for the Goksu 3H well result in a dry hole, Longfellow is required to reimburse us for all actual costs incurred by us with plugging the well and restoring the surface drillsite. Thereupon, the Farmout Agreement shall terminate. In the event the operations for the Goksu 3H ST well result in a commercial producer of oil and/or gas, (i) (x) we shall install the appropriate equipment/facilities needed to produce the well and make such necessary arrangements to sell the oil and/or gas produced, utilizing such production contracts as we deem most favorable to maximize the commerciality of the well, and (y) Longfellow is required to reimburse us for all costs incurred by us to conduct such operations, and (ii) Longfellow shall grant us an overriding royalty interest of 5% in all sales of oil and gas from such well and any other wells thereafter drilled or produced on the License. The overriding royalty interest shall bear its share of production/severance taxes, and any gathering, transportation, processing, or marketing fees/costs but none of the well costs. If completed operations for the Goksu 3H well result in perpetuation of the License, Longfellow is entitled to an assignment of all of the our rights in and to the License, and, upon earning such assignment, Longfellow shall assume all responsibility and liability from us as to the License. The terms of the Farmout Agreement shall apply to any such additional well drilled pursuant thereto in all respects as if such additional well was the Goksu 3H well. Longfellow shall have the right, at any time after a transfer has been approved pursuant to the provisions of the Farmout Agreement, and upon 30 days written notice, to take over as operator of the License from us.

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2020
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 7, 2020, approximately 50.5% of our outstanding common shares were beneficially owned by N. Malone Mitchell 3rd, our chief executive officer and chairman of our board of directors. Persons and entities associated with Mr. Mitchell also owned 739,000 of our 12.0% Series A Convertible Redeemable Preferred Shares (“Series A Preferred Shares”). Mr. Mitchell’s affiliates are currently prohibited from converting any of their Series A Preferred Shares to common shares if such conversion would cause Mr. Mitchell or his affiliates to obtain beneficial ownership in excess of 49.9% of the outstanding common shares; however, Mr. Mitchell, upon 61 days’ prior notice, may increase or decrease such percentage cap. 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 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 Annual Report on Form 10-K for the year ended December 31, 2019.
Recent accounting pronouncements	In June 2016, the Financial Accounting Standards Board (“ FASB”) issued ASU 2 Financial Instruments - Credit Losses In November 2018, the FASB ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses Leases We adopted this standard effective January 1, 2020. The adoption of this update had no impact on our consolidated financial statements and results of operations. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes 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, 2020
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, 2020
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, 2020 December 31, 2019 (in thousands) Oil and natural gas properties, proved: Turkey $ 120,414 $ 167,446 Bulgaria 501 502 Total oil and natural gas properties, proved 120,915 167,948 Oil and natural gas properties, unproved: Turkey 10,414 12,978 Total oil and natural gas properties, unproved 10,414 12,978 Gross oil and natural gas properties 131,329 180,926 Accumulated depletion (84,606 ) (101,232 ) Net oil and natural gas properties $ 46,723 $ 79,694
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, 2020 December 31, 2019 (in thousands) Other equipment $ 1,101 $ 1,121 Land 115 132 Inventory 7,032 3,209 Gas gathering system and facilities 76 172 Vehicles 242 304 Leasehold improvements, office equipment and software 4,570 5,264 Gross equipment and other property 13,136 10,202 Accumulated depreciation (4,923 ) (5,378 ) Net equipment and other property $ 8,213 $ 4,824

Asset Retirement obligations (T

Asset Retirement obligations (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and for the year ended December 31, 2019: June 30, 2020 December 31, 2019 (in thousands) Asset retirement obligations at beginning of period $ 4,749 $ 4,667 Liabilities settled (791 ) – Foreign exchange change effect (550 ) (519 ) Additions – 388 Accretion expense 97 213 Asset retirement obligations at end of period $ 3,505 $ 4,749

Derivative instruments (Tables)

Derivative instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Summary of Gross Fair Value of Commodity Derivative Instruments by Balance Sheet Classification	Balance sheet presentation The following tables 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, 2020 and December 31, 2019, and (ii) the net recorded fair value as reflected on our consolidated balance sheet at June 30, 2020 and December 31, 2019. As of June 30, 2020 Gross Amount Net Amount of Gross Offset in the Assets (Liabilities) Amount of Consolidated Presented in the Type of Derivative Location on Consolidated Recognized Balance Consolidated Contract Balance Sheets Assets (Liabilities) Sheets Balance Sheets (in thousands) Commodity - crude oil Current liabilities $ (3,227 ) $ - $ (3,227 ) Foreign exchange Current asset $ 10 $ - $ 10 As of December 31, 2019 Gross Amount Net Amount of Gross Offset in the (Liabilities) Amount of Consolidated Presented in the Type of Derivative Location on Consolidated Recognized Balance Consolidated Contract Balance Sheets (Liabilities) Sheet s Balance Sheets (in thousands) Crude Oil Current liabilities $ (987 ) $ 21 $ (966 )
Foreign Exchange [Member]
Summary of Fair Value of Derivative Instruments	At June 30, 2020, 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, 2020 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 Sell 6.840 07/01/20 USD 1,000,000 USD 6,840,000 2 FXOPT Buy 1.000 08/03/20 TRY 1,000,000 USD 1,000,000 8 Total Estimated Fair Value of Asset $ 10
Commodity Price [Member] | Crude Oil [Member]
Summary of Fair Value of Derivative Instruments	At June 30, 2020, we had outstanding commodity 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, 2020 Weighted Weighted Average Average Quantity Minimum Maximum Price Additional Call Estimated Fair Type Period (Bbl/day) Price (per Bbl) (per Bbl) Ceiling Value of Liability (in thousands) Swap July 1, 2020 - February 28, 2021 1,975 $ 36.00 $ - $ - $ (3,227 ) Total Estimated Fair Value of Liability $ (3,227 ) At December 31, 2019, we had outstanding commodity derivative contracts with respect to our future crude oil production as set forth in the table below: Fair Value of Derivative Instruments as of December 31, 2019 Weighted Weighted Average Average Additional Estimated Fair Quantity Minimum Maximum Price Call Ceiling Value of Asset Type Period (Bbl/day) Price (per Bbl) (per Bbl) (per Bbl) (Liability) (in thousands) Three-way collar January 1, 2020 - April 30, 2020 1,000 $ 55.00 $ 72.90 $ 80.00 21 Swap January 1, 2020 - December 31, 2020 986 $ 60.30 - - (987 ) Total Estimated Fair Value of Liability $ (966 )

Loans payable (Tables)

Loans payable (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	As of the dates indicated, our third-party debt consisted of the following: June 30, December 31, 2020 2019 Fixed and floating rate loans (in thousands) Term Loans (1) $ 10,643 $ 20,000 PPP Loan 626 - Less: current portion 11,269 17,143 Long-term portion $ – $ 2,857 _________________________________________________________ (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, 2020
Leases [Abstract]
Schedule of Operating Lease Costs	Operating lease costs were comprised of the following: June 30, 2020 For the six months ended June 30, 2020 (in thousands) Operations yards $ 300 Office rent 133 Vehicles 22 Other 51 Total lease costs $ 506
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, 2020 were as follows for each of the next five years and thereafter: June 30, 2020 (in thousands) Remainder of 2020 $ 461 2021 729 2022 861 2023 558 2024 202 2025 - Thereafter - Total $ 2,811 Less: Imputed interest 87 Present value of lease liabilities $ 2,724
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, 2019 were as follows for each of the next five years and thereafter: December 31, 2019 (in thousands) 2020 $ 960 2021 867 2022 867 2023 557 2024 200 Thereafter - Total $ 3,451

Shareholders' equity (Tables)

Shareholders' equity (Tables)	6 Months Ended
	Jun. 30, 2020
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) 2020 2019 2020 2019 Net loss $ (7,734 ) $ (9 ) $ (31,699 ) $ (3,911 ) Basic net loss earnings per common share: Shares: Weighted average common shares outstanding 62,502 52,529 62,406 52,506 Basic net loss per common share: $ (0.12 ) $ (0.00 ) $ (0.51 ) $ (0.07 ) Diluted net loss per common share: Shares: Weighted average common shares outstanding 62,502 52,529 62,406 52,506 Diluted net loss per common share: $ (0.12 ) $ (0.00 ) $ (0.51 ) $ (0.07 )

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 Total revenues $ - $ 6,500 $ - $ 6,500 Loss from operations before income taxes (3,456 ) (3,963 ) (54 ) (7,473 ) Capital expenditures $ - $ 561 $ - $ 561 For the three months ended June 30, 2019 Total revenues $ - $ 17,215 $ - $ 17,215 Loss from operations before income taxes (2,667 ) 6,756 (732 ) 3,357 Capital expenditures $ - $ 5,509 $ 667 $ 6,176 For the six months ended June 30, 2020 Total revenues $ - $ 14,860 $ - $ 14,860 Loss from operations before income taxes (6,972 ) (27,254 ) (177 ) (34,403 ) Capital expenditures $ - $ 3,472 $ - $ 3,472 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 Segment assets June 30, 2020 $ 6,973 $ 87,054 $ 659 $ 94,686 December 31, 2019 $ 7,810 $ 127,986 $ 708 $ 136,504

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Valuation of Financial Liabilities	The following table summarizes the valuation of our financial liabilities as of June 30, 2020: 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 and (liabilities): Commodity derivative contracts $ - $ (3,227 ) $ - $ (3,227 ) Foreign exchange derivative contracts 10 10 Total $ - $ (3,217 ) $ - $ (3,217 ) Disclosed but not carried at fair value Liabilities: 2019 Term Loan - - (9,708 ) (9,708 ) Total $ - $ - $ (9,708 ) $ (9,708 ) The following table summarizes the valuation of our financial liabilities as of December 31, 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 Liabilities: Commodity derivative contracts $ - $ (966 ) $ - $ (966 ) Disclosed but not carried at fair value Liabilities: 2019 Term Loan - - (17,333 ) (17,333 ) Total $ - $ - $ (17,333 ) $ (17,333 )

Asset divestiture (Table)

Asset divestiture (Table)	6 Months Ended
	Jun. 30, 2020
Proceeds From Divestiture Of Businesses Net Of Cash Divested [Abstract]
Reclassification of Accumulated Foreign Currency Translation Adjustment Realized Into Earnings from Accumulated Other Comprehensive Loss	The loss primarily related to the reclassification of the accumulated foreign currency translation adjustment that was realized into earnings from accumulated other comprehensive loss within shareholders’ equity and presented below: Loss on Sale (in thousands) Total cash proceeds for Petrogas $ 1,451 Less: Petrogas net liabilities (652 ) Gain on sale before accumulated foreign currency translation adjustment 2,103 Less: Petrogas accumulated foreign currency translation adjustment (12,231 ) Net loss on sale of Petrogas $ (10,128 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 2019 (in thousands) Related party accounts receivable: Service Agreement $ 204 $ 433 PSI MSA 274 128 Total related party accounts receivable $ 478 $ 561 Related party accounts payable: Service Agreement $ 215 $ 204 PSI MSA 3,055 3,959 Interest payable on Series A Preferred 1,560 - Other - board of directors fees 290 99 Total related party accounts payable $ 5,120 $ 4,262

General - Additional Informatio

General - Additional Information (Detail)	Aug. 07, 2020shares	Jun. 30, 2020Segment
Nature Of Business [Line Items]
Number of operating segments | Segment		2
Scenario Forecast [Member]
Nature Of Business [Line Items]
Percentage of common shares owned	50.50%
Scenario Forecast [Member] | Series A Preferred Shares [Member]
Nature Of Business [Line Items]
Shares owned | shares	739,000
Preferred stock, dividend rate, percentage	12.00%

Going Concern - Additional Info

Going Concern - Additional Information (Detail)	Aug. 10, 2020USD ($)	Aug. 07, 2020USD ($)	Jul. 30, 2020shares	Apr. 03, 2020$ / bblbbl	Mar. 09, 2020USD ($)$ / bblbbl	Nov. 04, 2016	Jul. 31, 2020$ / bbl	Jun. 30, 2020USD ($)$ / bbl	May 31, 2020$ / bbl	Mar. 31, 2020USD ($)$ / bbl	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)$ / bbl	Dec. 31, 2018USD ($)$ / bbl
Going Concern [Line Items]
Net loss											$ 7,734,000	$ 9,000	$ 31,699,000	$ 3,911,000
Long-term debt															$ 2,857,000
Short-term debt								$ 11,269,000			11,269,000		11,269,000		17,143,000
Cash and cash equivalents								8,598,000			8,598,000	$ 13,700,000	8,598,000	$ 13,700,000	9,664,000	$ 9,900,000
Working capital surplus								$ 1,000,000			1,000,000		$ 1,000,000		$ 2,000,000
Crude oil prices declined per barrel										$ 25
Proceeds from derivative contracts					$ 6,500,000
Average monthly differential index price | $ / bbl								0.74	8.34	3.40					0.17	2.44
Borrowing to cover certain payroll, benefit, and rent expenses											626,000
Reduction in payroll and benefit expenses											533,000
Series A Preferred Shares [Member] | Dividend Paid in Cash [Member]
Going Concern [Line Items]
Preferred stock, dividend rate, percentage						12.00%							12.00%
Series A Preferred Shares [Member] | Dividend Paid in Common Shares [Member]
Going Concern [Line Items]
Preferred stock, dividend rate, percentage						16.00%							16.00%
2019 Term Loan [Member] | Line of Credit [Member]
Going Concern [Line Items]
Loans payable								$ 10,600,000			$ 10,600,000		$ 10,600,000
Line of credit facility, expiration date													Feb. 28, 2021
2019 Term Loan [Member] | Seven Monthly Installment Beginning In July 2020 [Member] | Line of Credit [Member]
Going Concern [Line Items]
Debt instrument, principal installments													$ 1,400,000
Deniz Bank [Member]
Going Concern [Line Items]
Proceeds from derivative contracts					6,500,000
Deniz Bank [Member] | 2019 Term Loan [Member]
Going Concern [Line Items]
Line of credit facility, expiration date													Feb. 28, 2021
Deniz Bank [Member] | Swap [Member]
Going Concern [Line Items]
Proceeds from derivative contracts					$ 6,500,000
Quantity (Bbl/day) | bbl				2,000	1,000
Bent strike price | $ / bbl				36	60.30
Subsequent Event [Member]
Going Concern [Line Items]
Crude oil prices rebounded per barrel	$ 45
Average monthly differential index price | $ / bbl							3.71
Loan due date		Aug. 7, 2021
Subsequent Event [Member] | Maximum [Member]
Going Concern [Line Items]
Short-term debt		$ 8,000,000
Subsequent Event [Member] | Series A Preferred Stock
Going Concern [Line Items]
Common Stock Dividends, Shares | shares			5,819,908

Series A Preferred Shares - Add

Series A Preferred Shares - Additional Information (Detail) - Series A Preferred Shares [Member]	Nov. 04, 2016USD ($)Director$ / sharesshares	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)shares	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)shares	Dec. 31, 2019USD ($)shares
Redeemable Noncontrolling Interest [Line Items]
Preferred shares, outstanding		921,000	921,000	921,000	921,000
Preferred shares, value | $		$ 5,000,000		$ 5,000,000		$ 5,000,000
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.
Dividend paid | $		$ 1,800,000	$ 1,800,000	$ 3,200,000	$ 3,200,000
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%			12.00%
Dividend Paid in Common Shares [Member]
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, dividend rate, percentage	16.00%			16.00%
Related Party [Member]
Redeemable Noncontrolling Interest [Line Items]
Preferred shares, outstanding		821,000		821,000		821,000
Preferred shares, value | $		$ 41,050,000		$ 41,050,000		$ 41,050,000

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, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Oil and natural gas properties, proved	$ 120,915	$ 167,948
Oil and natural gas properties, unproved	10,414	12,978
Gross oil and natural gas properties	131,329	180,926
Accumulated depletion	(84,606)	(101,232)
Net oil and natural gas properties	46,723	79,694
Turkey [Member]
Property Plant And Equipment [Line Items]
Oil and natural gas properties, proved	120,414	167,446
Oil and natural gas properties, unproved	10,414	12,978
Bulgaria [Member]
Property Plant And Equipment [Line Items]
Oil and natural gas properties, proved	$ 501	$ 502

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Proved development wells excluded from depletion		$ 300		$ 200
Acquisition costs of proved properties		3,400		5,000
Well costs and additional development costs		56,800		63,800
Exploratory dry hole costs	$ 700	2,100	$ 5,800
Inpairment of proved properties		18,200
Capitalized exploratory cost greater than one year		0
Inventory		3,249		7,091
Inventory [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment excluded from depreciation		$ 10,300		$ 10,300

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, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Gross equipment and other property	$ 13,136	$ 10,202
Accumulated depreciation	(4,923)	(5,378)
Net equipment and other property	8,213	4,824
Other equipment [Member]
Property Plant And Equipment [Line Items]
Gross equipment and other property	1,101	1,121
Land [Member]
Property Plant And Equipment [Line Items]
Gross equipment and other property	115	132
Inventory [Member]
Property Plant And Equipment [Line Items]
Gross equipment and other property	7,032	3,209
Gas gathering system and facilities [Member]
Property Plant And Equipment [Line Items]
Gross equipment and other property	76	172
Vehicles [Member]
Property Plant And Equipment [Line Items]
Gross equipment and other property	242	304
Leasehold improvements, office equipment and software [Member]
Property Plant And Equipment [Line Items]
Gross equipment and other property	$ 4,570	$ 5,264

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations at beginning of period			$ 4,749	$ 4,667	$ 4,667
Liabilities settled			(791)
Foreign exchange change effect			(550)		(519)
Additions					388
Accretion expense	$ 44	$ 49	97	$ 101	213
Asset retirement obligations at end of period	$ 3,505		$ 3,505		$ 4,749

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) $ in Thousands	May 20, 2020USD ($)₺ / $	Apr. 03, 2020$ / bblbbl	Mar. 09, 2020USD ($)$ / bbl$ / Callbbl	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Derivatives Fair Value [Line Items]
Derivative, net proceeds | $			$ 6,500
Gain (loss) on derivative contracts | $				$ (3,217)	$ (323)	$ 4,296	$ (433)
Foreign Exchange Forward Contracts [Member]
Derivatives Fair Value [Line Items]
Derivative, amount of hedge | $	$ 1,000
Derivative option contract, strike price | ₺ / $	6.84
Derivative description of terms	The forward contract settlement dates are from July through August, 2020 for $1.0 million at a strike price of 6.84 TRY to $1.00 USD.
Deniz Bank [Member]
Derivatives Fair Value [Line Items]
Derivative, net proceeds | $			$ 6,500
Deniz Bank [Member] | Three-way Collar - October 1, 2019 - April 30, 2020 [Member]
Derivatives Fair Value [Line Items]
Quantity (Bbl/day) | bbl			1,000
Brent floor price			55
Brent, cap price			72.90
Brent, long call | $ / Call			80
Deniz Bank [Member] | Swap [Member]
Derivatives Fair Value [Line Items]
Quantity (Bbl/day) | bbl		2,000	1,000
Bent strike price		36	60.30
Derivative, net proceeds | $			$ 6,500
Deniz Bank [Member] | Swap - May 2020 - February 2021 [Member]
Derivatives Fair Value [Line Items]
Quantity (Bbl/day) | bbl		1,975
Bent strike price		36
Deniz Bank [Member] | Swap - May 2020 - February 2021 [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Bent strike price		36
Deniz Bank [Member] | Swap - May 2020 - February 2021 [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Bent strike price		36

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	12 Months Ended
	Jun. 30, 2020USD ($)$ / bblbbl	Dec. 31, 2019USD ($)$ / bbl$ / Callbbl
Derivatives Fair Value [Line Items]
Estimated Fair Value of Liability | $	$ (3,227)	$ (966)
Swap - July 1, 2020 - February 28, 2021 [Member]
Derivatives Fair Value [Line Items]
Quantity (Bbl/day) | bbl	1,975
Collars Weighted Average Minimum Price (per Bbl) | $ / bbl	36
Estimated Fair Value of Liability | $	$ (3,227)
Three-way Collar - January 1, 2020 - 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 | $		$ 21
Swap - January 1, 2020 - December 31, 2020 [Member]
Derivatives Fair Value [Line Items]
Quantity (Bbl/day) | bbl		986
Collars Weighted Average Minimum Price (per Bbl) | $ / bbl		60.30
Estimated Fair Value of Liability | $		$ (987)

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Fair Value of Foreign Exchange Derivative Instruments (Detail) - Foreign Exchange [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Derivatives Fair Value [Line Items]
Estimated Fair Value of Asset (Liability)	$ 10
Currency Derivative Instruments One [Member]
Derivatives Fair Value [Line Items]
Type	FXOPT
Buy/Sell	Sell
Rate	6.840
Settlement Date	Jul. 1, 2020
Buy Currency	USD
Buy Currency Amount	$ 1,000,000
Sell Currency	USD
Sell Currency Amount	$ 6,840,000
Estimated Fair Value of Asset (Liability)	$ 2
Currency Derivative Instruments Two [Member]
Derivatives Fair Value [Line Items]
Type	FXOPT
Buy/Sell	Buy
Rate	1
Settlement Date	Aug. 3, 2020
Buy Currency	TRY
Buy Currency Amount	$ 1,000,000
Sell Currency	USD
Sell Currency Amount	$ 1,000,000
Estimated Fair Value of Asset (Liability)	$ 8

Derivative Instruments - Summ_3

Derivative Instruments - Summary of Gross Fair Value of Commodity Derivative Instruments by Balance Sheet Classification (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Net Amount of (Liabilities) Presented in the Consolidated Balance Sheet, Current Liabilities	$ 3,227	$ 966
Current Liabilities [Member] | Commodity Price [Member] | Crude Oil [Member]
Derivatives Fair Value [Line Items]
Gross Amount of Recognized (Liabilities)	(3,227)	(987)
Gross Amount Offset in the Consolidated Balance Sheet		21
Net Amount of (Liabilities) Presented in the Consolidated Balance Sheet, Long-term Liabilities	(3,227)	$ (966)
Current Assets [Member] | Foreign Exchange [Member]
Derivatives Fair Value [Line Items]
Gross Amount of Recognized (Liabilities)	10
Net Amount of (Liabilities) Presented in the Consolidated Balance Sheet, Current Liabilities	$ 10

Loans Payable - Debt (Detail)

Loans Payable - Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less: current portion	$ 11,269	$ 17,143
Long-term portion		2,857
Term Loan [Member]
Debt Instrument [Line Items]
Loans payable	10,643	$ 20,000
PPP Loan [Member]
Debt Instrument [Line Items]
Loans payable	$ 626

Loans Payable - Additional Info

Loans Payable - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2020	Apr. 10, 2020	Mar. 09, 2020	Feb. 22, 2019	May 28, 2018	Nov. 17, 2017	Aug. 31, 2016
Line Of Credit Facility [Line Items]
Derivative, net proceeds			$ 6,500,000
Deniz Bank [Member]
Line Of Credit Facility [Line Items]
Derivative, net proceeds			$ 6,500,000
Non-cash Facilities [Member] | Deniz Bank [Member]
Line Of Credit Facility [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity							$ 20,000,000
2016 TEMI Term Loan [Member] | Credit Agreement [Member] | Deniz Bank [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, initiation date	Aug. 31, 2016
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 bore 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 was 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.
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%
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] | Credit Agreement [Member] | Deniz Bank [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
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 bore 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 was payable monthly and the principal on the 2018 Term Loan was 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.
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%
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] | Credit Agreement [Member] | Deniz Bank [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
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 had a grace period through December 2019 during which no payments were due. Thereafter, accrued interest on the 2019 Term Loan was payable monthly, and the principal on the 2019 Term Loan was payable in 14 monthly installments of $1.4 million each.
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%
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] | Deniz Bank [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, expiration date	Feb. 28, 2021
2019 Term Loan [Member] | Deniz Bank [Member] | One Monthly Installment Payable in July 2020 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, principal installments	$ 600,000
2019 Term Loan [Member] | Deniz Bank [Member] | Seven Monthly Installment Beginning in August 2020 [Member]
Line Of Credit Facility [Line Items]
Debt instrument, principal installments	$ 1,400,000
2019 Term Loan [Member] | Credit Agreement [Member] | Deniz Bank [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
2019 Term Loan [Member] | Line of Credit [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, expiration date	Feb. 28, 2021
Loans payable	$ 10,600,000
2019 Term Loan [Member] | Line of Credit [Member] | Mr. Mitchell [Member]
Line Of Credit Facility [Line Items]
Line of credit facility ownership percentage	80.00%
2019 Term Loan [Member] | Line of Credit [Member] | Mr. Uras [Member]
Line Of Credit Facility [Line Items]
Line of credit facility ownership percentage	20.00%
2019 Term Loan [Member] | Line of Credit [Member] | Mr. Uras [Member]
Line Of Credit Facility [Line Items]
Line of credit facility ownership percentage	100.00%
PPP Loan [Member]
Line Of Credit Facility [Line Items]
Loans payable	$ 626,000
PPP Loan [Member] | CARES Act [Member]
Line Of Credit Facility [Line Items]
Loan payable		$ 626,000
Line of credit facility, Description	The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans are forgivable after 24 weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the 24-week period.
Interest rate on loan payable	1.00%
Turkey [Member] | 2016 TEMI Term Loan [Member] | Credit Agreement [Member] | Deniz Bank [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, 2020
Lessee Lease Description [Line Items]
Operating and financing lease options to renew or cancel	some containing options to renew or cancel
Weighted average remaining lease term	3 years 6 months
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, 2020USD ($)
Lessee Lease Description [Line Items]
Total lease costs	$ 506
Operations Yards [Member]
Lessee Lease Description [Line Items]
Total lease costs	300
Office Rent [Member]
Lessee Lease Description [Line Items]
Total lease costs	133
Vehicles [Member]
Lessee Lease Description [Line Items]
Total lease costs	22
Other [Member]
Lessee Lease Description [Line Items]
Total lease costs	$ 51

Leases - Schedule of Future Non

Leases - Schedule of Future Non-Cancelable Minimum Lease Payments Under Operating Lease (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Remainder of 2020	$ 461
2021	729
2022	861
2023	558
2024	202
Total	2,811
Less: Imputed interest	87
Present value of lease liabilities	$ 2,724
2020		$ 960
2021		867
2022		867
2023		557
2024		200
Total		$ 3,451

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2012
Loss Contingencies [Line Items]
General and administrative		$ 2,394,000	$ 2,690,000	$ 4,746,000	$ 5,744,000
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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
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			4 months 24 days
Dilutive securities included in the calculation of diluted earnings per share	0	0	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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Net loss	$ (7,734)	$ (9)	$ (31,699)	$ (3,911)
Weighted average common shares outstanding	62,502	52,529	62,406	52,506
Basic net loss per common share	$ (0.12)	$ 0	$ (0.51)	$ (0.07)
Weighted average common and common equivalent shares outstanding	62,502	52,529	62,406	52,506
Diluted net loss per common share:	$ (0.12)	$ 0	$ (0.51)	$ (0.07)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020Segment
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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 6,500	$ 17,215	$ 14,860	$ 36,256
Loss from operations before income taxes	(7,473)	3,357	(34,403)	2,878
Capital expenditures	561	6,176	3,472	15,778
Segment assets	94,686		94,686		$ 136,504
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Loss from operations before income taxes	(3,456)	(2,667)	(6,972)	(5,540)
Segment assets	6,973		6,973		7,810
Operating Segments [Member] | Turkey [Member]
Segment Reporting Information [Line Items]
Total revenues	6,500	17,215	14,860	36,256
Loss from operations before income taxes	(3,963)	6,756	(27,254)	14,372
Capital expenditures	561	5,509	3,472	10,728
Segment assets	87,054		87,054		127,986
Operating Segments [Member] | Bulgaria [Member]
Segment Reporting Information [Line Items]
Loss from operations before income taxes	(54)	(732)	(177)	(5,954)
Capital expenditures		$ 667		$ 5,050
Segment assets	$ 659		$ 659		$ 708

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - 6 months ended Jun. 30, 2020 ₺ 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, 2020, we had 14.6 million TRY (approximately $2.1 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, 2020, we were a party to foreign exchange derivative contracts (See Note 7. “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	$ 2,100,000	₺ 14.6

Financial Instruments - Valuati

Financial Instruments - Valuation of Financial Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Measured on a recurring basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets (liabilities), fair value	$ (3,217)
Measured on a recurring basis [Member] | Derivative Financial Instruments (commodity) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities, fair value		$ (966)
Measured on a recurring basis [Member] | Derivative Financial Instruments (Commodity) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities, fair value	(3,227)
Measured on a recurring basis [Member] | Foreign Exchange Derivative Contracts [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value	10
Disclosed but not carried at fair value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets (liabilities), fair value	(9,708)	(17,333)
Disclosed but not carried at fair value [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	(9,708)	(17,333)
Significant Other Observable Inputs (Level 2) [Member] | Measured on a recurring basis [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets (liabilities), fair value	(3,217)
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]
Liabilities, fair value		(966)
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]
Liabilities, fair value	(3,227)
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]
Assets, fair value	10
Significant Unobservable Inputs (Level 3) [Member] | Disclosed but not carried at fair value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets (liabilities), fair value	(9,708)	(17,333)
Significant Unobservable Inputs (Level 3) [Member] | Disclosed but not carried at fair value [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	$ (9,708)	$ (17,333)

Asset divestiture - Addtional I

Asset divestiture - Addtional Information (Detail)	Feb. 24, 2020USD ($)EmployeeWell	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)
Net loss on sale of petrogas		$ 10,100,000	$ 10,128,000
Petrogas [Member]
Number of wells in exchange for release of plugging and abandonment obligations | Well	65
Reform Reform Ham Petrol Dogal Gaz Arama Uretim Sanayi ve Ticaret A.S. [Member] | Petrogas [Member]
Number of employees | Employee	14
Shares sold in exchange, amount	$ 1,500

Asset divestiture - Reclassific

Asset divestiture - Reclassification of Accumulated Foreign Currency Translation Adjustment Realized Into Earnings from Accumulated Other Comprehensive Loss (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Total cash proceeds for Petrogas	$ 1,451
Net loss on sale of Petrogas	(10,128)
Petrogas [Member]
Total cash proceeds for Petrogas	1,451
Less: Petrogas net liabilities	(652)
Gain on sale before accumulated foreign currency translation adjustment	2,103
Less: Petrogas accumulated foreign currency translation adjustment	(12,231)
Net loss on sale of Petrogas	$ (10,128)

Related Party Transactions - Re

Related Party Transactions - Related Party Accounts Receivable and Accounts Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Total related party accounts receivable	$ 478	$ 561
Total related party accounts payable	5,120	4,262
Service Agreement [Member]
Related Party Transaction [Line Items]
Total related party accounts receivable	204	433
Total related party accounts payable	215	204
Total related party accounts payable	200
PSI MSA [Member]
Related Party Transaction [Line Items]
Total related party accounts receivable	274	128
Total related party accounts payable	3,055	3,959
Total related party accounts payable	3,100
Other - Board of Directors Fees [Member]
Related Party Transaction [Line Items]
Total related party accounts payable	290	$ 99
Interest payable on Series A Preferred
Related Party Transaction [Line Items]
Total related party accounts payable	$ 1,560

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Nov. 04, 2016shares	Apr. 19, 2016USD ($)	Jun. 13, 2012USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Jun. 14, 2018ft²	Aug. 31, 2016USD ($)
Related Party Transaction [Line Items]
Related parties outstanding receivables				$ 478,000		$ 561,000
Related parties outstanding payables				5,120,000		4,262,000
Note receivable - related party			$ 11,500,000			3,951,000
Dalea and Funds [Member] | Thirteen Percent Convertible Notes Due Two Thousand Seventeen
Related Party Transaction [Line Items]
Repayments of debt					$ 1,000,000
Dalea and Funds [Member] | Thirteen Percent Convertible Notes Due Two Thousand Seventeen | Series A Preferred Stock
Related Party Transaction [Line Items]
Repayments of debt				200,000	$ 100,000
Interest receivable				3,500,000
Riata Management Service Agreement [Member]
Related Party Transaction [Line Items]
Related parties outstanding receivables				204,000		433,000
Related parties outstanding payables				200,000
PSI MSA [Member]
Related Party Transaction [Line Items]
Related parties outstanding receivables				274,000		$ 128,000
Related parties outstanding payables				$ 3,100,000
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
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
Joint Venture [Member] | Dalea and Funds [Member]
Related Party Transaction [Line Items]
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
Joint Venture [Member] | Promissory Note [Member] | Dalea and Funds [Member]
Related Party Transaction [Line Items]
Note receivable - related party		$ 7,964,053
Cancellation of purchase price in promissory note		$ 3,500,000
Debt Instrument, maturity date		Jun. 13, 2019
Debt instrument interest rate stated percentage		3.00%
Promissory note, collateral amount		$ 2,000,000
Dalea Promissory Note [Member]
Related Party Transaction [Line Items]
Promissory notes default remedy period		30 days
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 note				$ 300,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Aug. 07, 2020USD ($)$ / shares	Jul. 30, 2020$ / sharesshares	Aug. 04, 2020a	Jun. 30, 2020$ / shares	Dec. 31, 2019$ / shares
Subsequent Event [Line Items]
Common stock dividends, Per share				$ 0.10	$ 0.10
Subsequent Event [Member] | Merger Agreement [Member] | Common Shares [Member]
Subsequent Event [Line Items]
Minimum percentage of voting rights	75.00%
Subsequent Event [Member] | Loan and Security Agreement [Member]
Subsequent Event [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity | $	$ 8,000,000
Outstanding borrowing interest rate	10.00%
Line of credit facility, expiration date	Aug. 7, 2021
Subsequent Event [Member] | Farmout Agreement [Member]
Subsequent Event [Line Items]
Area of land for exploration and production of oil and natural gas | a			14,500
Percentage of royalty interest			5.00%
Series A Preferred Stock | Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock Dividends, Shares | shares		5,819,908
Common stock dividends, Per share		$ 0.3165
Series A Preferred Stock | Subsequent Event [Member] | Merger Agreement [Member]
Subsequent Event [Line Items]
Common stock dividends, Per share	$ 0.13
Percentage of outstanding preferred shares	100.00%
Minimum percentage of voting rights	75.00%