TransAtlantic Petroleum Corp SMOG Footnote Support 2009 Estimate of Future Income Taxes | |||||||||||||||||||||||||
Beg Tax Basis | 7,810,066 | a) | Tax rate | 34.00% | Meas: Used the same tax rate from the 2012 SMOG. | ||||||||||||||||||||
NOL | 12,620,377 | Nathen McEown: See tab .4 in the tax provision. | b) | ||||||||||||||||||||||
a) | Tie out of tax bases: | ||||||||||||||||||||||||
Statutory Basis (TYL) | 12/31/2013 Spot Rate | Statutory Basis (USD) | |||||||||||||||||||||||
Oil and Gas Properties | 12,060,015 | Nathen McEown: Book value of: 14242819-551890-695506. O&G deferred tax difference of -935408 | 0.6476 | 7,810,066 | |||||||||||||||||||||
Total | 12,060,015 | 7,810,066 | |||||||||||||||||||||||
Collarini SEC Total Proved - 1/1/14 | |||||||||||||||||||||||||
YEAR | Oil | Gas | BOE | Beg reserves (BOE) | Depletion Rate | Capital | Tax Basis | Accum Amort | Depletable tax basis | Amortization | UDFNCF | DFNCF | Factors | UDFNCF | Plus Capital | Amortization | Net taxable, pre NOL | NOL LIMIT | Net taxable | Tax expense | Disc Tax Expense | ||||
2014 | 141,427 | 536,147 | 230,785 | 1,566,447 | 14.733% | 20,449,698 | 28,259,764 | 28,259,764 | 4,163,518 | 1 | (5,712,904) | (5,722,316) | 100.16475% | (5,712,904) | 20,449,698 | (4,163,518) | 10,573,276 | (10,573,276) | - | - | - | ||||
2015 | 123,471 | 461,613 | 200,407 | 1,335,662 | 15.004% | 2,203,200 | 30,462,964 | (4,163,518) | 26,299,446 | 3,946,053 | 2 | 10,322,826 | 8,946,206 | 86.66431% | 10,322,826 | 2,203,200 | (3,946,053) | 8,579,973 | (2,047,101) | 6,532,872 | (2,221,177) | (1,924,968) | |||
2016 | 130,596 | 259,663 | 173,873 | 1,135,255 | 15.316% | 10,500,000 | 40,962,964 | (8,109,571) | 32,853,393 | 5,031,749 | 3 | 1,619,155 | 967,946 | 59.78094% | 1,619,155 | 10,500,000 | (5,031,749) | 7,087,406 | 7,087,406 | (2,409,718) | (1,440,552) | ||||
2017 | 105,369 | 190,049 | 137,044 | 961,382 | 14.255% | 1,000,000 | 41,962,964 | (13,141,320) | 28,821,644 | 4,108,495 | 4 | 8,490,609 | 6,077,322 | 71.57699% | 8,490,609 | 1,000,000 | (4,108,495) | 5,382,114 | 5,382,114 | (1,829,919) | (1,309,801) | ||||
2018 | 72,230 | 152,867 | 97,708 | 824,338 | 11.853% | - | 41,962,964 | (17,249,815) | 24,713,149 | 2,929,226 | 5 | 6,304,708 | 4,118,315 | 65.32126% | 6,304,708 | - | (2,929,226) | 3,375,482 | 3,375,482 | (1,147,664) | (749,669) | ||||
2019 | 56,106 | 129,176 | 77,635 | 726,630 | 10.684% | - | 41,962,964 | (20,179,041) | 21,783,923 | 2,327,450 | 6 | 4,730,631 | 2,807,246 | 59.34189% | 4,730,631 | - | (2,327,450) | 2,403,181 | 2,403,181 | (817,082) | (484,872) | ||||
2020 | 46,622 | 112,568 | 65,383 | 648,995 | 10.074% | - | 41,962,964 | (22,506,491) | 19,456,473 | 1,960,142 | 7 | 3,793,541 | 2,045,695 | 53.92574% | 3,793,541 | - | (1,960,142) | 1,833,399 | 1,833,399 | (623,356) | (336,149) | ||||
2021 | 40,151 | 100,192 | 56,850 | 583,612 | 9.741% | - | 41,962,964 | (24,466,633) | 17,496,331 | 1,704,328 | 8 | 3,150,116 | 1,543,876 | 49.01013% | 3,150,116 | - | (1,704,328) | 1,445,788 | 1,445,788 | (491,568) | (240,918) | ||||
2022 | 35,397 | 90,567 | 50,492 | 526,762 | 9.585% | - | 41,962,964 | (26,170,961) | 15,792,003 | 1,513,719 | 9 | 2,674,998 | 1,191,440 | 44.53985% | 2,674,998 | - | (1,513,719) | 1,161,279 | 1,161,279 | (394,835) | (175,859) | ||||
2023 | 31,735 | 82,839 | 45,542 | 476,270 | 9.562% | - | 41,962,964 | (27,684,681) | 14,278,283 | 1,365,321 | 10 | 2,307,383 | 934,523 | 40.50143% | 2,307,383 | - | (1,365,321) | 942,062 | 942,062 | (320,301) | (129,726) | ||||
2024 | 28,807 | 76,480 | 41,554 | 430,728 | 9.647% | - | 41,962,964 | (29,050,002) | 12,912,962 | 1,245,764 | 11 | 2,012,894 | 741,052 | 36.81525% | 2,012,894 | - | (1,245,764) | 767,130 | 767,130 | (260,824) | (96,023) | ||||
2025 | 26,401 | 71,144 | 38,258 | 389,174 | 9.831% | - | 41,962,964 | (30,295,765) | 11,667,199 | 1,146,951 | 12 | 1,769,676 | 592,467 | 33.47884% | 1,769,676 | - | (1,146,951) | 622,725 | 622,725 | (211,726) | (70,883) | ||||
2026 | 24,016 | 66,591 | 35,115 | 350,916 | 10.007% | - | 41,962,964 | (31,442,717) | 10,520,247 | 1,052,726 | 13 | 1,562,775 | 475,217 | 30.40854% | 1,562,775 | - | (1,052,726) | 510,049 | 510,049 | (173,417) | (52,734) | ||||
2027 | 21,583 | 62,567 | 32,011 | 315,801 | 10.136% | - | 41,962,964 | (32,495,443) | 9,467,521 | 959,670 | 14 | 1,352,900 | 374,280 | 27.66502% | 1,352,900 | - | (959,670) | 393,230 | 393,230 | (133,698) | (36,988) | ||||
2028 | 17,529 | 58,832 | 27,334 | 283,790 | 9.632% | - | 41,962,964 | (33,455,113) | 8,507,851 | 819,457 | 15 | 1,150,157 | 289,448 | 25.16596% | 1,150,157 | - | (819,457) | 330,700 | 330,700 | (112,438) | (28,296) | ||||
rem | 141,739 | 688,299 | 256,456 | 256,456 | 100.000% | - | 41,962,964 | (34,274,570) | 7,688,394 | 7,688,394 | 16 | 8,030,681 | 1,141,857 | 14.21868% | 8,030,681 | - | (7,688,394) | 342,287 | 342,287 | (116,378) | (16,547) | ||||
1,043,179 | 3,139,594 | 1,566,447 | 34,152,898 | 41,962,964 | 53,560,146 | 26,524,574 | 49.52297% | 53,560,146 | 34,152,898 | (41,962,964) | 45,750,080 | (12,620,377) | 33,129,703 | (11,264,101) | (7,093,985) | ||||||||||
2014 | (5,712,904) | (5,722,316) | (5,722,316) | ||||||||||||||||||||||
2015 | 10,322,826 | 3,223,890 | 8,946,206 | ||||||||||||||||||||||
2016 | 1,619,155 | 4,191,836 | 967,946 | ||||||||||||||||||||||
2017 | 8,490,609 | 10,269,158 | 6,077,322 | ||||||||||||||||||||||
2018 | 6,304,708 | 14,387,473 | 4,118,315 | ||||||||||||||||||||||
2019 | 4,730,631 | 17,194,719 | 2,807,246 | ||||||||||||||||||||||
2020 | 3,793,541 | 19,240,414 | 2,045,695 | ||||||||||||||||||||||
2021 | 3,150,116 | 20,784,290 | 1,543,876 | ||||||||||||||||||||||
2022 | 2,674,998 | 21,975,730 | 1,191,440 | ||||||||||||||||||||||
2023 | 2,307,383 | 22,910,253 | 934,523 | ||||||||||||||||||||||
2024 | 2,012,894 | 23,651,305 | 741,052 | ||||||||||||||||||||||
2025 | 1,769,676 | 24,243,772 | 592,467 | ||||||||||||||||||||||
2026 | 1,562,775 | 24,718,989 | 475,217 | ||||||||||||||||||||||
2027 | 1,352,900 | 25,093,269 | 374,280 | ||||||||||||||||||||||
2028 | 1,150,157 | 25,382,717 | 289,448 | ||||||||||||||||||||||
rem | 8,030,681 | 26,524,574 | 1,141,857 | ||||||||||||||||||||||
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Net net book value calc | ||||||
Proved and unproven costs in Amortization base | 9,484,014 | TB | ||||
Costs Excluded from Amortization base | 4,758,805 | TB | ||||
Less accumulated ARO | (24,382) | |||||
Less accumulated DD&A | (1,204,069) | TB | ||||
Net Book Value | 13,014,368 | <A> | ||||
Less tax value | 12,060,015 | SMOG.4 | ||||
Book-Tax Difference | 954,353 | |||||
Effective tax rate | 0.34 | |||||
Equals related deferred income taxes | 324,480 | <B> | ||||
Net net book value | 12,689,888 | <A> - <B> = | ||||
Ceiling Calc | ||||||
PV of Future Net Revenues | 26,524,574 | Reserve Report | ||||
Value of excluded costs | 4,758,805 | TB | ||||
Value of unproven in amortization base | - | |||||
Ceiling Value before income tax effects | 31,283,379 | <C> | ||||
Year-by-year income tax effect | (7,093,985) | SMOG.4 | <D> | |||
Ceiling | 24,189,394 | <C> - <D> = | ||||
Less Net net book value | 12,689,888 | |||||
EXCESS CEILING | 11,499,506 |