Attached files
file | filename |
---|---|
EX-32.1 - EX-32.1 - TRANSATLANTIC PETROLEUM LTD. | tat-ex321_8.htm |
EX-31.2 - EX-31.2 - TRANSATLANTIC PETROLEUM LTD. | tat-ex312_7.htm |
EX-31.1 - EX-31.1 - TRANSATLANTIC PETROLEUM LTD. | tat-ex311_6.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: September 30, 2020
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number: 001-34574
TRANSATLANTIC PETROLEUM LTD.
(Exact name of registrant as specified in its charter)
Bermuda |
None |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
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16803 Dallas Parkway Addison, Texas |
75001 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (214) 220-4323
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Ticker Symbol |
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Name of each exchange on which registered |
Common shares, par value $0.10 |
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TAT |
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NYSE American |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant is required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
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☐ |
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Accelerated filer |
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☐ |
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Non-accelerated filer |
☒ |
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Smaller reporting company |
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☒ |
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Emerging growth company |
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☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 12, 2020, the registrant had 76,335,557 common shares outstanding.
2
Certain statements in this Quarterly Report on Form 10-Q constitute “forward-looking statements” within the meaning of applicable U.S. and Canadian securities legislation. Additionally, forward-looking statements may be made orally or in press releases, conferences, reports, on our website or otherwise, in the future, by us or on our behalf. Such statements are generally identifiable by the terminology used such as “plans,” “expects,” “estimates,” “budgets,” “intends,” “anticipates,” “believes,” “projects,” “indicates,” “targets,” “objective,” “could,” “should,” “may,” or other similar words.
By their very nature, forward-looking statements require us to make assumptions that may not materialize or that may not be accurate. Forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements, including the factors discussed under Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2019 and our subsequent Quarterly Reports on Form 10-Q. Such factors include, but are not limited to, the following: the occurrence of any event, change, or other circumstances that could give rise to the termination of the Merger Agreement (as defined in Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations); the inability to obtain the requisite shareholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger; risks that the proposed transaction disrupts current plans and operations; the ability to recognize the benefits of the merger; the amount of the costs, fees, and expenses and charges related to the merger; our ability to continue as a going concern; well development results; access to sufficient capital; market prices for natural gas, natural gas liquids, and oil products, including price changes resulting from COVID-19 fears as well as oil oversupply concerns; estimates of reserves and economic assumptions; the ability to produce and transport natural gas, natural gas liquids, and oil products, including price changes resulting from coronavirus fears as well as oil oversupply concerns; the results of exploration and development drilling and related activities; the effects of the coronavirus on our operations, demand for oil and natural gas as well as governmental actions in response to the coronavirus; economic conditions in the countries and provinces in which we carry on business, especially economic slowdowns; actions by governmental authorities; the unwinding of our hedges against a decline in the price of oil; receipt of required approvals; increases in taxes; legislative and regulatory initiatives relating to fracture stimulation activities; changes in environmental and other regulations; renegotiations of contracts; political uncertainty, including sanctions, armed conflicts, and actions by insurgent groups; outcomes of litigation; the negotiation and closing of material contracts; and the other factors discussed in other documents that we file with or furnish to the SEC and Canadian securities regulatory authorities. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are interdependent upon other factors and our course of action would depend upon our assessment of the future, considering all information then available. In that regard, any statements as to: liquidity; ability to continue as a going concern; COVID-19; access to sufficient capital; future oil or natural gas production levels; capital expenditures; asset sales; the allocation of capital expenditures to exploration and development activities; sources of funding for our capital expenditure programs or operations; drilling of new wells; demand for oil and natural gas products; expenditures and allowances relating to environmental matters; dates by which certain areas will be developed or will come on-stream; expected finding and development costs; future production rates; ultimate recoverability of reserves, including the ability to convert probable and possible reserves to proved reserves; dates by which transactions are expected to close; future cash flows, uses of cash flows, collectability of receivables and availability of trade credit; expected operating costs; changes in any of the foregoing; and other statements using forward-looking terminology are forward-looking statements, and there can be no assurance that the expectations conveyed by such forward-looking statements will, in fact, be realized.
Although we believe that the expectations conveyed by the forward-looking statements are reasonable based on information available to us on the date such forward-looking statements were made, no assurances can be given as to future results, levels of activity, achievements or financial condition.
Readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results, which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described above, as well as others not now anticipated. The foregoing statements are not exclusive and further information concerning us, including factors that potentially could materially affect our financial results, may emerge from time to time. We do not intend to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements, except as required by law.
3
TRANSATLANTIC PETROLEUM LTD.
(in thousands of U.S. Dollars, except share data)
|
September 30, 2020 |
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December 31, 2019 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
5,877 |
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$ |
9,664 |
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Accounts receivable, net |
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Oil and natural gas sales |
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6,192 |
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13,299 |
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Joint interest and other |
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1,137 |
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1,218 |
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Related party |
|
565 |
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|
561 |
|
Prepaid and other current assets |
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13,215 |
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12,375 |
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Note receivable - related party |
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3,416 |
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– |
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Derivative asset |
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35 |
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– |
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Inventory |
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2,999 |
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7,091 |
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Total current assets |
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33,436 |
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44,208 |
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Property and equipment: |
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Oil and natural gas properties (successful efforts method) |
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Proved |
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106,277 |
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167,948 |
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Unproved |
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9,979 |
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12,978 |
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Equipment and other property |
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11,765 |
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10,202 |
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128,021 |
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191,128 |
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Less accumulated depreciation, depletion and amortization |
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(80,144 |
) |
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(106,610 |
) |
Property and equipment, net |
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47,877 |
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84,518 |
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Other long-term assets: |
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Other assets |
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3,549 |
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3,827 |
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Note receivable - related party |
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– |
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3,951 |
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Total other assets |
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3,549 |
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7,778 |
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Total assets |
$ |
84,862 |
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$ |
136,504 |
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LIABILITIES, SERIES A PREFERRED SHARES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
$ |
1,971 |
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$ |
4,555 |
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Accounts payable - related party |
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2,956 |
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4,262 |
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Accrued liabilities |
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13,240 |
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15,244 |
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Derivative liability |
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2,201 |
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|
966 |
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Loans payable |
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9,197 |
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17,143 |
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Total current liabilities |
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29,565 |
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42,170 |
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Long-term liabilities: |
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Asset retirement obligations |
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3,185 |
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4,749 |
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Accrued liabilities |
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8,761 |
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10,370 |
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Deferred income taxes |
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16,718 |
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22,728 |
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Loans payable |
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– |
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2,857 |
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Total long-term liabilities |
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28,664 |
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40,704 |
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Total liabilities |
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58,229 |
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82,874 |
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Commitments and contingencies |
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Series A preferred shares, $0.01 par value, 100,000 shares authorized; 100,000 shares issued and outstanding with a liquidation preference of $50 per share as of September 30, 2020 and December 31, 2019 |
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5,000 |
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5,000 |
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Series A preferred shares-related party, $0.01 par value, 821,000 shares authorized; 821,000 shares issued and outstanding with a liquidation preference of $50 per share as of September 30, 2020 and December 31, 2019 |
|
41,050 |
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41,050 |
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Shareholders' equity: |
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Common shares, $0.10 par value, 200,000,000 shares authorized; 76,335,557 shares and 62,230,058 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively |
|
7,634 |
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6,223 |
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Treasury stock |
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(970 |
) |
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(970 |
) |
Additional paid-in-capital |
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584,849 |
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582,359 |
|
Accumulated other comprehensive loss |
|
(143,587 |
) |
|
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(147,347 |
) |
Accumulated deficit |
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(467,343 |
) |
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(432,685 |
) |
Total shareholders' equity (deficit) |
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(19,417 |
) |
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|
7,580 |
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Total liabilities, Series A preferred shares and shareholders' equity |
$ |
84,862 |
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$ |
136,504 |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
4
Consolidated Statements of Operations and Comprehensive (Loss) Income
(Unaudited)
(U.S. Dollars and shares in thousands, except per share amounts)
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30, |
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September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
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Revenues: |
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Oil and natural gas sales |
$ |
8,459 |
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$ |
14,543 |
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$ |
23,285 |
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|
$ |
50,537 |
|
Other |
|
170 |
|
|
|
110 |
|
|
|
204 |
|
|
|
372 |
|
Total revenues |
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8,629 |
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14,653 |
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|
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23,489 |
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|
|
50,909 |
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Costs and expenses: |
|
|
|
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|
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Production |
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2,308 |
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3,162 |
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8,207 |
|
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8,376 |
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Transportation and processing |
|
914 |
|
|
|
1,262 |
|
|
|
3,035 |
|
|
|
3,802 |
|
Exploration, abandonment and impairment |
|
69 |
|
|
|
488 |
|
|
|
20,407 |
|
|
|
6,267 |
|
Seismic and other exploration |
|
- |
|
|
|
48 |
|
|
|
45 |
|
|
|
233 |
|
General and administrative |
|
1,965 |
|
|
|
2,503 |
|
|
|
6,711 |
|
|
|
8,247 |
|
Depreciation, depletion and amortization |
|
1,542 |
|
|
|
3,021 |
|
|
|
7,048 |
|
|
|
10,179 |
|
Accretion of asset retirement obligations |
|
44 |
|
|
|
56 |
|
|
|
141 |
|
|
|
157 |
|
Total costs and expenses |
|
6,842 |
|
|
|
10,540 |
|
|
|
45,594 |
|
|
|
37,261 |
|
Operating (loss) income |
|
1,787 |
|
|
|
4,113 |
|
|
|
(22,105 |
) |
|
|
13,648 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale |
|
- |
|
|
|
- |
|
|
|
(10,128 |
) |
|
|
- |
|
Interest and other expense |
|
(2,557 |
) |
|
|
(2,780 |
) |
|
|
(7,165 |
) |
|
|
(8,011 |
) |
Interest and other income |
|
230 |
|
|
|
381 |
|
|
|
643 |
|
|
|
776 |
|
Gain (loss) on derivative contracts |
|
(359 |
) |
|
|
403 |
|
|
|
3,937 |
|
|
|
(30 |
) |
Foreign exchange loss |
|
(532 |
) |
|
|
(797 |
) |
|
|
(1,016 |
) |
|
|
(2,185 |
) |
Total other expense |
|
(3,218 |
) |
|
|
(2,793 |
) |
|
|
(13,729 |
) |
|
|
(9,450 |
) |
(Loss) income from operations before income taxes |
|
(1,431 |
) |
|
|
1,320 |
|
|
|
(35,834 |
) |
|
|
4,198 |
|
Income tax (expense) benefit |
|
(1,528 |
) |
|
|
(250 |
) |
|
|
1,176 |
|
|
|
(7,039 |
) |
Net (loss) income |
|
(2,959 |
) |
|
|
1,070 |
|
|
|
(34,658 |
) |
|
|
(2,841 |
) |
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(2,916 |
) |
|
|
808 |
|
|
|
3,760 |
|
|
|
(3,834 |
) |
Comprehensive income (loss) |
$ |
(5,875 |
) |
|
$ |
1,878 |
|
|
$ |
(30,898 |
) |
|
$ |
(6,675 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share |
$ |
(0.04 |
) |
|
$ |
0.02 |
|
|
$ |
(0.04 |
) |
|
$ |
(0.05 |
) |
Weighted average common shares outstanding |
|
66,183 |
|
|
|
57,680 |
|
|
|
73,738 |
|
|
|
54,249 |
|
Diluted net income (loss) per common share |
$ |
(0.04 |
) |
|
$ |
0.02 |
|
|
$ |
(0.04 |
) |
|
$ |
(0.05 |
) |
Weighted average common and common equivalent shares outstanding |
|
66,183 |
|
|
|
57,680 |
|
|
|
73,738 |
|
|
|
54,249 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5
Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2020 and 2019
(Unaudited)
(U.S. Dollars and shares in thousands)
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
Total |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
|
|
|
|
Shareholders' |
|
|||
|
Common |
|
|
Treasury |
|
|
Common |
|
|
Treasury |
|
|
Paid-in |
|
|
Comprehensive |
|
|
Accumulated |
|
|
Equity |
|
||||||||
Three months ended September 30, 2020 |
Shares |
|
|
Shares |
|
|
Shares |
|
|
Stock |
|
|
Capital |
|
|
Loss |
|
|
Deficit |
|
|
(Deficit) |
|
||||||||
Balance at June 30, 2020 |
|
62,759 |
|
|
|
333 |
|
|
$ |
6,276 |
|
|
$ |
(970 |
) |
|
$ |
582,484 |
|
|
$ |
(140,671 |
) |
|
$ |
(464,384 |
) |
|
$ |
(17,265 |
) |
Issuance of common shares |
|
13,576 |
|
|
|
- |
|
|
|
1,358 |
|
|
|
- |
|
|
|
2,326 |
|
|
|
- |
|
|
|
- |
|
|
|
3,684 |
|
Share-based compensation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
39 |
|
|
|
- |
|
|
|
- |
|
|
|
39 |
|
Foreign currency translation adjustment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,916 |
) |
|
|
- |
|
|
|
(2,916 |
) |
Net loss |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,959 |
) |
|
|
(2,959 |
) |
Balance at September 30, 2020 |
|
76,335 |
|
|
|
333 |
|
|
$ |
7,634 |
|
|
$ |
(970 |
) |
|
$ |
584,849 |
|
|
$ |
(143,587 |
) |
|
$ |
(467,343 |
) |
|
$ |
(19,417 |
) |
Nine Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2019 |
|
62,230 |
|
|
|
333 |
|
|
$ |
6,223 |
|
|
$ |
(970 |
) |
|
$ |
582,359 |
|
|
$ |
(147,347 |
) |
|
$ |
(432,685 |
) |
|
$ |
7,580 |
|
Issuance of common shares |
|
14,105 |
|
|
|
- |
|
|
|
1,411 |
|
|
|
- |
|
|
|
2,273 |
|
|
|
- |
|
|
|
- |
|
|
|
3,684 |
|
Share-based compensation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
263 |
|
|
|
- |
|
|
|
- |
|
|
|
263 |
|
Tax effect of restricted stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(46 |
) |
|
|
- |
|
|
|
- |
|
|
|
(46 |
) |
Foreign currency translation adjustment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,760 |
|
|
|
- |
|
|
|
3,760 |
|
Net loss |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(34,658 |
) |
|
|
(34,658 |
) |
Balance at September 30, 2020 |
|
76,335 |
|
|
|
333 |
|
|
$ |
7,634 |
|
|
$ |
(970 |
) |
|
$ |
584,849 |
|
|
$ |
(143,587 |
) |
|
$ |
(467,343 |
) |
|
$ |
(19,417 |
) |
Three Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2019 |
|
52,723 |
|
|
|
333 |
|
|
$ |
5,273 |
|
|
$ |
(970 |
) |
|
$ |
577,538 |
|
|
$ |
(146,663 |
) |
|
$ |
(431,230 |
) |
|
$ |
3,948 |
|
Issuance of common shares |
|
4,986 |
|
|
|
- |
|
|
|
498 |
|
|
|
- |
|
|
|
3,186 |
|
|
|
- |
|
|
|
- |
|
|
|
3,684 |
|
Share-based compensation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
119 |
|
|
|
- |
|
|
|
- |
|
|
|
119 |
|
Tax effect of restricted stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Foreign currency translation adjustment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
808 |
|
|
|
- |
|
|
|
808 |
|
Net loss |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,070 |
|
|
|
1,070 |
|
Balance at September 30, 2019 |
|
57,709 |
|
|
|
333 |
|
|
$ |
5,771 |
|
|
$ |
(970 |
) |
|
$ |
580,843 |
|
|
$ |
(145,855 |
) |
|
$ |
(430,160 |
) |
|
$ |
9,629 |
|
Nine Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2018 |
|
52,413 |
|
|
|
333 |
|
|
$ |
5,241 |
|
|
$ |
(970 |
) |
|
$ |
577,488 |
|
|
$ |
(142,021 |
) |
|
$ |
(427,319 |
) |
|
$ |
12,419 |
|
Issuance of common shares |
|
4,986 |
|
|
|
- |
|
|
|
498 |
|
|
|
- |
|
|
|
3,186 |
|
|
|
- |
|
|
|
- |
|
|
|
3,684 |
|
Issuance of restricted stock units |
|
310 |
|
|
|
- |
|
|
|
32 |
|
|
|
- |
|
|
|
(32 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Share-based compensation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
298 |
|
|
|
- |
|
|
|
- |
|
|
|
298 |
|
Tax effect of restricted stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(97 |
) |
|
|
- |
|
|
|
- |
|
|
|
(97 |
) |
Foreign currency translation adjustment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,834 |
) |
|
|
- |
|
|
|
(3,834 |
) |
Net loss |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,841 |
) |
|
|
(2,841 |
) |
Balance at September 30, 2019 |
|
57,709 |
|
|
|
333 |
|
|
$ |
5,771 |
|
|
$ |
(970 |
) |
|
$ |
580,843 |
|
|
$ |
(145,855 |
) |
|
$ |
(430,160 |
) |
|
$ |
9,629 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
6
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands of U.S. Dollars)
|
For the Nine Months Ended |
|
|||||
|
September 30, |
|
|||||
|
2020 |
|
|
2019 |
|
||
Operating activities: |
|
|
|
|
|
|
|
Net loss |
$ |
(34,658 |
) |
|
$ |
(2,841 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
Share-based compensation |
|
263 |
|
|
|
298 |
|
Foreign currency loss |
|
1,214 |
|
|
|
1,776 |
|
Interest on Series A Preferred Shares paid in common shares |
|
3,684 |
|
|
|
3,684 |
|
(Gain) loss on derivative contracts |
|
(3,937 |
) |
|
|
30 |
|
Cash settlement on derivative contracts |
|
5,135 |
|
|
|
– |
|
Loss on sale |
|
10,128 |
|
|
|
– |
|
Amortization on loan financing costs |
|
23 |
|
|
|
31 |
|
Deferred income tax (benefit) expense |
|
(444 |
) |
|
|
4,396 |
|
Exploration, abandonment and impairment |
|
20,407 |
|
|
|
6,267 |
|
Depreciation, depletion and amortization |
|
7,048 |
|
|
|
10,179 |
|
Accretion of asset retirement obligations |
|
141 |
|
|
|
157 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
4,742 |
|
|
|
172 |
|
Prepaid expenses and other assets |
|
(4,339 |
) |
|
|
(6,567 |
) |
Accounts payable and accrued liabilities |
|
1,570 |
|
|
|
8,122 |
|
Net cash provided by operating activities |
|
10,977 |
|
|
|
25,704 |
|
Investing activities: |
|
|
|
|
|
|
|
Additions to oil and natural gas properties |
|
(3,745 |
) |
|
|
(24,847 |
) |
Additions to equipment and other properties |
|
(158 |
) |
|
|
(341 |
) |
Proceeds from sale |
|
1,451 |
|
|
|
– |
|
Net cash used in investing activities |
|
(2,452 |
) |
|
|
(25,188 |
) |
Financing activities: |
|
|
|
|
|
|
|
Tax withholding on restricted share units |
|
(46 |
) |
|
|
(97 |
) |
Note receivable - related party |
|
– |
|
|
|
1,000 |
|
Loan proceeds |
|
626 |
|
|
|
20,605 |
|
Loan repayment |
|
(11,429 |
) |
|
|
(16,550 |
) |
Net cash (used in) provided by financing activities |
|
(10,849 |
) |
|
|
4,958 |
|
Effect of exchange rate on cash flows, cash equivalents, and restricted cash |
|
(1,463 |
) |
|
|
(914 |
) |
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(3,787 |
) |
|
|
4,560 |
|
Cash, cash equivalents and restricted cash, beginning of period (1) |
|
9,804 |
|
|
|
10,032 |
|
Cash, cash equivalents and restricted cash, end of period (2) |
$ |
6,017 |
|
|