March 11 (Reuters) - TransAtlantic Petroleum Ltd TNP.TO :
* Will be unable to file its form 10-k within the prescribed time period
without unreasonable effort and expense - SEC filing
* Requires additional time to complete 2015 financial statements, specifically
as it relates to the company's albanian segment
* To file form 12b-25 to provide additional 15 days to file annual report on
form 10-k for twelve months ended December 31, 2015
* Company is also completing its evaluation of internal control over financial
reporting
* Expects to seek a waiver or extension from its lenders of the requirement to
repay borrowing base deficiency
* In 2015, expect net loss from continuing operations of $20 million to $30
million primarily due to impairment of albanian segment
* Generated approximately $85.1 million of revenue in 2015 as compared to
$138.8 million of revenue in 2014
* If unable to repay borrowing base deficiency or obtain waiver,extension by
March 31,co will be in default under senior credit facility
* If co is in default under senior credit facility, lenders could declare all
outstanding principal,interest to be immediately due,payable
* Expects auditor's opinion to be issued in connection with 2015 financial
statements will include a going concern explanatory paragraph
* Source text for Eikon Further company coverage TNP.TO