TransAtlantic Transcends

ANDREW COLEMAN, Madison, Williams & Co. (12/13/2010)
"Adjusting estimates. Using the new forward curve, we are raising our 2011 EPS/CFPS estimates from ($0.14)/$0.12 to ($0.11)/$0.15. For 2012, we are raising our EPS/CFPS estimates from ($0.14)/$0.30 to ($0.09)/$0.34.

Balance sheet. We expect the company to finish 2010 with a net debt:capitalization ratio under 25%. For 2011, we see spending at $150 million compared to $70 million of EBITDA. The company's acquisition of Thrace Basin Natural Gas (TBNG) brought 25 MMcfe/d for $6,500 per flowing MMcfe/d and helps management begin to high grade its Thrace Basin gas assets."

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