TransAtlantic Petroleum Ltd. Announces Unaudited Consolidated Earnings and Production Results for First Quarter Ended March 31, 2018
TransAtlantic Petroleum Ltd. announced unaudited consolidated earnings and production results for first quarter ended March 31, 2018. For the quarter, the company reported revenues of $16,926,000 compared to $16,436,000 a year ago. Operating income was $4,823,000, as compared to $4,525,000 a year ago. Loss from continuing operations before income taxes was $488,000 compared to $13,914,000 a year ago. Net loss was $1,775,000 against $16,049,000 a year ago. Diluted and basic net loss per common share from continuing operations was $0.04 against $0.34 a year ago. Net cash provided by operating activities from continuing operations was $7,810,000 against $1,859,000 a year ago. Adjusted EBITDAX from continuing operations was $8,289,000, as compared to $9,357,000 a year ago. Net debt as of March 31, 2018 was $8.2 million, as compared to $9.7 million as of December 31, 2017.
For the first quarter, the company has announced oil of 248 MBBL against 314 MBBL a year ago. Natural gas was 67 MMCF against 184 MMCF a year ago. Average net sales were 2,885 BOEPD against 3,833 BOEPD a year ago. Total net sales were 260 MBOE against 345 MBOE a year ago.