TransAtlantic Petroleum Ltd. Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Earnings Results for the Six Months Ended June 30, 2016
For the six months, the company reported total revenues were $33,264,000 compared to $50,810,000 for the same period a year ago. Operating loss was $1,145,000 compared to operating income of $50,810,000 a year ago. Loss from continuing operations before income taxes was $8,514,000 against $6,693,000 a year ago. Net loss from continuing operations was $12,110,000 against $9,712,000 a year ago. Net loss was $12,213,000 against $12,744,000 a year ago. Diluted net loss per common share from continuing operations was $0.30 against $0.24 a year ago. Adjusted EBITDAX from continuing operations was $18,661,000 against $38,902,000 a year ago. Net cash provided by operating activities from continuing operations was $11,596,000 against $28,200,000 a year ago.
The company's average daily net sales volumes from continuing operations were approximately 4,335 barrels of oil equivalent per day (BOEPD) in the second quarter of 2016 (comprised of 3,620 barrels of oil per day (BOPD) and 4.3 million cubic feet of natural gas per day (MMCFPD)), as compared to 4,787 BOEPD in the first quarter of 2016 (comprised of 3,911 BOPD and 5.3 MMCFPD) and 5,006 BOEPD in the second quarter of 2015 (comprised of 3,767 BOPD and 7.4 MMCFPD). Company's seven-day average daily net wellhead production as of August 8, 2016 was approximately 4,310 BOEPD, comprised of 3,710 BOPD and 3.6 MMCFPD.