TransAtlantic Petroleum, Ltd. announced consolidated earnings and operating results for the fourth quarter and earnings results for the year ended December 31, 2016. For the quarter, the company reported total revenue of $18,672,000 against $15,917,000 a year ago. Operating income was $177,000 against loss of $16,049,000 a year ago. Loss from continuing operations before income taxes was $5,473,000 against $16,103,000 a year ago. Net loss from continuing operations was $5,699,000 or $0.12 per basic and diluted share against $32,586,000 or $0.80 per basic and diluted share a year ago. Net loss was $5,699,000 against $99,696,000 a year ago. Adjusted EBITDAX from continuing operations was $9,389,000 against $9,462,000 a year ago. Capital expenditures totaled $4.6 million for the three months ended December 31, 2016 compared to $1.5 million for the three months ended September 30, 2016 and $3.9 million for the three months ended December 31, 2015. The decrease in fourth quarter of 2016 Adjusted EBITDAX compared to the third quarter of 2016, was primarily due to a decrease of $2.7 million in realized cash settlements on commodity derivative contracts, an increase in general and administrative expenses of $2.3 million, which was partially offset by an increase in total revenues of $2.0 million.

For the full year, the company reported total revenue of $68,595,000 against $85,064,000 a year ago. Operating income was $24,000 against loss of $14,018,000 a year ago. Loss from continuing operations before income taxes was $16,399,000 against $4,436,000 a year ago. Net loss from continuing operations was $22,445,000 or $0.51 per basic and diluted share against $26,665,000 or $0.65 per basic and diluted share a year ago. Net loss was $6,243,000 against $107,538,000 a year ago. Net cash provided by operating activities from continuing operations was $21,353,000 against $86,509,000 a year ago. Adjusted EBITDAX from continuing operations was $40,888,000 against $64,746,000 a year ago. The decrease in annual Revenue was primarily attributable to a 13% decrease in the average price per BOE received for TransAtlantic's sales volumes.

For the quarter, the company reported oil sales of 352 MBbls, natural gas sales of 279 MMCF and total net sales of 399 MBOE compared to oil sales of 371 MBbls, natural gas sales of 542 MMCF and total net sales of 461 MBOE a year ago.