TransAtlantic Petroleum Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported total revenues of $20,140,000 compared to $12,675,000 a year ago. Operating profit was $10,983,000 against loss of $282,000 a year ago. Income from operations before income taxes was $4,137,000 against loss of $3,835,000 a year ago. Net loss was $1,720,000 against $4,353,000 a year ago. Basic and diluted net loss per was $0.03 against $0.09 a year ago. Adjusted EBITDAX was $13,851,000 against $7,288,000 a year ago.

For the nine months, the company reported total revenues of $55,264,000 compared to $41,452,000 a year ago. Operating income was $22,707,000 against $6,320,000 a year ago. Income from operations before income taxes was $3,757,000 against loss of $15,980,000 a year ago. Net loss was $4,501,000 against $19,836,000 a year ago. Basic and diluted net loss per common share was $0.09 against $0.42 a year ago. Adjusted EBITDAX was $30,867,000 against $23,401,000 a year ago. Net cash provided by operating activities from continuing operations was $25,216,000 against $16,079,000 a year ago.

Company has adopted a 2019 capital expenditure plan that includes $35.1 million in capital expenditures consisting of $27.4 million for the drilling of three exploration wells in Turkey and an anticipated seven additional developmental wells and $7.7 million for the construction of a central gathering and gas processing facility in the Molla area. The Company expects that cash on hand and cash flow from operations will be sufficient to fund its 2019 capital expenditure plan. If not, the Company will either curtail its 2019 capital expenditures or seek other funding sources. The Company's projected 2019 capital expenditure plan is subject to change.

The company's year-to-date average daily net wellhead production through October 2018 was approximately 2,865 BOEPD, comprised of 2,762 barrels of oil per day (“BOPD”) and 0.6 million cubic feet of natural gas per day (“MMCFPD”).
The company's October 2018 average daily net wellhead production was approximately 2,946 BOEPD, comprised of 2,842 BOPD and 0.6 MMCFPD.