TransAtlantic Petroleum, Ltd. announced unaudited consolidated earnings and production results for first quarter ended March 31, 2017. For the quarter, the company reported revenues of $16.4 million, as compared to $18.7 million for the fourth quarter of 2016 and $15.6 million for the first quarter of 2016. Operating income was $4.5 million, as compared to operating loss of $2.5 million for the first quarter of 2016. Net loss from continuing operations was $16.0 million, as compared to $5.6 million in the first quarter of 2016. Adjusted EBITDAX from continuing operations was $9.4 million, as compared to $8.6 million for the first quarter of 2016. Net loss was $16,049,000 against $5,551,000 a year ago. Diluted net loss per common share from continuing operations was $0.34 against $0.14 a year ago. Net cash provided by operating activities from continuing operations was $1,859,000 against $6,509,000 a year ago. The company spent CapEx approximately $6.5 million during the first quarter.

For the first quarter, the company has announced oil of 314 MBBL against 356 MBBL a year ago. Natural gas was 184 MMCF against 478 MMCF a year ago. Average net sales were 3,833 BOEPD against 4,787 BOEPD a year ago.

The company expected CapEx in the range of $25 million to $35 million for the year.