TransAtlantic Petroleum Ltd. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2016. Total revenues were $15.6 million compared to $25.8 million last year. Operating loss was $2.5 million against operating income of $3.2 million last year. Loss from continuing operations before income taxes was $3.8 million compared to $2.4 million last year. Net loss from continuing operations was $5.6 million or $0.14 per basic and diluted share compared to $4.0 million or $0.10 per basic and diluted share last year. Net loss was $5.6 million compared to $5.5 million last year. Net cash provided by operating activities from continuing operations was $6.5 million compared to $20.7 million last year. Adjusted EBITDAX from continuing operations was $8.5 million compared to $20.0 million last year.

For the quarter, TransAtlantic's average daily net sales volumes from continuing operations were approximately 4,787 barrels of oil equivalent per day (BOEPD) as compared to 5,589 BOEPD in the first quarter of 2015. Total net sales were 436 MBOE against 503 MBOE last year. Natural gas production was 478 MMCF against 733 MMCF last year. Oil production was 356 MBbls against 381 MBbls last year.