Transatlantic Petroleum Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months and Operating Results for the Third Quarter Ended September 30, 2016; Provides CapEx Guidance for the First Quarter of 2017
For the quarter, the company reported total revenues of $16.7 million compared to $18.3 million for the three months ended September 30, 2015. Net loss from continuing operations of $4.6 million, or $0.10 per basic and diluted share compared to net income from continuing operations of $15.6 million, or $0.38 per basic and diluted share a year ago. The net loss included a $2.9 million unrealized loss on its commodity derivatives and a $0.2 million unrealized foreign exchange loss. Capital expenditures totaled were $1.5 million compared to $7.7 million for the three months ended September 30, 2015. Adjusted EBITDAX from continuing operations was $12.8 million, compared to $16.4 million for the three months ended September 30, 2015. Operating income was $992,000 against loss of $2,484,000 a year ago. Loss from continuing operations before income taxes was $2,412,000 against income of $18,360,000 a year ago.
For the nine months, the company reported total revenues of $49,923,000 compared to $69,147,000 a year ago. Operating loss was $153,000 compared to operating income of $2,031,000 a year ago. Loss from continuing operations before income taxes was $10,926,000 compared to income from continuing operations before income taxes of $11,667,000 a year ago. Net loss from continuing operations was $16,746,000 compared to net income from continuing operations of $5,921,000 a year ago. Net loss was $544,000 compared to net income of $7,842,000 a year ago. Basic and diluted net loss per common share from continuing operations was $0.39 compared to income of $0.14 a year ago. Net cash provided by operating activities from continuing operations was $19,607,000 compared to $52,880,000 a year ago. Adjusted EBITDAX from continuing operations was $31,499,000 compared to $55,284,000 a year ago.
CapEx in the first quarter of 2017 was a range of $10 million to $15 million.