TransAtlantic Petroleum Ltd. announced unaudited consolidated earnings results for the third quarter and nine months and operating results for the third quarter ended September 30, 2016. For the quarter, the company reported average net sales production of 4,191 BOEPD comprised of 4,335 BOEPD.

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.