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, 2015; Provides CapEx Guidance for the Fourth Quarter of 2015
For the quarter, the company reported total revenues of $20,215,000 compared to $36,077,000 a year ago. Operating loss was $19,453,000 compared to operating income of $9,826,000 a year ago. Income from continuing operations before income taxes was $1,448,000 compared to $13,089,000 a year ago. Net income from continuing operations was $185,000 compared to $8,313,000 a year ago. Net income was $185,000 compared to $8,313,000 a year ago. Basic and diluted net income per common share from continuing operations was $0.00 compared to $0.22 a year ago. Adjusted EBITDAX from continuing operations was $14,949,000 compared to $24,057,000 a year ago. Capital expenditures, including seismic and corporate expenditures, totaled $10.2 million compared to $33.4 million a year ago. The company generated discretionary cash flow of $23 million or $0.61 per share.
For the nine months, the company reported total revenues of $75,701,000 compared to $110,784,000 a year ago. Operating loss was $20,236,000 compared to operating income of $28,315,000 a year ago. Loss from continuing operations before income taxes was $8,960,000 compared to income from continuing operations before income taxes of $21,796,000 a year ago. Net loss from continuing operations was $12,559,000 compared to net income from continuing operations of $13,743,000 a year ago. Net loss was $12,559,000 compared to net income of $13,723,000 a year ago. Basic and diluted net loss per common share from continuing operations was $0.31 compared to income of $0.37 a year ago. Net cash provided by operating activities from continuing operations was $38,162,000 compared to $70,181,000 a year ago. Adjusted EBITDAX from continuing operations was $49,794,000 compared to $73,417,000 a year ago.
The company expects fourth quarter CapEx to be in the range of $4 million to $8 million, primarily associated with well completions and production optimizations.