TransAtlantic Petroleum Ltd. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
For the full year, the company reported revenues of $85,064,000 compared to $138,830,000 for the same period last year. Operating loss was $14,018,000 compared to operating income of $16,862,000 for the same period last year. Loss from continuing operations before income taxes was $4,436,000 compared to income from continuing operations before income taxes of $42,873,000 for the same period last year. Net loss from continuing operations was $26,665,000, or $0.65 per basic and diluted share compared to net profit from continuing operations of $29,214,000 or $0.77 per basic and diluted share for the same period last year. Net cash provided by operating activities from continuing operations was $86,509,000 compared to $77,924,000 a year ago. Adjusted EBITDAX from continuing operations was $64,746,000 compared to $90,338,000 a year ago. CapEx was $23 million compared to $107 million in the prior year. Net loss was $107,538,000 against net income of $29,076,000 a year ago. The decrease in annual Revenue was primarily attributable to a 39% decrease in the average price per BOE received for TransAtlantic's sales volumes.