TransAtlantic Petroleum Corp. (TSE:TNP.U) reported third quarter revenues for the period ended September 30, 2005 of $535,000 compared to $336,000 for the third quarter ended September 30, 2004. Net loss for the quarter ended September 30, 2005 was $709,000 or $0.02 per share, compared to a net loss of $926,000 or $0.04 per share for the same quarter last year. Cash used by operations in the third quarter of 2005 was $607,000 compared to cash provided by operations of $72,000 for the comparable quarter of 2004. For the Nine months ended September 30, 2005, the Company reported revenues of $1.3 million, a net loss of $2.2 million ($0.07 per share) and cash flow used from operations of 1.1 million ($0.03 cash flow per share) compared revenues of $5.2 million, net loss of $2.0 million ($0.07 income per share) and cash flow provided by operations of $131,000 ($0.00 cash flow per share) for the nine months ended September 30, 2004.
As of September 30, 2005, the Company had cash and short-term investments of $6.4 million and working capital of $7.5 million compared to $11.4 million and $12.0 million, respectively, at December 31, 2004.
TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in the USA, has interests in Morocco, Turkey and the U.K. North Sea and is pursuing other foreign opportunities. Common shares of TransAtlantic are listed on the Toronto Stock Exchange and trade in US Dollars under the symbol TNP.U.
(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
TransAtlantic Petroleum Contacts:
Scott C. Larsen, President - (214) 220-4323
This press release includes projections and other "forward-looking" statements. All statements other than statements of historical facts included in this press release, including statements regarding projected reserves and upside potential are forward-looking statements. The statements involve risks that could significantly impact TransAtlantic Petroleum Corp. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given that these events will occur or that these projections will be achieved and actual results could differ materially from those projected. Important factors that could cause actual results to differ from the Company's expectations include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability and costs of drilling and other well services, fluctuations in oil and gas prices, government regulation and foreign political risks, as well as other risks.