- On November 4, 2016, the Company issued 921,000 shares of newly designated Series A Preferred Shares. Of the 921,000 Series A Preferred Shares issued, 815,000 shares were issued in exchange for $40.8 million aggregate principal amount of the Company's outstanding 13.0% Convertible Notes due 2017 (the "2017 Notes") and 106,000 shares were issued for gross proceeds of $5.3 million, resulting in collective gross proceeds of $46.1 million.
- On October 13, 2016, the Company entered into a share purchase agreement with its joint venture partner, Valeura Energy Netherlands B.V. ("Valeura"), for the sale of its wholly-owned subsidiary, Thrace Basin Natural Gas (Turkiye) Corporation ("TBNG"), whereby Valeura will pay $22.0 million, subject to closing adjustments, to the Company in exchange for the transfer of all of the equity interests in TBNG.
- Net loss from continuing operations decreased to $4.6 million for the third quarter of 2016, as compared to $6.5 million in the second quarter of 2016.
- Adjusted EBITDAX from continuing operations for the third quarter of 2016 increased 27.2% to $12.8 million 1 from $10.1 million in the second quarter of 2016.
- TransAtlantic's average daily net sales volumes from continuing operations were approximately 4,191 barrels of oil equivalent per day ("BOEPD") (comprised of 3,674 barrels of oil per day ("BOPD") and 3.1 million cubic feet of natural gas per day ("MMCFPD")) in the third quarter of 2016, as compared to 4,335 BOEPD in the second quarter of 2016 (comprised of 3,620 BOPD and 4.3 MMCFPD) and 4,511 BOEPD in the third quarter of 2015 (comprised of 3,533 BOPD and 5.9 MMCFPD).
- TransAtlantic's seven-day average daily net wellhead production as of November 7, 2016 was approximately 4,400 BOEPD, comprised of 3,820 BOPD and 3.5 MMCFPD.
HAMILTON, Bermuda, Nov. 09, 2016 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today announced the closing of its offering of 12.0% Series A Convertible Redeemable Preferred Shares (the "Series A Preferred Shares") and the financial results for the quarter ended September 30, 2016, and provided an operations update. Additional information can be found on TransAtlantic's website at http://www.transatlanticpetroleum.com. Summary