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    TAT Jumps 21% after Latest Earnings Report

    TAT Jumps 21% after Latest Earnings Report

    Shares of energy company TransAtlantic Petroleum Ltd got a 21% boost Thursday, a day after the company announced its third quarter results.

    The company had reported total oil and natural gas revenues of $31.6 million for the quarter ended September 30, 2011, against $18.3 million in the comparable quarter a year ago.

    Its latest quarter report revealed a net loss of $0.3 million, or $0.00 per basic and diluted share, in comparison to a net loss of $11.8 million, or $0.04 per basic and diluted share for the three months ended September 30, 2010.

    TransAtlantic Petroleum, which holds interests in developed and undeveloped oil and gas properties in Turkey, Bulgaria, Morocco and Romania, said its total net sales rose to about 460 thousand barrels of oil equivalent (Mboe) for the latest quarter, up from the prior-year level of 264 Mboe.

    During the quarter, the Company sold an average of 4,996 net barrels of oil equivalents (boe) per day and sold approximately 222 thousand net barrels (bbls) of crude oil at an average rate of approximately 2,413 net bbls per day and approximately 1,426 net million cubic feet (MMcf) of natural gas at an average rate of approximately 15.5 net MMcf per day.

    Its average realized price for oil was $104.43 per bbl for the quarter, against average price received of $74.17 per bbl in the prior year quarter. Average realized price for natural gas was $6.53 per thousand cubic feet (Mcf), compared to average price received of $7.58 per Mcf in the year-ago quarter.

    TransAtlantic Petroleum continues to expect producing between 7,000 and 7,500 boe equivalents per day at year-end 2011. During the fourth quarter, the company intends to drill 20 gross wells comprised of nine wells in southeast Turkey, nine wells in the Thrace Basin, and two wells in Bulgaria. Also, it expects to conduct 11 frac jobs, six shallow re-entries and the deep Pancarkoy-1 well re-entry frac.

    Shares of TAT gained $0.25 to close Thursday’s session at $1.42.  Over 2.59 million shares traded hands during the session, against the 10-day average of 1.12 million. In the last thirty days, the small-cap stock gained 78.6%. Year-to-date, it is down 57.2%.

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