UPDATE 1-TransAtlantic Petroleum posts wider Q2 loss

Tue Aug 10, 2010 6:57am EDT

Related Topics

* Q2 loss $0.05/shr vs loss $0.04/shr last year

* Revenue more than doubles

Aug 10 (Reuters) - Canada-based energy company TransAtlantic Petroleum Ltd (TNP.TO) reported a wider quarterly loss, hurt by a nearly three-fold increase in total costs and expenses.

For the second quarter, net loss attributed to TransAtlantic Petroleum was $16.4 million, or 5 cents a share, compared with $7.1 million, or 4 cents a share, in the year ago quarter.

Total costs and expenses grew to $35.7 million.

Revenue jumped to $18.6 million from $7.4 million.

The company said the increase in revenue was a result of first gas sales from its Edirne field in the Thrace Basin in April, as well as increased production from its drilling and workover campaign at the Selmo and Arpatepe oil fields in Turkey.

Shares of the company closed at C$3.26 Monday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Prem Udayabhanu) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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