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TransAtlantic Petroleum, which recently acquired 100% of Direct Petroleum Bulgaria, has registered a larger than expected loss in the second quarter of 2011.
The Texas-based oil company, which has oil and gas developments in Bulgaria, Romania, Turkey, and Morocco, saw an April-June loss of USD 20.6 M, or 6 cents a share, compared with USD 16.4 M, or 5 cents a share, last year, international media report.
TransAtlantic's total costs rose 67% to USD 39.9 M. However, the company revenue jumped 91% to USD 35.5 M on higher production, which rose 59%.
TransAtlantic Petroleum has cut its 2011 production target to 7 000-7 500 barrels of oil equivalent per day, down from 10 000.
The company has announced it hired FirstEnergy Capital as a financial advisor as it plans to sell its Morocco assets and is looking for partners for its developments in Bulgaria, Romania and central Turkey.
In February 2011, Texas-based company TransAtlantic Petroleum acquired 100% of Direct Petroleum Bulgaria EOOD. Novinite.com's November 2010 interview with the head of Direct Petroleum Bulgaria Kolyo Tonev read HERE
The deal with Direct Petroleum Exploration, Inc. was closed on February 18, 2011, TransAtlantic Petroleum said in a statement.
TransAtlantic Petroleum Ltd. is a vertically integrated, international energy company engaged in the acquisition, development, exploration, and production of crude oil and natural gas. The company holds interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Romania, and Bulgaria.
It owns its own drilling rigs and oilfield service equipment, which it uses to develop its properties in Turkey and Morocco. In addition, the Company provides oilfield services and contract drilling services to third parties in Turkey and plans to provide similar services in Morocco.
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