May 11, 2010 / 12:08 PM / 8 years ago

UPDATE 1-TransAtlantic posts narrower Q1 loss

* Q1 loss $0.04/shr vs loss $0.09/shr yr ago

* Revenue jumps nine-fold

May 11 (Reuters) - Canada-based energy company TransAtlantic Petroleum Ltd (TNP.TO) posted a narrower quarterly loss, helped by a nine-fold jump in revenue.

For the first quarter, net loss attributed to TransAtlantic Petroleum was $11.3 million, or 4 cents a share, compared with $13.3 million, or 9 cents a share, a year ago.

Revenue jumped to $12.4 million from $1.4 million, driven by the acquisition of Incremental Petroleum Ltd in March 2009.

TransAtlantic — which holds interests in oil and gas properties in Turkey, Morocco, Romania and California — produced 146,237 net barrels of crude oil in the quarter, at an average rate of 1,625 net barrels per day.

Total costs and expenses rose 127 percent to $22.8 million. Shares of the company, which is involved in the acquisition, development, exploration and production of crude oil and natural gas, closed at C$3.81 Monday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Vinu Pilakkott)

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