TransAtlantic Petroleum (NYSEMKT:TAT) Q1 Average Net Sales Up 5%


Oil-and-gas company TransAtlantic Petroleum (NYSEMKT:TAT) said Q1 average net sales rose 5% from a year earlier to 4,600 barrels of oil equivalent per day, including 2,900 barrels of oil per day.

The company noted several wells were shut in to prepare for sidetrack operations, conversion to waterflood injection and polymer injection. It has three active rigs in southeastern Turkey and one active completion unit in Bulgaria. TransAtlantic spudded seven wells and completed seven new wells in Q1. It plans to drill between 33 and 49 gross wells in 2014. The company will provide more detailed Q1 operational and financial results in early May.

Shares were inactive in recent pre-market trading after closing Thursday at $8.80, in a 52-week range of $6.60 to $11.00.

In Other News:

Energy holding company LinnCo LLC (NASDAQ:LNCO) has been downgraded by analysts at Citigroup to a neutral rating from a buy.
The firm also lowered its price target on the stock to $31.50 from $41 a share.
In pre-market trading, shares of LNCO are down 0.29% to $27.57, within a 52-week frame of $23.03 – $44.20.

Rosetta Genomics Ltd. (ROSG) shares are up 7% pre-market after the company said it received a notice of allowance from the United States Patent and Trademark Office (USPTO) for a patent covering the method of use of a core element of the company’s microRNA technology.  The patent protects the intellectual property of the company’s first generation Cancer Origin Test, which utilizes a polymerase chain reaction (PCR) technology for sequencing.  The stock recently traded at $5.33 in a 52-week range of $2.35 – $6.69.

Suggested Reading: 10 Most Conservative States