Penn West posts smaller loss on asset sale gain

Thu Feb 14, 2013 7:18am EST
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(Reuters) - Penn West Petroleum Ltd (PWT.TO: Quote), one of western Canada's largest conventional oil and gas producers, posted a smaller fourth-quarter loss on gains from asset sales.

Net loss for the quarter was C$53 million ($52.87 million), or 11 Canadian cents per share, compared with a loss of C$62 million, or 13 Canadian cents per share, a year earlier.

Gross revenue fell 18 percent to C$799 million.

Production for the quarter was 153,931 barrels of oil equivalent per day (boe/d), down from 168,801 boe/d a year earlier.

(Reporting by Ankur Banerjee in Bangalore; Editing by Saumyadeb Chakrabarty)