UPDATE 1-Crescent Point loss widens on higher costs, lower selling price

Thu Mar 14, 2013 10:10am EDT
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* 4th-qtr loss C$95.2 mln vs C$86.2 mln a year earlier

* FFO up 13 pct at C$430.4 mln

* Expects 2013 FFO at C$1.73 bln

March 14 (Reuters) - Crescent Point Energy Corp, Canada's No. 4 independent oil producer, reported a larger net loss for the fourth quarter as average selling prices fell and it spent more to expand.

The loss widened to C$95.2 million ($92.7 million) from C$86.2 million a year earlier.

On a per-share basis, however, the loss narrowed to 26 Canadian cents from 30 cents, reflecting a rise in common shares outstanding.

The company, which concentrates on producing oil from unconventional fields, notably the Bakken shales of southern Saskatchewan, said funds from operations (FFO) increased 13 percent to C$430.4 million.

The company sold its oil and gas for an average price of $73.20 per barrel of oil equivalent, down 13 percent from a year earlier.

Crescent Point's oil and gas production rose 33 percent to 108,007 barrels of oil equivalent per day, bolstered by acquisitions.   Continued...