Athabasca Oil's loss narrows as expenses fall

Thu Jul 30, 2015 6:09pm EDT
 
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July 30 (Reuters) - Canadian oil sands producer Athabasca Oil Corp reported a smaller quarterly loss, helped by a 23 percent fall in expenses.

The company's net loss narrowed to C$29 million ($22.3 million), or 7 Canadian cents per share, in the second quarter ended June 30 from C$56.8 million, or 14 Canadian cents, a year earlier.

Athabasca also turned cash flow positive from operations, a key indicator of a company's ability to pay for new projects and drilling.

($1 = C$1.30) (Reporting by Kanika Sikka in Bengaluru)