November 13, 2009 / 3:57 PM / in 8 years

UPDATE 1-Candax posts Q3 loss, cuts full-year production view

* Q3 loss/shr C$0.02 vs EPS C$0.01 yr ago

* Q3 revenue falls 84 pct

* Cuts 2009 production outlook

Nov 13 (Reuters) - Candax Energy Inc CAX.TO posted a third-quarter loss, weighed down by lower sales and crude oil prices, and cut its full-year production outlook, citing lower production at its El Bibane mine.

The company now expects 2009 average net oil production of about 882 barrels of oil per day (bopd), down from its prior view of 1,700 to 2,100 bopd.

Candax also cut its natural gas sales view by 40 percent to about 2.8 million cubic feet per day (mmcf/d).

For the third quarter, the company reported a net loss of C$3.7 million, or 2 Canadian cents a share, compared with a net income of C$1.6 million, or 1 Canadian cent a share, a year ago.

Revenue fell 84 percent to C$2.2 million as third-quarter production nearly halved to 782 bopd, the company said in a statement.

Analysts on average had expected a loss of 1 Canadian cent a share, excluding special items, according to Thomson Reuters I/B/E/S.

Shares of Candax were up half a Canadian cent at 7 Canadian cents in morning trade Friday on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Pradeep Kurup)

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