November 10, 2009 / 12:00 PM / in 8 years

UPDATE 1-Crocotta Energy posts Q3 loss

* Q3 loss C$0.06/shr vs yr-ago EPS C$0.04

* Oil and natural gas sales down 36 pct

Nov 10 (Reuters) - Canadian oil and natural gas company Crocotta Energy Inc CTA.TO posted a third-quarter loss as lower commodity prices weighed on results.

For the quarter ended Sept. 30, the company reported a net loss of C$3.9 million ($3.69 million), or 6 Canadian cents a share, compared with net earnings of C$1.2 million, or 4 Canadian cents a share, last year.

Oil and natural gas sales fell 36 percent to C$8.6 million as natural gas prices continued to trend lower in the summer.

Two analysts expected a loss of 7 Canadian cents per share on revenue of C$9.84 million, according to Thomson Reuters I/B/E/S.

Daily production for the quarter rose 33 percent to 2,668 barrel of oil equivalent per day (boe/d), driven by acquisition of Salvo Energy Corp in August.

Funds from operations dropped to C$1.8 million, or 3 Canadian cents per share, from C$7.7 million, or 23 Canadian cents per share, in the year-ago quarter.

Shares of Crocotta Energy closed at C$1.34 Monday on the Toronto Stock Exchange. ($1=1.057 Canadian dollar) (Reporting by R. Manikandan in Bangalore; Editing by Ratul Ray Chaudhuri)

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