August 10, 2009 / 11:17 AM / 9 years ago

UPDATE 1-Enerplus posts Q2 loss, sees lower production in H2

* Q2 loss C$0.02/unit vs yr-ago profit of C$0.68/unit

* Cash flow slumps 42 pct

* Says Q2 production in line with expectations

* Says expects lower production levels in H2

Aug 10 (Reuters) -Canadian investment trust Enerplus Resources Fund ERF_u.TO swung to a second-quarter loss on weak commodity prices, and said it expects lower production levels during the second half of the year although second-quarter production met its expectations.

“We are expecting lower production levels during the second half of 2009 due to planned facility turnarounds, a reduction in capital spending and declines from flush production associated with our winter drilling program,” the company said in a statement.

Calgary, Alberta-based Enerplus posted a net loss of C$3.6 million, or 2 Canadian cents per unit, compared with net income of C$112.2 million, or 68 Canadian cents per unit, in the year-ago quarter.

Cash flow totalled C$210.6 million for the quarter, compared with C$364.5 million last year.

Enerplus’s second-quarter production averaged 94,501 barrels of oil equivalent per day (BOE), which was slightly below its first-quarter production of 94,962 BOE per day.

“We continue to expect 2009 annual production volumes to average 91,000 BOE/day and our 2009 exit rate to be approximately 88,000 BOE/day,” the company said.

Enerplus units closed at C$23.32 Friday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan)

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