March 23, 2009 / 1:37 PM / 8 years ago

UPDATE 1-Twin Butte Energy posts Q4 loss

* Q4 loss C$0.09/shr vs profit C$0.15/shr

* Petroleum and natural gas sales up 44 pct to C$13.2 mln

* Sees 2009 capex of C$11 million

March 23 (Reuters) - Canada’s Twin Butte Energy Ltd TBE.TO reported a fourth-quarter loss, hurt by higher costs.

Twin Butte posted a loss of C$4.0 million, or 9 Canadian cents per share, compared with a profit of C$4.3 million, or 15 Canadian cents, a year ago.

For the quarter, total expenses rose 64 percent to $14.5 million.

Average fourth-quarter production rose 51 percent to 3,039 barrels of oil equivalent per day (boe/d).

The company said 2009 net debt is expected to be C$50 million to C$52 million, compared to the company’s bank line of C$65 million.

Twin Butte expects 2009 capital spending of about C$11 million, which will maintain production of 2,800 to 3,000 boe/d.

Twin Butte shares closed at 40 Canadian cents Friday on the Toronto Stock Exchange.

$1=1.231 CANADIAN DOLLAR Reporting by R. Manikandan in Bangalore; Editing by Anne Pallivathuckal

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