November 12, 2009 / 1:09 PM / in 9 years

UPDATE 1-Canada's Cequence Energy posts Q3 loss

* Q3 loss C$7 mln vs yr-ago net income C$6.1 mln

* Production rev falls 48 pct

* Production volumes drop 38 pct

Nov 12 (Reuters) - Canadian energy explorer Cequence Energy Ltd (CQE.TO) posted a quarterly loss on Thursday, hurt by lower production and drop in oil and gas prices.

For the third quarter, the company reported a net loss of C$7 million, compared with net income of C$6.1 million, a year earlier.

Production revenue slumped 48 percent to C$6 million.

Production volumes fell 38 percent to 1,317 barrels of oil equivalent per day (boepd) for the quarter.

The company expects average production to be 2,100 boepd for the fourth quarter, with capital expenditures of C$24 million, including a property acquisition of C$6.1 million.

It sees average production of 2,800 boepd for the first quarter of 2010.

Shares of the company closed at C$3.32 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Ratul Ray Chaudhuri)

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