August 5, 2009 / 9:03 PM / in 8 years

UPDATE 1-Highpine Oil & Gas posts Q2 loss

* Q2 loss/shr C$0.21 vs EPS C$0.46 year ago

* Q2 revenue down 61 pct at C$73.2 mln

Aug 5 (Reuters) - Canada’s Highpine Oil & Gas Ltd HPX.TO reported a quarterly loss, hurt by a 61 percent fall in revenue on lower oil production and prices.

For the quarter, the company reported a net loss of C$13.9 million, or 21 Canadian cents a share, compared with a profit of C$31.5 million, or 46 Canadian cents a share, a year ago.

The company reported funds from operations of C$29.7 million, or 44 Canadian cents a share, for the quarter.

Total revenue fell to C$73.2 million from C$187.6 million in the year-ago period.

Production was down 18 percent at an average of 16,817 barrel of oil equivalent per day (boe/d).

Liquids prices realized were 47 percent lower at C$61.75/boe.

Shares of the company closed at C$4.75 Wednesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Unnikrishnan Nair)

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