May 5, 2009 / 9:44 PM / 8 years ago

UPDATE 1-Highpine Oil & Gas posts Q1 loss

* Q1 loss C$0.53 vs EPS C$0.15 last year

* Q1 rev down 57 pct

* Cuts 2009 production forecast May 5 (Reuters) - Highpine Oil & Gas Limited HPX.TO reported a quarterly loss, hit by lower oil prices, and cut its 2009 production forecast.

The Calgary-based oil and natural gas company posted a net loss of C$35.2 million ($29.93 million), or 53 Canadian cents per share, compared with a profit of C$10.5 million, or 15 Canadian cents per share, in the year-ago quarter.

Total revenue fell 57 percent to C$60.9 million.

“The first quarter of this year saw the lowest world wide oil pricing in almost half a decade,” CEO Jonathan Lexier said in a statement. “For a company with such a large liquids weighting to their production mix, this presented Highpine with our most challenging environment for cash flow in some time.”

Production averaged 16,208 barrel of oil equivalent per day (boe/d) in the first quarter,down from 19,331 boe/d a year-ago.

Liquids prices realized in the first quarter dropped 52 percent to C$45.17/boe. Average natural gas prices slipped 34 percent to C$5.60/mcf.

Highpine also cut its 2009 average annual production outlook to about 17,500 boe/d from 19,000 boe/d, citing delays in optimizing production from the Pembina Nisku WW pool and the expectation of continued low natural gas prices.

Shares of Highpine closed at C$5.53 Tuesday on the Toronto Stock Exchange. ($1=1.176 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Ratul Ray Chaudhuri)

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