November 6, 2009 / 3:11 PM / 8 years ago

Compton Petroleum Q3 profit falls 78 pct

* Q3 EPS C$0.10 vs C$0.46 yr ago

* Q3 rev falls 70 pct

* Q3 average production down 24 pct

Nov 6 (Reuters) - Canada’s Compton Petroleum Corp CMT.TO posted a 78 percent drop in quarterly profit, hurt by lower commodity prices and production volumes.

For the third quarter, the company reported a net income of C$13 million, or 10 Canadian cents a share, compared with C$59.9 million, or 46 Canadian cents a share, a year earlier.

Revenue fell 70 percent to C$47.3 million.

Analysts on average were expecting a loss of 12 Canadian cents, before special items, on revenue of C$55 million, according to Thomson Reuters I/B/E/S.

Average production fell 24 percent to 19,760 barrels of oil equivalent per day (boed), primarily due to asset sales, natural declines and minimal new production additions due to lower capital expenditures in 2009, the company said.

Compton said it was on track to meet its 2009 average production outlook of 20,500 to 21,500 boed.

Shares of the Calgary, Alberta-based company were up 6.5 percent or 7 Canadian cents at C$1.14 Friday morning on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Aradhana Aravindan)

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