August 13, 2009 / 9:27 PM / 8 years ago

UPDATE 1-Orleans Energy swings to loss in Q2

Q2 net loss C$0.12/shr vs C$0.02 EPS yr ago

Revenue falls 62 pct

Aug 13 (Reuters) - Orleans Energy Ltd OEX.TO, a Canadian oil and gas explorer swung to a second-quarter loss, hurt by a drop in gas prices.

Canadian wholesale natural gas prices have fallen sharply in the past one year as inventories across North America have swelled at a record pace.

Net loss was C$6.4 million ($5.88 million), or 12 Canadian cents a share, compared with net income of C$850.3 million, or 2 Canadian cents a share, a year earlier.

Revenue fell 62 percent to C$9.46 million.

The company reported cash flow from operations of C$2.33 million, or 4 Canadian cents a share, for the quarter.

Shares of the Vancouver-based company closed at C$1.32 Thursday on the Toronto Stock Exchange.

$1=1.088 Canadian dollar Reporting by Amit Kumar in Bangalore; Editing by Anil D'Silva

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