August 11, 2009 / 10:57 AM / 8 years ago

UPDATE 1-Crocotta Energy posts loss in Q2

* Q2 loss C$0.07/shr vs. profit of C$0.10/shr last year

* Revenue down 67 percent

Aug 11 (Reuters) - Crocotta Energy Inc CTA.TO on Tuesday posted a second-quarter loss hurt by the steep slide in oil and gas prices, and lower output.

The Canada-based oil and natural gas company posted a net loss of C$3.2 million ($2.94 million), or 7 Canadian cents a share for the three months ended June 30, compared to a profit of C$3.4 million, or 10 Canadian cents a share, in the same period last year.

Revenue for the quarter plunged 67 percent to C$6.4 million.

One analyst had expected the company to report a loss of 6 Canadian cents a share, before items, on revenue of C$6.23 million, according to Reuters Estimates.

Funds from operations for quarter was C$1.9 million, or 4 Canadian cents a share, down from C$12.0 million, or 36 Canadian cents a share, last year.

Daily production for the quarter fell 22 percent to 2,006 barrels of oil equivalent per day.

The company’s shares closed at C$1.10 Monday on the Toronto Stock Exchange. ($1=1.090 Canadian Dollar) (Reporting by Chakradhar Adusumilli in Bangalore; Editing by Hezron Selvi)

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