November 10, 2009 / 2:20 PM / 8 years ago

UPDATE 2-Crew Energy posts Q3 loss, ups 2009 production view

* Q3 loss C$0.09/shr vs yr-ago profit C$0.23

* Revenue falls 32 pct

* Ups 2009 production view to 13,800-14,000 boe/d (Adds details, analyst comments) By R. Manikandan

BANGALORE, Nov 10 (Reuters) - Canadian oil and natural gas producer Crew Energy Inc (CR.TO) reported a third-quarter loss due to weak commodity prices, but raised its full-year production forecast.

Calgary, Alberta-based Crew Energy expects full-year production of 13,800 to 14,000 barrels of oil equivalent per day (boe/d). In August, it had forecast 13,500 to 13,800 boe/d.

The company plans to spend between C$45 million and C$55 million in the fourth quarter on exploration and development opportunities and sees net debt of C$180 million to C$190 million at year-end.

“I think like most people they were anticipating better gas prices in the fourth quarter and through 2010,” Blackmont Capital analyst Gord Currie said.

For the quarter ended Sept. 30, the company posted a net loss of C$7.4 million ($7 million), or 9 Canadian cents a share, compared with a profit of C$15.2 million, or 23 Canadian cents per share, last year.

Petroleum and natural gas sales fell 41 percent to C$38.5 million. Total revenue fell 32 percent to C$42.7 million.

Analysts on average expected a loss of 10 Canadian cents per share, on revenue of C$39.5 million, according to Thomson Reuters I/B/E/S.

Quarterly production was up 14 percent at 13,065 boe/d, helped by oil production in the Princess, Alberta area and natural gas production in Septimus, British Columbia.

Crew Energy said its average wellhead natural gas price fell 61 percent to C$3.23 per million cubic feet (mcf) and the realized oil price was down 39 percent at C$63.91 per barrel.

“Commodity prices in Q3 are low and not sustainable at those levels,” Wellington West Capital Markets analyst Kim Page said. He sees a recovery in prices in the near term due to supply-demand fundamentals.

Crew Energy shares, which have more than doubled in value over the past three months, were down 41 Canadian cents at C$11.46 Tuesday midday on the Toronto Stock Exchange. ($1=1.057 Canadian dollar) (Editing by Jarshad Kakkrakandy and Deepak Kannan)

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