March 7, 2011 / 3:05 PM / 7 years ago

UPDATE 1-Celtic Exploration Q4 FFO falls on lower commodity prices

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March 7 (Reuters) - Canadian oil and natural gas exploration company Celtic Exploration Ltd’s quarterly funds from operations fell 27 percent, partly hurt by lower commodity prices.

Funds from operations for the quarter fell to C$30.6 million, or 33 Canadian cents per share, from C$42.0 million, or 46 Canadian cents per share, a year ago.

Funds from operations per barrel of oil equivalent were down 28 percent at $19.15 from the year ago, due partly to lower gains on financial instruments and a loss on disputed processing fees that was recorded in the latest fourth quarter.

The company posted a loss of C$3.1 million, or 3 Canadian cents a share, compared with a year-ago profit of C$906,000, or 1 Canadian cent a share.

Revenue before royalties and financial instruments fell 12 percent to C$53.0 million.

Fourth-quarter production averaged 17,385 barrels of oil equivalent per day, up 1 percent from the year-ago quarter.

Shares of the company closed at C$23.26 on Friday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)

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