March 8, 2011 / 11:47 AM / 6 years ago

UPDATE 1-Vero posts Q4 net loss; sees higher production in 2011

* Q4 net loss C$0.07 vs C$0.01 yr ago

* Q4 production rev up 23 pct to C$27.6 mln

* Sees 2011 production at 10,500-11,000 boe/d (Follows alerts)

March 8 (Reuters) - Canadian oil and natural gas producer Vero Energy Inc posted a quarterly net loss, though average daily production rose 23 percent, and said it expects production to keep increasing in 2011.

For this year, the company expects production of 10,500-11,000 barrels of oil equivalent per day (boe/d), up from the current 9,000 boe/d.

For the quarter ended Dec. 31, Vero posted a net loss of C$3.4 million ($3,498,294.000), or 7 Canadian cents per share, compared with C$932,000, or 1 Canadian cent apiece, a year ago.

Production revenue for the quarter was up 23 percent to C$27.6 million.

Average daily production for the year rose 23 percent to 8,522 barrels of oil equivalent per day (boe/d).

Shares of the Calgary, Alberta-based Vero closed at C$5.76 on Monday on the Toronto Stock Exchange. ($1 = 0.972 Canadian Dollars) (Reporting by Abhiram Nandakumar; Editing by Joyjeet Das)

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