March 17, 2011 / 10:32 PM / 7 years ago

UPDATE 1-Connacher Oil and Gas posts wider Q4 loss

* Q4 loss/shr C$0.04 vs C$0.03 last year

* Q4 rev up 44 pct

* Backs FY11 production view (Follows alerts)

March 17 (Reuters) - Canadian oil sands developer Connacher Oil & Gas Ltd posted a wider quarterly loss, hurt by a C$15.3 million ($15.5 million) impairment charge.

Connacher Oil, which owns oil sands leases in Alberta, said the charge is related to its investment in South America-focused Petrolifera Petroleum .

The company posted fourth-quarter net loss of C$19.2 million, or 4 Canadian cents a share, compared with a loss of C$14.7 million, or 3 Canadian cents a share, a year ago.

Revenue was up 44 percent at C$159 million.

Analysts on average expected a loss of 3 Canadian cents a share, on revenue of C$182 million, according to Thomson Reuters I/B/E/S.

Bitumen production more than doubled to 13,238 barrels per day (bbl/d).

The company also raised its capital budget for the year by 17 percent to C$122 million. It reiterated its bitumen production outlook of 14,500-16,500 bbl/d.

Shares of the Calgary-based company closed at C$1.36 on Thursday on the Toronto Stock Exchange.

$1 = 0.985 Canadian Dollars Reporting by Arnika Thakur; Editing by Maju Samuel

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