March 24, 2011 / 11:19 AM / 7 years ago

UPDATE 1-Crocotta Energy posts Q4 loss narrower than expected

* Q4 rev down 40 pct

March 24 (Reuters) - Canadian oil and natural gas company Crocotta Energy Inc posted a narrower-than-expected quarterly loss, helped mainly by lower operating and interest expenses.

October-December net loss was C$1.1 million, or 2 Canadian cents a share, compared with a loss of C$3.3 million, or 5 Canadian cents a share, last year.

Analysts on average had expected a loss of 3 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Fourth-quarter general and administrative expenses were down at C$3.43 per barrels of oil equivalent (boe) from C$3.59 per boe in the previous quarter, and interest expense fell to C$1.18 per boe from C$4.73 per boe.

Oil and gas revenue fell 40 percent to C$7.3 million, missing consensus estimate of C$8.30 million, hurt primarily by lower production.

The Calgary, Alberta-based company expects to add 2-3 oil projects this year.

Shares of the company closed at C$2.24 on Wednesday on Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Unnikrishnan Nair)

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