March 30, 2011 / 1:35 PM / 7 years ago

UPDATE 2-Second Wave Petroleum Q4 loss sends shares down

* Q4 $0.03 loss/shr vs EPS $0.02 year ago

* 2011 cap-ex C$45 mln vs $55 mln year ago

* Q4 production up 49 pct

* Shares fall 10 pct (Adds share movement)

March 30 (Reuters) - Second Wave Petroleum Inc posted a fourth-quarter loss, as capital expenditure doubled, and slashed its budget for the current year, sending its shares down 10 percent .

Second Wave set a capital budget of C$45 million for 2011, lower than the C$55 million earmarked for 2010, to focus on its Judy Creek property in Alberta, where it plans to drill 23 wells.

Calgary-based Second Wave expects 2011 exit production of 3,200 barrels of oil equivalent per day (boe/d). It expected 2010 exit production of 2,800 boe/d.

Fourth-quarter production rose 49 percent to 1,500 boe/d.

Net loss was C$2.1 million, or 3 Canadian cents a share, compared with a profit of C$1.3 million, or 2 Canadian cents a share, a year ago.

Capital expenditure more than doubled to $27.4 million.

Shares of the company were down 7 percent at C$2. 20 in morning trad e on Wednesday on the Toronto Stock Exchange. They fell to C$2.13 earlier in the session. (Reporting by Swetha Gopinath; Editing by Don Sebastian) (swetha.gopinath@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 580; Reuters Messaging: swetha.gopinath.reuters.com@reuters.net)

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