April 12, 2011 / 6:25 PM / in 7 years

CORRECTED-WesternZagros Q4 loss widens on higher expenses

(Corrects third bullet point and fourth paragraph to show the company’s quarterly revenue was $13,000, not $13 million)

* Sets 2011 capital budget at $95 mln

* Q4 loss/shr $0.009 vs loss/shr $0.005 year ago

* Q4 revenue down 60 pct at $13,000

* Shares down 18 pct, hit 3-week low

April 12 (Reuters) - Oil and gas explorer WesternZagros Resources’ quarterly loss almost doubled as a result of a rise in expenses.

For 2011, the Calgary, Alberta-based company also set its capital budget at $95 million.

Fourth-quarter net loss was $1.9 million, or 0.9 cents a share, compared with a loss of $1 million, or 0.5 cents a share, a year ago.

WesternZagros, which is currently exploring for crude oil and natural gas in the Kurdistan region of Iraq, posted a 60 percent drop in quarterly revenue at $13,000.

Capital expenditures rose over 54 percent in the quarter.

Shares of WesternZagros were down about 18 percent at 49.5 Canadian cents in afternoon trade on Tuesday on the Toronto Venture Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Maju Samuel)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below