April 27, 2011 / 11:05 AM / 7 years ago

CORRECTED-UPDATE 1-Opti Canada Q1 loss narrows; to miss 2011 output view

(Corrects percentage in fourth paragraph to 36 from 34) (Follows alerts)

April 27 (Reuters) - Opti Canada , whose main asset is a 35 percent stake in the Long Lake oil sands project in Northern Alberta, said its first-quarter loss narrowed on higher bitumen production, but said it would not meet its annual production target.

Based on lower-than-expected sequential production as a result of water treatment difficulties at the project, the company said it may not meet its 38,000-45,000 barrels per day (bbl/d) production target for 2011.

Debt-heavy Opti, which has a minority stake in Nexen Inc’s Long Lake oil sands project, posted a loss of C$27 million, or 9 Canadian cents a share, compared with a loss of C$41 million, or 15 Canadian cents a share, last year.

First-quarter bitumen production at the Long Lake project rose 36 percent to 25,500 bbl/d.

Opti’s revenue rose 26 percent to C$63 million.

Opti’s shares closed at 28.5 cents on the Toronto Stock Exchange on Tuesday. The shares have dropped 88 percent over the past 12 months on investor worries that the company may not be able to meet its financial commitments. (Reporting by Gowri Jayakumar in Bangalore; Editing by Prem Udayabhanu)

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