May 24, 2011 / 10:14 PM / 7 years ago

UPDATE 1-Legacy Oil post Q1 loss

May 24 (Reuters) - Legacy Oil Plus Gas Inc reported a first-quarter loss, hurt by higher costs arising from tough weather conditions in western Canada, and said expects reduced field activity throughout the second quarter.

The company spent less capital than anticipated and delayed a number of capital projects because of severe cold and record snowfall in western Canada.

The company also incurred costs, both in the first and the second quarter, for matting leases and access roads, pumping surface water off of leases, extra trucking and additional oil storage arising from extreme weather condition.

Legacy Oil posted a loss of C$2.85 million, or 2 Canadian cents a share, compared with a profit of C$4.2 million, or 6 Canadian cents a share, a year earlier.

However, petroleum and natural gas sales, net of royalties, jumped 48 percent to C$69.3 million, helped by higher production.

Average production rose to 12,854 barrels of oil equivalent per day (boe/d) in the first quarter from 6,221 boe/d a year earlier.

Shares of the company closed at C$13.65 on Tuesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Joyjeet Das)

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