June 3, 2011 / 9:02 PM / 7 years ago

UPDATE 1-Compton Petroleum Q1 plunges on lower output, gas price

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June 3 (Reuters) - Compton Petroleum Corp’s quarterly profit plunged, hurt by lower production and weak natural gas prices.

Natural gas prices NGc1 averaged $4.19 per million British thermal units (mmBtu) during January-March, down 19 percent from last year.

The gas focussed-company, which has operations in western Canada, said production fell 25 percent largely due to asset sales.

Last year, Compton Petroleum sold a portion of its assets in central Alberta for about C$150.2 million. [ID:nSGE6560HQ]

January-March profit dropped to C$2.5 million, or 1 Canadian cents a share, from C$25.2 million, or 10 Canadian cents a share, last year.

Revenue fell 40 percent to C$42.7 million.

The company said natural gas in North America is expected to continue to constrain its cash-flow levels and to mitigate this it will focus on the liquids-rich areas and emerging oil opportunities.

Shares of the Alberta-based company closed at 22.5 Canadian cents on Friday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

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