June 8, 2011 / 10:39 AM / in 7 years

UPDATE 1-Crocotta Energy Q1 loss widens on lower output

(Follows alerts)

* Q1 loss/shr C$0.06 vs C$0.04 last year

* Q1 rev falls 32 pct

June 8 (Reuters) - Canadian oil and natural gas company Crocotta Energy Inc posted its tenth straight quarterly loss, wider than last year, on lower output.

On Tuesday, Crocotta Energy said liquid yields at the Edson field in west central Alberta were lower than expected in the first quarter, due to a repair at a plant and lower liquids content in the overall gas stream at Edson. [ID:nL3E7H71NY]

January-March loss widened to C$4.4 million, or 6 Canadian cents a share, from C$2.6 million, or 4 Canadian cents a share a year ago.

Revenue fell 32 percent to C$7.5 million.?

Average daily production of oil and natural gas liquids fell 28 percent to 586 barrels, while natural gas output fell 6 percent to 10,763 thousand cubic feet per day.

Natural gas prices NGc1 averaged $4.19 per million British thermal units (mmBtu) during January-March, down 19 percent from last year. U.S. crude oil prices CLc1, meanwhile, soared by about a fifth to average $94.60 a barrel.

The company expects its output to reach 4,000 barrels of oil equivalent per day (boepd) by the end of the second quarter, raising hopes of exceeding its 2011 exit target of 4,500 boepd.

Shares of the Calgary, Alberta-based company closed at C$2.34 on Tuesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian)

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