June 30, 2011 / 1:56 PM / in 6 years

UPDATE 1-Alange posts wider Q1 loss, in talks to sell non-core assets

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June 30 (Reuters) - Canada’s Alange Energy Corp reported a wider quarterly net loss, and said it is in talks with several parties to form a joint venture, or farm out or dispose of its interests in non-core gas assets and the Las Quinchas heavy oil property.

The oil and gas exploration and production company, which has more than 1.2 million acres of property in Colombia, started restructuring its operations in January and has been looking to dispose of or farm out its non-core assets.

Recent results from testing at the La Punta 4 well, which reached total depth in May, indicate that the well is dry, the company said in a statement. Alange’s core oil assets are Cubiro, La Punta, Topoyaco and Santa Cruz.

For the first quarter, the company reported a net loss of $10.0 million, or 1 cent per share, including a one-time charge of $6.3 million. It reported a net loss of $5.7 million, or 1 cent per share, in the year-ago period.

Alange’s revenue doubled to $20.8 million in the quarter.

Alange is going through an image makeover following an internal review of its business practices due to mis-statement of third-quarter production figures.

In May, the company had said its board adopted a shareholder rights plan, but it was not intended to prevent a takeover of the company. (Reporting by Bhaswati Mukhopadhyay in Bangalore;Editing by Sriraj Kalluvila)

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