July 28, 2011 / 12:27 PM / 7 years ago

UPDATE 1-Opti Canada's Q2 loss narrows

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July 28 (Reuters) - Debt-laden oil sands company Opti Canada Inc’s quarterly net loss narrowed, helped by higher output and strong crude prices.

Second-quarter net loss at the company, which has agreed to be bought by China’s CNOOC , was C$55 million, or 19 Canadian cents a share, compared with C$144 million, or 51 Canadian cents a share, a year ago.

Revenue, net of royalties, rose 54 percent to C$94 million.

The company, which owns a 35 percent stake in Nexen Inc’s Long Lake Project in Alberta, has been hit hard by low productivity at the project.

U.S. crude oil prices CLc1 surged by 32 percent to average $103.49 a barrel during the quarter.

On July 26, due to its failure to meet listing requirements, TSX notified Opti to delist its shares from the exchange at the close of market on Aug. 26. The company said the shares will remain suspended until delisting.

The company has started application process for listing on the TSX Venture Exchange (TSXV) and, failing that, intends to apply for a listing on the NEX marketed operated by the TSX. (Reporting by Aftab Ahmed in Bangalore; Editing by Gopakumar Warrier)

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