Nov 10 (Reuters) - Connacher Oil and Gas posted a slight drop in third-quarter profit and cut its production outlook for the year, as a result of delays in bringing some wells into operation.
“The completion of these wells has been delayed by events beyond our control, including the unavailability of equipment and services on a timely basis and wet weather conditions,” the company said in a statement.
Calgary-based Connacher cut its output forecast by 1-2 percent to 14,150-15,750 barrels of oil equivalent per day (boe/d) for the full year, compared with the outlook given in the second quarter.
July-September net income was C$3.6 million, or 1 Canadian cents a share, versus C$4.2 million, or 1 Canadian cent a share, a year ago.
Revenue, net of royalties, rose 47 percent to C$232.8 million. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)