May 16, 2011 / 2:17 PM / 7 years ago

UPDATE 1-Anderson Energy Q1 loss narrows; sees higher Q2 production

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May 16 (Reuters) - Anderson Energy posted a slimmer first-quarter loss on improving oil prices and higher production, and the Canadian oil and gas explorer expects oil production to be 35-40 percent higher in the next quarter.

The company raised its 2011 capital program by 53 percent to $115 million.

The January-March net loss was C$3.7 million, or 2 Canadian cents a share, compared with a restated net loss of C$44.4 million, or 27 Canadian cents a share, a year ago.  

Oil and gas sales rose 10 percent to C$25.6 million.

Total production rose 10 percent to 7,726 barrels of oil equivalent per day in the quarter.

Analysts on average expected a loss of 2 Canadian cents a share, on revenue of C$32.05 million, according to Thomson Reuters I/B/E/S.

Shares of the Calgary, Alberta-based company were down 4 percent at 97 Canadian cents in early trade on Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Maju Samuel)

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