May 7, 2012 / 10:38 AM / 5 years ago

UPDATE 1-Gran Tierra posts loss on higher costs, forex

May 7 (Reuters) - Canadian oil exploration and production company Gran Tierra Energy Inc reported a quarterly loss, hurt by higher costs and foreign exchange losses.

First-quarter loss was $313,000, compared with a profit of $13.7 million, or 5 cents per share, a year ago.

Foreign exchange loss rose nearly five-fold to $24.4 million in the quarter.

Revenue and other income rose 27 percent to $156.0 million.

South America-focused Gran Tierra, which has operations in Colombia, Argentina, Peru and Brazil, said quarterly production, after royalties, rose 15 percent to 16,742 barrels of oil equivalent per day (boepd).

The company raised its capital spending budget for the year to $444 million from $367 million.

Shares of the Calgary-based company closed at C$6.00 on Friday on the Toronto Stock Exchange.

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