May 10, 2012 / 12:38 PM / 6 years ago

UPDATE 1-Crescent Point loss narrows on higher output

May 10 (Reuters) - Canada’s No.5 independent oil producer Crescent Point Energy Corp reported a smaller quarterly loss on higher production and increased selling prices.

First-quarter loss was C$3.9 million, or 1 Canadian cent per share, compared with a year-earlier loss of C$102.2 million, or 38 Canadian cents per share.

Average daily production rose to 90,285 barrels of oil equivalent per day (boe/d) from 75,574 boe/d, a year earlier.

Average selling price rose 7 percent to C$81.13 per boe.

Funds from operations rose 35 percent to C$400.9 million, or C$1.34 per share.

Crescent Point shares closed at C$40.92 on Wednesday on the Toronto Stock Exchange.

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