August 10, 2009 / 12:25 PM / in 8 years

UPDATE 1-Gran Tierra posts second-quarter loss

* Loss $0.12/shr vs yr-ago profit $0.07/shr

* Foreign exchange losses $33.7 mln

TORONTO, Aug 10 (Reuters) - Oil exploration and production company Gran Tierra Energy Inc (GTE.TO) said quarterly funds flow from operations increased but it had a net loss due to foreign exchange losses.

The company on Monday reported a second-quarter net loss of $28.2 million, or 12 cents a share, compared with a year-ago profit of $8.5 million, or 7 cents a share.

Gran Tierra said the results included a foreign exchange loss of $33.7 million, of which $31.0 million was an unrealized foreign exchange loss.

The Calgary-based company, which holds interests in producing and prospective properties in Argentina, Colombia and Peru, said its balance sheet remains very strong, and it expects its capital expenditure program for the next 12 months will be more than fully funded from cash flow and cash on hand.

The company said second-quarter revenue increased by 77 percent to $58.5 million. (Reporting by Euan Rocha)

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