November 12, 2010 / 10:45 PM / in 7 years

UPDATE 1-Fortress Energy posts loss, shares jump

* Q3 loss narrows to C$3.4 million

* Shares surge 56 pct

CALGARY, Alberta, Nov 12 (Reuters) - Shares in Fortress Energy Inc FEI.TO rose 56 percent, to 12.5 Canadian cents, on Friday as the company, which sold most of its assets in August, posted a third-quarter loss.

Fortress, which is reviewing its alternatives following the sale of most of its oil and gas properties for C$30.4 million ($30.1 million), said it lost C$3.4 million, down from a loss of C$3.8 million in the third quarter of 2009.

The company said it is still mulling over what to do with its assets, which include shares in Terra Energy TT.TO and two small biotech companies, surplus cash, and C$55 million in tax writeoffs among other items.

The company said in July it may consider distributing some of its assets to shareholders.

More than 7.2 million Fortress shares were traded on Friday, 42 times the usual volume, making it the eighth most active stock on the Toronto Stock Exchange.

$1=$1.01 Canadian Reporting by Scott Haggett; editing by Rob Wilson

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