January 18, 2010 / 11:26 AM / 8 years ago

UPDATE 1-Iteration gives production update, says CFO quits

* Sees FY09 production of 15,950 boed

* Says CFO left company effective Sunday

* Sees FY09 results in line with view

Jan 18 (Reuters) - Alberta-based Iteration Energy Ltd (ITX.TO) said its 2009 production would be near the upper end of its prior view, and that its chief financial officer had left the company.

Iteration said production for 2009 is expected to average about 15,950 barrels of oil equivalent per day (boed), towards the upper end of its most recently issued forecast of production between 15,600 boed and 16,100 boed.

The company forecasts exit production of 13,000 boed, matching its most recent forecast.

“In total, we drilled 16 wells in the fourth quarter of 2009 with a 93 percent success rate, bringing total drilling for 2009 to 31 wells with a 89 percent success rate,” the company said in a statement.

The company also said its chief financial officer, Peter Scott left the company effective Sunday. The company said vice president Willie Dawidowski will provide ongoing continuity and leadership of the accounting and financial groups.

Iteration said it expects to release its 2009 results in mid-March and sees them to be in line its prior view.

Iteration shares closed at C$1.26 Friday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair)

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