March 19, 2010 / 11:12 AM / 8 years ago

UPDATE 1-Iteration Energy Q4 loss narrows

* Q4 loss C$0.04/shr vs C$1.48 year ago

* Q4 production revenue down 27 pct

* Says revising 2010 outlook after Alberta royalty cuts

March 19 (Reuters) - Iteration Energy Ltd ITX.TO reported a lower quarterly loss, and said it was revising outlook for 2010, following the Alberta government’s decision to cut royalties for oil and natural gas production in the province.

The company said it will take into account the results of the winter drilling program and the effects of the new royalty regulations.

The oil and gas producer, with core operating areas focused in Alberta and northeast British Columbia, had earlier expected a production of 16,000 barrels of oil equivalent per day (boed) for 2010.

For the fourth quarter, the company reported loss of C$9.1 million, or 4 Canadian cents a share, compared with a loss of C$244.9 million, or C$1.48, a year ago.

Iteration, which has been reviewing strategic alternatives, said its production revenue, before royalties, fell 27 percent to C$51.0 million.

The company reported 21 percent drop in quarterly average production to 14,160 boed, mainly hurt by lower drilling activity, property dispositions, shut-in production due to low commodity prices.

Shares of Iteration closed at C$1.60 Thursday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Bijoy Koyitty) ((ashutosh.joshi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ashutosh.joshi.reuters.com@reuters.net))

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