May 13, 2010 / 10:57 AM / 8 years ago

UPDATE 1-Iteration Energy's Q1 loss narrows on lower expenses

* Q1 loss/share C$0.04 vs loss/share C$0.09 year ago

* Revenue before royalties down 5 pct

* Production falls 19 pct to 14,624 boe/d

May 13 (Reuters) - Oil and gas exploration company Iteration Energy Ltd (ITX.TO) posted a narrower quarterly loss, helped by a 60 percent fall in expenditures.

For the first quarter, net loss was C$9.0 million ($8.84 million), or 4 Canadian cents a share, compared with a loss of C$14.3 million, or 9 Canadian cents per share, a year ago.

The oil and gas producer, whose core operating areas are focused in Alberta and northeast British Columbia, said production fell 19 percent to 14,624 barrels of oil equivalent per day (boe/d).

Production revenue, before royalties, fell 5 percent to C$55.7 million.

Analysts on average were expecting the company to post a loss of 3 cents per share on revenue of C$52 million, according to Thomson Reuters I/B/E/S.

Net capital expenditures for the quarter dropped to C$14.2 million.

On May 3, Iteration said it would be bought by Alberta-based Storm Ventures International in a cash-and-stock deal, to create a new intermediate oil and gas company named Chinook Energy Inc.

Shares of the Calgary-based company closed at C$1.64 Wednesday on the Toronto Stock Exchange. ($1=1.018 CANADIAN DOLLAR) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)

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