May 13, 2010 / 10:52 AM / 8 years ago

UPDATE 1-Crocotta Energy Q1 loss narrows on higher production

* Oil and natural gas sales up 55 pct

May 13 (Reuters) - Canadian oil and gas company Crocotta Energy Inc CTA.TO posted a narrower quarterly loss, helped by a 24 percent rise in production and higher commodity prices.

The Calgary, Alberta-based company reported a first-quarter net loss of C$862,000 ($846,800), or 1 Canadian cent a share, compared with a net loss of C$3.3 million, or 8 Canadian cents a share, last year.

Oil and natural gas sales rose 55 percent to about C$11 million.

Daily production grew 24 percent to 2,604 barrels of oil equivalents (boe) per day, driven by the acquisition of Salvo Energy Corp in August 2009.

Average sales price for oil, natural gas and natural gas liquids rose 25 percent to C$46.78 per boe.

Shares of Crocotta Energy closed at C$1.75 Wednesday on the Toronto Stock Exchange. ($1=1.018 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Unnikrishnan Nair)

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