May 13, 2010 / 1:43 PM / 8 years ago

UPDATE 1-Anderson Energy Q1 loss narrows on commodity price rise

* Q1 loss/shr C$0.04 vs. loss/shr C$0.12 last year

* Oil and gas revenue down 5 pct

* Sees Q2 production at 8,500 boe/d

* Sees 2010 production of 8,000 to 8,500 boe/d

* Shares up 3 pct

May 13 (Reuters) - Canadian oil and gas company Anderson Energy Ltd AXL.TO reported a narrower quarterly loss on higher commodity prices.

For the second quarter, the company expects production at about 8,500 barrel of oil equivalent per day (boe/d), with the production peaking in the quarter to 9,200 boe/d.

Anderson Energy said it forecast 2010 production of 8,000 to 8,500 boe/d.

For the first quarter, the company reported a net loss of C$6 million ($5.89 million), or 4 Canadian cents a share, compared with a net loss of C$10.2 million, or 12 Canadian cents a share, in the year ago quarter.

Oil and gas revenue, before royalties, for the quarter fell 5 percent to C$23.3 million as production declined 18 percent to 7,000 boe/d.

Average prices for natural gas liquids surged 61 percent to C$62.43 per barrel.

Shares of the company were up 3 percent at C$1.23 Thursday on the Toronto Stock Exchange.

$1=1.018 Canadian Dollar Reporting by R. Manikandan in Bangalore; Editing by Maju Samuel

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