July 30, 2010 / 11:50 AM / 8 years ago

UPDATE 1-Midway Energy posts wider Q2 loss on higher expenses

* Q2 loss C$3.8 mln vs C$1.4 mln yr ago

* Sees exit production rate of 3,000 boe/d

July 30 (Reuters) - Canadian oil explorer Midway Energy Ltd MEL.TO reported a wider second-quarter net loss, hurt by higher operating expenses. However, it now sees exit production rate of about 3,000 barrels of oil equivalent per day (boe/d), versus its prior forecast of 2,900 to 3,000 boe/d.

Midway Energy reported a net loss of C$3.8 million ($3.7 million), or 6 Canadian cents a share. In the year-ago quarter, when the company was called Trafalgar Energy, it had reported a net loss of C$1.4 million, or 11 Canadian cents a share.

The company has 69.5 million shares outstanding versus 14.7 million in the year-ago quarter.

Trafalgar, which entered into a recapitalization agreement in June 2009, was renamed Midway Energy Ltd in July 2009.

The company said revenue more than tripled to $8.6 million in the second quarter. Analysts on average were expecting the company to break even, on revenue of C$10.4 million, according to Thomson Reuters I/B/E/S.

Operating expenses rose 53 percent to C$14.26 per boe. Shares of the Calgary, Alberta-based company closed at C$3.13 Thursday on the Toronto Stock Exchange.

$1=1.036 Canadian Dollar Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anne Pallivathuckal

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