August 5, 2010 / 1:21 PM / in 8 years

UPDATE 1-Bellatrix Exploration Q2 loss narrows

* Q2 loss C$0.12/shr vs loss C$1.27/shr last year

* Revenue falls 14 pct

Aug 5 (Reuters) - Canada’s Bellatrix Exploration Ltd (BXE.TO) posted a narrower second-quarter loss helped in part by higher commodity prices, and said it was on track to fulfill its drilling goals for the rest of the year.

Bellatrix said it expects to drill 29 additional gross wells in the third and fourth quarters.

The company also raised its 2010 capital expenditure to C$95 million from C$75 million.

For the second quarter, the oil and gas explorer posted a loss of C$10.8 million or 12 Canadian cents a share. That compares with a loss of C$99.7 million, or C$1.27 per share in the year-ago period.

Bellatrix said the 2009 net loss was primarily the result of a non-cash accounting loss on petroleum and natural gas properties held for sale of C$114.2 million.

Revenue, before royalties and risk management, fell to C$25.6 million for the reporting quarter.

Analysts on average expected the company to post a loss of 10 Canadian cents, according to Thomson Reuters I/B/E/S.

For light oil, condensate and natural gas liquids, Bellatrix recorded an average price of $66.19 per barrel, before commodity price risk management contracts in the quarter, 38 percent higher than the average price received in the same period last year.

Shares of the company closed at C$3.82 Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Gopakumar Warrier)

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