August 9, 2010 / 4:11 PM / in 7 years

UPDATE 1-Caza Oil Q2 loss widens on lower production

* Petroleum and natural gas rev down 29 pct

* Production down 32 percent

* Q2 loss $1.5 mln vs loss of $982,247 yr-ago

* Shares down 13 percent

Aug 9 (Reuters) - Caza Oil and Gas Inc’s CAZ.TO second-quarter loss widened 51 percent, hurt mainly by lower production after the sale of its Glass Ranch properties.

Shares of the Texas-based company were down 13 percent at 17.5 Canadian cents in midday trade Monday on the Toronto Stock Exchange.

The company’s production fell 32 percent to 82,272 Mcfe (thousand cubic feet equivalent) for the three-month period ended June 30.

On June 1, Caza said it had sold its Glass Ranch property with four producing wells to Viejo Energy I LLC for $1.4 million.

Net loss was $1.5 million, or 1 cent a share, compared with $982,247, or 1 cent a share, last year.

Petroleum and natural gas revenue fell 29 percent $398,883. (Reporting by Aftab Ahmed in Bangalore; Editing by Unnikrishnan Nair) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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