August 10, 2010 / 10:18 PM / 7 years ago

UPDATE 1-BlackPearl posts wider-than-expected Q2 loss

* Q2 loss C$0.04/shr vs est. loss C$0.03/shr

* Revenue up 55 pct

* Says will meet 2010 exit production target

Aug 10 (Reuters) - Canada’s oil and natural gas exploration company BlackPearl Resources Inc (PXX.TO) posted a slightly wider-than-expected quarterly loss, hurt partly by less activity due to wet weather conditions.

The company said third-quarter production will be affected by recent asset dispositions, but said it was confident of achieving its 2010 exit production target of 8,000-8,500 barrels of oil equivalent (boe) per day.

In the second quarter, the company posted a loss of C$10.3 million, or 4 Canadian cents a share, compared with a loss of C$10.9 million, or 3 Canadian cents a share, a year ago.

Revenue rose 55 percent to C$34.3 million helped by higher prices.

Analysts on average expected the company to lose 3 Canadian cents on revenue of C$32.9 million, according to Thomson Reuters I/B/E/S.

The company also said it expects short-term production growth from continued development drilling at Onion Lake.

BlackPearl shares closed at C$3.24 Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Vyas Mohan)

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