August 11, 2010 / 10:28 PM / 8 years ago

UPDATE 1-Connacher Oil & Gas posts Q2 loss as production falls

* Q2 revenue up 41 pct

* Aims bitumen production of 15,500-16,500 bbl/d by yr end

Aug 11 (Reuters) - Canadian oil sands developer Connacher Oil & Gas Ltd CLL.TO posted a quarterly loss, primarily hurt by lower production across segments.

The company said it remains optimistic on the overall outlook for 2011, taking implications from rising production, low natural gas prices, improved volumes at Great Divide and anticipated strong third-quarter returns from its refinery in Great Falls, Montana.

The company said its focus for the balance of 2010 is to optimize its bitumen production from Great Divide Pod One and Algar plants in northeastern Alberta.

“Our goal is to realize bitumen production levels of 15,500 barrels per day (bbl/d) to 16,500 bbl/d by year end 2010,” the company said in a statement.

Net loss for the second quarter was C$33.1 million, or 8 Canadian cents a share, compared to a profit of $40 million, or 14 Canadian cents a share, a year earlier.

Revenue rose 41 percent to C$141.3 million.

Analysts on average were expecting the company to report revenue of C$132 million, according to Thomson Reuters I/B/E/S.

Connacher said it had property and equipment additions worth C$59.3 million during the quarter, up from C$40.2 million, a year ago, while its cash on hand at the end of the quarter was down 83 percent at C$69.4 million.

Shares of the company closed at C$1.39 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Vyas Mohan)

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