August 13, 2010 / 1:48 PM / 7 years ago

UPDATE 1-Equal Energy posts Q2 loss, raises capex

* Q2 loss/shr C$0.19

* Revenue up 14 pct to C$35.7 mln

* Says increased capex to C$50 mln for 2010

Aug 13 (Reuters) - Canada’s Equal Energy Ltd EQU.TO, which converted to a corporate from Enterra Energy Trust earlier this year, posted a quarterly loss and raised its capital expenditure for the full year.

The oil and gas explorer now expects capital expenditure of C$50 million ($47.80 million), up from C$40 million expected earlier. It expects to drill as many as 16 wells in the second half of 2010.

For the second quarter ended June 30, Equal Energy posted a net loss C$4.1 million, or 19 Canadian cents per share.

For the same period last year, Enterra’s net loss was C$14.4 million, or 69 Canadian cents per trust unit.

Revenue at the company rose 14 percent to C$35.7 million.

Two analysts were expecting the company to post a loss of 3 Canadian cents per share on revenue of C$43.6 million, according to Thomson Reuters I/B/E/S.

Average quarterly production was 9,570 barrels of oil equivalent per day (boe/d), down from 10,059 boe/d a year ago.

Shares of the Calgary, Alberta-based company were trading at C$5.72 Friday morning on the Toronto Stock Exchange. ($1=1.046 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)

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