September 30, 2010 / 11:06 AM / 7 years ago

UPDATE 1-Crocotta Energy raises 2011 production outlook

* Sees production at 4,000-5,000 boe per day by end-2011

* Sees C$50-C$70 mln for Q4 2010, 2011

Sept 30 (Reuters) - Canadian oil and natural gas company Crocotta Energy Inc CTA.TO raised its production outlook for 2011 on the back of higher capital spending in the next five quarters.

The company, which approved a capital budget of C$50-C$70 million for the fourth quarter of 2010 through 2011, said the cash will be spent primarily on liquids-rich natural gas and oil projects.

Crocotta had in January approved a capital budget of C$24 million for 2010.

The Calgary, Alberta-based company now expects production at 4,000-5,000 barrels of oil equivalent (boe) per day by the end of 2011.

The company had reported 2,448 boe per day in its second quarter, but said earlier this week that this could fall to 2,000 boe per day after it agreed to sell certain assets in the West Central Alberta region to Triple 8 Energy Ltd TEE.V for about C$30 million. [ID:nSGE68R0KT]

The company’s shares, which have lost nearly 10 percent in value after touching a 52-week high in April, closed at C$1.72 Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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