October 5, 2010 / 1:26 PM / in 7 years

UPDATE 1-Equal Energy cuts 2010 production outlook

* Sees 2010 average production of 9,000-9,200 boepd

* Says wet weather in September delayed Canadian drilling

* Q3 exit rate lower-than-expected at 9,060 boe/d

Oct 5 (Reuters) - Canada’s Equal Energy Ltd EQU.TO cut its 2010 production guidance outlook, partly due to unusually wet weather in September and the late start of drilling at its Hunton play in Oklahoma.

For 2010, the company sees average production of 9,000-9,200 barrels of oil equivalent per day (boepd), down from its prior view of 9,200-9,700 boepd.

Equal Energy said the third-quarter exit rate was lower than expected at 9,060 boe/d as the weather delayed its Canadian drilling program and there was a temporary loss of 200 boepd from its Liebenthal gas field in Canada due to unanticipated water production.

The oil and gas explorer, which converted to a corporate from Enterra Energy Trust earlier this year, said in June it would sell its non-core assets in west central Alberta. [ID:nSGE6560GR]

Shares of the Calgary-based company closed at C$4.90 Monday on the Toronto Stock Exchange. They have lost about 15 percent of their value since the company reported second-quarter results on Aug. 13. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anne Pallivathuckal)

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