November 4, 2010 / 1:57 PM / 8 years ago

UPDATE 1-Canada's Crescent Point Energy posts Q3 loss

* Funds flow from ops up 48 pct to C$230.4 mln * Q3 production up 42 pct

Nov 4 (Reuters) - Canadian independent oil company Crescent Point Energy Corp (CPG.TO) reported quarterly loss, partly on higher expenses, and said it was on track to achieve production growth of more than 10 percent this year.

For the July-September quarter, the company’s loss was C$16.6 million or 7 Canadian cents a share, compared with a profit of C$45.6 million or 28 Canadian cents a share, a year ago.

Fund flow from operations rose 48 percent to C$230.4 million, or 91 Canadian cents per share.

Production for the quarter rose 42 percent to 65,548 barrels of oil equivalent (BOE) per day and was weighted 89 percent to light and medium crude oil and liquids.

The Calgary-based company, which has raised more than C$700 million through equity offerings this year to finance acquisitions, said average selling prices were up 5 percent to C$65.25 per barrel of oil equivalent per day (boe/d).

Crescent said it plans to implement one more pilot project using water flood technology in the Bakken resource play, with another one slated for early 2011 during the fourth quarter.

“Crescent Point will have six water flood pilots on line by early first quarter 2011, each testing different patterns and completion techniques,” it said in a statement.

Shares of the company, which have largely remained flat this year, were up 1 percent to C$41.09 in morning trade on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Prem Udayabhanu)

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