November 4, 2010 / 10:38 PM / 8 years ago

UPDATE 1-Open Range Energy posts narrower quarterly loss

* Q3 loss/shr C$0.02 vs loss C$0.09/shr last year

* Petroleum, natural gas rev up 66 pct to C$9.8 mln

Nov 4 (Reuters) - Oil and natural gas producer Open Range Energy Corp ONR.TO posted a narrower quarterly loss, boosted by an increase in natural gas production.

The company, which operates the Ansell/Sundance property in the Deep Basin region of Alberta, said it expects its Wilrich play to contribute to its exploration-based strategy to grow to 10,000 barrels of oil (boe) per day and beyond.

For 2010, it maintained its average production outlook of 3,700 boe/d.

For July-September, the company reported a net loss of C$1.3 million, or 2 Canadian cents a share, compared with a loss of C$2.4 million, or 9 Canadian cents a share, a year ago.

Petroleum and natural gas revenue rose 66 percent to C$9.8 million. Natural gas production rose 60 percent to 20.1 million cubic feet.

Last month, Open Range agreed to buy a working interest in a west central Alberta property operated by it for about C$60 million. [ID:nBNG188400]

The Calgary, Alberta-based company’s shares closed at C$1.22 on Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Anne Pallivathuckal)

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