November 9, 2010 / 1:52 PM / 8 years ago

UPDATE 1-Crew Energy posts wider-than-expected Q3 loss

* Petroleum and natural gas sales up 17 pct to C$44.9 mln

* Cuts FY production view

Nov 9 (Reuters) - Canadian oil and natural gas producer Crew Energy Inc (CR.TO) posted a wider-than-expected quarterly loss as wet weather hampered operations, and cut its full-year production outlook.

“The weather-related delays that hampered activity in the second quarter in southern Alberta continued through the third quarter and created delays in bringing on new oil production,” Crew Energy said.

For the July-September quarter, the company posted net loss of C$7.4 million, or 9 Canadian cents a shares, compared with net loss of C$7.4 million, or 9 Canadian cents a share, a year ago.

Petroleum and natural gas sales for the quarter rose 17 percent to C$44.9 million. Production for the quarter was nearly flat at 13,061 boe per day.

Analysts on average were expecting a loss of 5 Canadian cents a share on revenue of C$49.7 million, according to Thomson Reuters I/B/E/S.

Crew Energy, which has market capitalization of more than C$1.5 billion, forecast full year average production of 13,600 to 14,000 barrels of oil equivalent (boe) per day, and exit production of 17,000 to 18,000 boe per day.

Crew Energy had earlier forecast full year production of 14,500 to 15,000 boe per day, and exit production of 18,000 boe per day.

Crew Energy shares, which have gained about 86 percent in value in the last year, closed at C$20.12 on Monday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore)

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