November 9, 2010 / 10:38 PM / 8 years ago

UPDATE 1-Twin Butte Energy Q3 loss narrows as production doubles

* Q3 net loss/shr C$0.01 vs loss/shr C$0.06 yr ago

* Q3 sales up almost three-fold to C$23.4 mln

* Says on track to meet 2010 exit rate of 7,200 boe/d

Nov 9 (Reuters) - Canada’s Twin Butte Energy Ltd TBE.TO posted a narrower third-quarter loss as production doubled, and said it was on track to meet its 2010 production outlook.

The company backed its 2010 exit rate of production of 7,200 barrels of oil equivalent per day (boe/d).

For the July-September quarter, net loss was C$1.1 million ($1.10 million), or 1 Canadian cent per share, compared with a net loss of C$3.5 million, or 6 Canadian cents per share, a year ago.

Petroleum and natural gas sales rose nearly three folds to C$23.4 million.

Production in the third quarter was 6,481 (boe/d), up from 2,894 boe/d in the year-ago quarter.

Shares of the Calgary, Alberta-based Twin Butte, which have risen 29 percent in the last three months, closed at C$1.67 on Tuesday on the Toronto Stock Exchange. ($1=1.000 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Vyas Mohan)

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