November 15, 2010 / 2:10 PM / 8 years ago

UPDATE 1-Equal Energy posts narrower Q3 net loss

* Q3 net loss C$8 mln vs net loss C$9.5 mln last year

* Q3 rev up 13 pct to C$34.3 mln

Nov 15 (Reuters) - Oil and gas company Equal Energy Ltd EQU.TO posted a narrower quarterly net loss as it received higher prices for oil and natural gas.

Natural gas prices averaged about $4.23 per million British thermal units (mmBtu) in the third quarter, up from $3.44 in the same quarter last year, but down slightly from $4.35 in the second quarter.

For the July-September quarter, net loss was C$8 million, compared with a loss of C$9.5 million a year ago.

The oil and gas company, converted to a corporation from Enterra Energy Trust earlier this year, said revenue, before unrealized mark-to-market adjustment, rose 13 percent to C$34.3 million.

Average production decreased 11 percent to 8,777 barrels of oil equivalent per day (boe/d). However, oil prices received for the quarter increased 7 percent to C$68 per barrel.

Equal Energy said it intends to focus its fourth and first quarter capital expenditures on its Alberta-based Cardium and Viking high return light oil resource plays in order to increase its cash flow netback.

Equal Energy also reiterated its full-year production outlook. It expects exit production of 9,200 boe/d. Equal Energy had cut its full-year production outlook last month. [ID:nSGE6940I5]

Calgary, Alberta-based Equal Energy’s shares, which have lost 37 percent in the last six months, closed at C$5.20 on Friday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Maju Samuel)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below