Aug 13 - Orleans Energy Ltd (OEX.TO), a Canadian oil and gas explorer swung to a second-quarter loss, hurt by a drop in gas prices.
Canadian wholesale natural gas prices have fallen sharply in the past one year as inventories across North America have swelled at a record pace.
Net loss was C$6.4 million ($5.88 million), or 12 Canadian cents a share, compared with net income of C$850.3 million, or 2 Canadian cents a share, a year earlier.
Revenue fell 62 percent to C$9.46 million.
The company reported cash flow from operations of C$2.33 million, or 4 Canadian cents a share, for the quarter.
Shares of the Vancouver-based company closed at C$1.32 Thursday on the Toronto Stock Exchange.
($1=1.088 Canadian dollar)
Canadian wholesale natural gas prices have fallen sharply in the past one year as inventories across North America have swelled at a record pace.
Net loss was C$6.4 million ($5.88 million), or 12 Canadian cents a share, compared with net income of C$850.3 million, or 2 Canadian cents a share, a year earlier.
Revenue fell 62 percent to C$9.46 million.
The company reported cash flow from operations of C$2.33 million, or 4 Canadian cents a share, for the quarter.
Shares of the Vancouver-based company closed at C$1.32 Thursday on the Toronto Stock Exchange.
($1=1.088 Canadian dollar)
