Aug 12 - Canadian oil and gas exploration company Birchcliff Energy Ltd (BIR.TO) posted a second-quarter loss, weighed down by lower commodity prices.
The company reported a net loss of C$7.1 million, or 6 Canadian cents a share, compared with a profit of C$9.8 million, or 8 Canadian cents a share, a year ago.
Birchcliff, which recently raised its 2009 capital expenditure budget to C$105 million from C$80 million, said petroleum and natural gas revenue slumped 52 percent to C$34.9 million.
Cash flow fell about 50 percent to C$20 million, or 18 cents a share, compared with the year-ago period.
The company said it reduced its total debt to C$179.6 million at June 30 from C$253.5 million at the end of the first quarter.
Average production rose 18 percent to 11,313 barrels of oil equivalent per day for the second quarter, the company said, adding that it still sees 2009 average production rate of about 11,300 boe per day.
Shares of the company closed at C$6.71 Wednesday on the Toronto Stock Exchange.
The company reported a net loss of C$7.1 million, or 6 Canadian cents a share, compared with a profit of C$9.8 million, or 8 Canadian cents a share, a year ago.
Birchcliff, which recently raised its 2009 capital expenditure budget to C$105 million from C$80 million, said petroleum and natural gas revenue slumped 52 percent to C$34.9 million.
Cash flow fell about 50 percent to C$20 million, or 18 cents a share, compared with the year-ago period.
The company said it reduced its total debt to C$179.6 million at June 30 from C$253.5 million at the end of the first quarter.
Average production rose 18 percent to 11,313 barrels of oil equivalent per day for the second quarter, the company said, adding that it still sees 2009 average production rate of about 11,300 boe per day.
Shares of the company closed at C$6.71 Wednesday on the Toronto Stock Exchange.
