March 16, 2012 / 11:54 AM / 7 years ago

Connacher Oil and Gas loss doubles, sees lower 2012 output

(Reuters) - Canada’s Connacher Oil and Gas Ltd’s CLL.TO fourth-quarter loss more than doubled and the company, which in January signaled a possible sale of itself, forecast lower 2012 production.

The company expects production of 12,600 barrels of oil equivalent per day (boe/d) to 13,900 boe/d. Total production in 2011 averaged 14,493 boe/d.

“There is great uncertainty in the capital and debt markets which creates volatility in oil prices and oil price differentials,” the company said in a statement.

The company said fourth-quarter loss was C$59.5 million, or 13 Canadian cents a share, up from a loss of C$25.6 million, or 6 Canadian cents a share, a year ago.

Revenue, net of royalties, rose 29 percent to C$226.5 million on higher oil and 18 percent higher bitumen prices.

U.S. crude oil prices rose 17 percent to average about $92.39 per barrel in the October-December period.

Connacher’s total production fell 9 percent to 14,083 barrels of oil equivalent per day, while bitumen output fell half a percent to 13,173 barrels per day.

In February, the company brought back Peter Sametz as interim chief executive, just weeks after he was fired as chief operating officer by former chief executive Richard Gusella.

Gusella himself had to quit in January, after he opposed a sale of the company.

Shares of Connacher, which have appreciated about a third in the last three months, closed at C$1.01 on Thursday on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma and Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

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