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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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UPDATE 1-Connacher Q2 loss widens

posted on Aug 11, 2011 06:47PM

UPDATE 1-Connacher Q2 loss widens on lower crude oil production

Thu Aug 11, 2011 10:03pm GMT

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Aug 11 (Reuters) - Canadian oil sands developer Connacher Oil & Gas Ltd posted a wider quarterly loss as lower crude oil production offset a rise in bitumen production.

Second-quarter net loss widened to C$44.1 million, or 10 Canadian cents per share, from C$31.7million, or 7 Canadian cents per share a year ago.

Connacher, which has reserves in Alberta and Saskatchewan, posted a 76 percent rise in revenue at C$234.6 million.

Crude oil production fell 56 percent to 398 barrels per day.

Bitumen production more than doubled to 13,720 barrels per day.

Shares of the company closed at 74 Canadian cents on Thursday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Don Sebastian)

Re: UPDATE 1-Connacher Q2 loss widens

rebels1

Aug 12, 2011 11:33AM

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