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Celtic Exploration Q2 Hits New Yr Low as Profit Rises, But Production Falls

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Celtic Exploration's (CLT.TO) second-quarter profit rose despite a fall in production, as it reined in costs, and the oil and natural gas company lowered its full-year production outlook, Reuters reported. Its shares have hit a new year low of 69 cents on the news.

Celtic reportedly expects production to average between 18,400-18,700 barrels of oil equivalent per day (boe/d), lower than the 19,300-19,700 boe/d forecast earlier. It reportedly still expects to exit 2011 with 24,500 boe/d in average production. Capital expenditures are expected at $260 million.

Second-quarter net income rose to $4 million or 4 cents per share, compared with $3.2 million or 4 cents per share in the previous corresponding period.

Revenue before royalties fell 4% to $54.8 million.

Analysts, on average, had expected earnings of 4 cents on revenue of $58.5 million, according to Thomson Reuters I/B/E/S.

Combined oil and gas production in the quarter fell 16% to 15,203 boe/d, as the company was badly affected by forest fires, floods and outages at gas plants.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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