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UPDATE: Connacher Oil & Gas Hits New Yr Lows as Posts Wider Quarterly Loss

Canadian oil sands developer Connacher Oil & Gas Ltd (CLL.TO), which is trading close to a year low of 74 cents, posted a wider quarterly loss with a drop in crude oil production more than cancelling out a rise in bitumen production. Second quarter net loss widened to $44.2 million or 10 cents per share from $31.7 million or 7 cents per share in the previous corresponding period. Crude oil production fell to 398 barrels per day from 540 barrels per day in the first quarter and 906 in the year earlier period. But bitumen production more than doubled to 13,720 barrels per day.

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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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