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Latest Headlines
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Feb 9, 2010 4:42:00 AM MST
Opti Canada reduces fourth quarter loss to $212 million; revenue also falls (Opti-Canada)
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CALGARY _ Calgary-based Opti Canada Inc. (TSX:OPC) says it had a $212-million loss in the final quarter of 2009, which actually saw big improvements from a year earlier.
The oilsands producer says the fourth-quarter loss amounted to 75 cents per share.
That´s a reduction from the year-earlier loss of $410 million or $2.09 per share in the fourth quarter of 2008.
Opti Canada´s revenue also fell compared with the fourth quarter of 2008, to $43 million in the three months ended Dec. 31 from $69 million a year earlier.
But the company says it achieved "significant operational milestones" at the Long Lake project in Alberta during the final months of 2009.
Opti and its partner Nexen Inc. (TSX:NXY) say a refit at their Long Lake project has resolved technical issues that had limited production of bitumen.
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