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Latest Headlines
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Mar 9, 2010 10:10:00 AM MST
Vero Energy Q4 loss drops to $932,000 from $1.1M; production revenues drop (Vero-Energy)
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CALGARY _ Vero Energy Inc. (TSX:VRO) raised its production guidance for the current quarter, the company said Tuesday as it announced a reduced quarterly loss.
The Calgary-based oil and gas producer says it´s currently producing above its target for the first quarter.
As a result, the target has been increased to 9,500 barrels per day at the end of March, up from 9,000 barrels per day in the previous guidance.
Vero also cut its loss for fourth quarter ended Dec. 31 to $932,000 or a penny a share compared with a loss of $1.1 million or three cents a share in the same 2008 period.
The Calgary company´s production revenue was slashed to $22.5 million compared with $30.9 million in the fourth quarter of 2008.
Full-year loss totalled $20.1 million or 50 cents a share, reversing net income of $21.9 million or 67 cents a share in the prior year period.
Twelve-month revenue fell 44 per cent to $78.1 million.
Vero Energy´s shares were up 10 cents to $7.50 on the Toronto Stock Exchange.
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