Oil and natural gas company Advantage Energy Income Fund (AAV, AVN_U.TO) Friday reported a wider net loss for the second-quarter, compared to the previous year. The company's funds from operations for the quarter declined 50% and revenue before royalties dropped 45%.
The company reported that second quarter funds from operations declined 50% to C$51.59 million from C$103.75 million in the prior year quarter. Funds from operations per trust unit dropped 53% to C$0.35 from C$0.74 in the year-ago quarter.
Net loss for the quarter was C$37.81 million or C$0.26 per share, compared to a net loss of C$14.37 million or C$0.10 per share in the last year quarter.
Revenues before royalties for the quarter declined 45% to C$114.66 million from C$208.87 million in the previous quarter. Including hedging, natural gas revenues dropped to C$64.0 million from C$102.83 million in the previous year. Revenue from Crude oil and NGLs including hedging plunged to C$50.66 million from C$106.04 million in the prior year.
Total production for the quarter dropped 3% to 31,044 boe/d from 32,015 boe/d in the previous year.
For the first half of the year, funds from operations dropped to C$107.18 million from C$198.37 million in the prior year. Funds from operations per trust unit slipped to C$0.73 from C$1.42. Net loss for the latest period narrowed to C$18.92 million or C$0.13 per share from C$38.49 million or C$0.28 per share in the prior year. Revenues declined 40% to C$237.61 million from C$397.37 million in the previous year.
Funds from operations for the 12 months ending June 2010 is estimated at C$204 million. Production for 12 months is now expected to be 23,450-24,300 boe/d.
AAV closed Thursday's regular trade at $4.31, up from the previous close of $4.29, on 1.87 million shares.
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