Penn West Petroleum Ltd. (PWE, PWE.TO), Friday reported a net loss of C$67 million or C$0.14 per share in the third quarter as opposed to a net income of C$138 million or C$0.29 per share last year.
For the quarter, gross revenues declined to C$840 million from C$861 million in the prior year, while funds flow for the third quarter decreased slightly to C$344 million or C$348 million last year.
Average production during the quarter declined to 160,339 boe per day from 161,323 boe per day in the prior-year quarter, reflecting delays in the new facility construction, wet weather and facility outages.
Going ahead, the company expects, 2012 average production to be between 161 thousand boe and 163 thousand boe per day.
In addition, the company said its Board declared a dividend of C$0.27 per share for the fourth quarter, payable on January 15, 2013 to shareholders of record on December 31, 2012.
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