Fairborne Energy lost $497,000 in Q3, reversing year-ago profit of $19.2 million

Wed Nov 4, 1:33 PM
The Canadian Press

By The Canadian Press

CALGARY - Fairborne Energy Ltd. (TSX: FEL.TO) lost $497,000 in the third quarter, reversing a profit last year as revenues plunged 43 per cent.

The loss for the quarter ended Sept. 30 was worth a penny a share compared with net income of $19.2 million or 22 cents a share in the corresponding period in 2008, the company said Wednesday.

The junior oil and gas company had revenues of $55.2 million, down from $97.5 million.

Meanwhile, Fairborned had a quarterly production of the equivalent of 13,421 barrels of oil versus 14,454 last year.

The seven per cent drop in production reflected the company's decision to shut down about 1,200 barrels of natural gas production due to low market prices compared to record prices achieved a year ago.

Fairborne has operations in Western Canada.