Iteration Energy Ltd. (TSX-ITX) has narrowed its fourth-quarter and full-year 2009 loss despite an big drop in revenue as a result of lower prices.
The Calgary-based oil and natural gas producer saw its Q4 loss shrink to $9.1 million or four cents a share from $244.9 million or $1.48 a share in the comparable 2008 quarter.
Revenues were just under $51 million in the three months ended Dec. 31, down from $70.7 million in the prior-year period.
For the full year, the loss was trimmed to $62.9 million or 32 cents a share from $215.8 million or $1.46 as share. Full-year revenue plummeted to $196.7 million in 2009 from $361.8 million in 2008
Average production for the year was 16,153 barrels of oil equivalent per day, a one per cent decrease from 2008.
Funds from operations for the year were $49.3 million, representing a 71 per cent decrease from 2008, primarily due to lower commodity prices. Year end net debt was $196.8 million.
Iteration Energy's stock was off four cents at $1.56 at midday Friday after having risen six cents Thursday in active trading that saw more than 6.2 million shares change hands.
