Tuesday July 29, 2014

Second Wave Petroleum swings to Q3 loss of $3.2M; stock plummets 30%

TORONTO - Stock in Second Wave Petroleum Inc. (TSX:SCS) fell more than 30 per cent Thursday after the Western Canada-focused oil and gas producer reported it swung to a $3.2-million net loss in the third quarter despite higher production and revenue.

Among other things, the company booked an unrealized loss of $2.3 million on derivatives in the quarter compared with a gain of almost $2.9 million in the year-earlier period.

Second Wave said the net loss for the three months ended Sept. 30 amounted to four cents per share. That compared a profit of $899,000 or a penny per share in the same 2011 quarter.

Sales revenue before royalties rose to $10.9 million from $7.9 million.

On the Toronto Stock Exchange, the company's shares closed down 25 cents, or 30.12 per cent, at 58 cents on volume of more than 3.7 million shares.


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