UPDATE 1-Equal Energy posts Q2 loss, raises capex

* Q2 loss/shr C$0.19

* Revenue up 14 pct to C$35.7 mln

* Says increased capex to C$50 mln for 2010

Aug 13 (BestGrowthStock) – Canada’s Equal Energy Ltd (EQU.TO: ),
which converted to a corporate from Enterra Energy Trust
earlier this year, posted a quarterly loss and raised its
capital expenditure for the full year.

The oil and gas explorer now expects capital expenditure of
C$50 million ($47.80 million), up from C$40 million expected
earlier. It expects to drill as many as 16 wells in the second
half of 2010.

For the second quarter ended June 30, Equal Energy posted a
net loss C$4.1 million, or 19 Canadian cents per share.

For the same period last year, Enterra’s net loss was
C$14.4 million, or 69 Canadian cents per trust unit.

Revenue at the company rose 14 percent to C$35.7 million.

Two analysts were expecting the company to post a loss of 3
Canadian cents per share on revenue of C$43.6 million,
according to Thomson Reuters I/B/E/S.

Average quarterly production was 9,570 barrels of oil
equivalent per day (boe/d), down from 10,059 boe/d a year ago.

Shares of the Calgary, Alberta-based company were trading
at C$5.72 Friday morning on the Toronto Stock Exchange.
($1=1.046 Canadian Dollar)
(Reporting by Abhiram Nandakumar in Bangalore; Editing by Don
Sebastian)

UPDATE 1-Equal Energy posts Q2 loss, raises capex