November 6, 2009 / 2:33 PM / 9 years ago

UPDATE 1-Gran Tierra Energy posts Q3 loss

* Q3 loss $0.01/shr vs. yr-ago EPS $0.20

* Cuts 2009 capital program

Nov 6 (Reuters) - Canadian oil exploration and production company Gran Tierra Energy Inc (GTE.TO) posted a surge in its funds flow from operations for the third quarter, but reported a net loss due to foreign exchange losses.

Funds flow from operations for the quarter was $53.1 million, compared with $17.8 million for the same period in 2008.

The Calgary-based company, however, reported a quarterly loss of $2.8 million, or 1 cent a share, compared with a profit of $23.0 million, or 18 cents a share, last year.

Results included an $18.9 million foreign exchange loss due to a $20.3 million non-cash unrealized foreign exchange loss, primarily related to the acquisition of Solana Resources.

Quarterly revenue surged 87 percent to $75.4 million, reflecting a 209 percent increase in production.

The company said it benefited from increased production at its Costayaco field in the Chaza Block in Colombia.

Gran Tierra, however, cut its 2009 capital program to $95 million primarily as a result of deferring expenditures into 2010. In August, it had expected $151 million.

Shares of Gran Tierra, which holds interests in producing and prospective properties in Argentina, Colombia and Peru, closed at C$5.37 Thursday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Maju Samuel)

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