Ivanhoe Energy Inc. trimmed its second-quarter loss but oil revenues were down on lower crude prices compared to the same time last year.
The Vancouver-based company, headed by well-known mining financier Robert Friedland, reported a net loss of $11.4-million (U.S.) or 4 cents per share in the second quarter ended June 30.
That compared to a loss of $21.7-million or 9 cents for the same time last year. The company reports in U.S. dollars.
Oil revenue was $6-million, down from $11.7-million last year.
Total revenue and derivative gain was $4.8-million compared to total revenue after derivative loss of $3.3-million.
"Management is very pleased with our progress and with our current position at this stage of the emerging global economic recovery," stated Mr. Friedland, the company's president and CEO.
"We have consolidated and focused our energies on our core heavy-oil business and the development of our two world-class heavy-oil assets: Tamarack in Canada and Pungarayacu in Ecuador."
Ivanhoe recently sold its U.S. oil and gas operations to a division of the National Fuel Gas Company in a deal valued at $40-million. Ivanhoe said the deal will help it focus on its Heavy-to-Light HTL heavy-oil projects.
Ivanhoe's current core operations are in Canada, Ecuador and China.