03:50 PM EST - Celtic Exploration Ltd. : announced that its first quarter net loss was $5.04 million or $0.12 per share, compared to a loss of $7.38 million or $0.20 per share in the year-ago quarter. Funds from operations for the quarter were $28.1 million or $0.68 per, compared to $28.3 million or $0.74 per share in the same quarter of the previous year. Revenue, before royalties, and before realized and unrealized gains or losses on financial derivatives, for the quarter, was $41.4 million, compared to $57.4 million in the same quarter of the previous year. Funds from operations for 2009 are forecast to be approximately $150.0 million or $3.41 per diluted share, and net earnings are forecast to be approximately $6.3 million or $0.14 per diluted share. Celtic's Board has approved a capital expenditure budget in the amount of $150 million for 2009. Celtic Exploration Ltd.
shares T.CLT are trading down $0.82 at $16.27.
