09:53 AM EST - Canext Energy Ltd. : reported a net loss for the first quarter of $938,000 or $0.01 per share, compared to a net loss of $784,000 or $0.01 per share for the year-ago quarter. Funds from operations for the first quarter were $584,000 or $0.01 per share, compared to $2.3 million or $0.03 per share in the prior-year quarter. Revenue for the first quarter fell 36 per cent to $3.45 million from $5.39 million in the same quarter last year. Due to continued weakness in natural gas prices, the company reduced 2009 capital program to $5 million from $7 million. Based on the reduced spending, the company revised its estimated 2009 average production to 1,100 boe/d from 1,200 boe/d. Canext Energy Ltd.
shares V.CXZ are trading even at $0.35.
