11:50 AM EST - Enterra Energy Trust : reported a first-quarter net loss of $62.8 million amid lower natural gas prices, higher production expenses, pipeline and equipment failures and rising administrative and interest costs. Enterra said Tuesday its January-March revenue was $44 million, down eight per cent from a year earlier. Sales by volume expanded 18 per cent to average 11,856 barrels of oil equivalent per day, 61 per cent natural gas, due the acquisition of Oklahoma assets early last year. Enterra's average oil price was up one per cent while its gas price declined seven per cent and production costs swelled 59 per cent to $14.59 per boe. The $62.8-million net loss equated to $1.12 per unit, compared with year-ago earnings of $2.2 million, six cents per unit. "Although we have made some progress to date towards controlling and managing our costs, our first quarter results clearly show the areas that we need to focus on over the balance of the year," stated CEO Keith Conrad. Enterra Energy Trust
units ENT.UN:CA are trading down one cent at $5.78.
