UPDATE 1-Canada's Celtic Exploration posts Q3 loss
* Q3 loss/shr C$0.31 vs yr-ago EPS C$0.75
* Q3 rev falls 45 pct
* Q3 FFO/shr C$0.62 vs C$0.83 yr ago
* Q3 production averaged 15,307 BOE/day
* Sees 2010 production 18,500-18,700 BOE/day
Nov 6 (Reuters) - Canada's Celtic Exploration Ltd (CLT.TO) reported a quarterly loss on Friday, as the oil and gas explorer's funds from operations fell and certain expenses went up.
For the third quarter, the company posted a net loss of C$13.7 million, or 31 Canadian cents a share, compared with net income of C$31.1 million, or 75 Canadian cents a share, a year earlier.
Revenue, before royalties and financial instruments, fell 45 percent to C$40.4 million.
Analysts on average were expecting a loss of 5 Canadian cents a share, before special items, according to Thomson Reuters I/B/E/S.
Funds from operations totaled C$27.9 million, or 62 Canadian cents a share, compared with C$34.2 million, or 83 Canadian cents a share, in the year-ago period.
Production averaged 15,307 barrels of oil equivalent (BOE) per day, compared with 11,604 BOE per day last year.
The company expects 2010 production to average between 18,500 and 18,700 BOE per day.
Celtic said its capital expenditure budget for 2010 would be C$170 million, which might be increased to C$205 million if it gets the Alberta energy regulator's approval to build its proposed gas processing facility at Kaybob in west central Alberta.
Shares of the Calgary, Alberta-based company closed at C$19.15 Thursday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Unnikrishnan Nair )
