Lone Pine Resources (LPR -33%) gets pounded today after the Canadian oil and gas company reported a Q2 net loss of -$0.14 per share. Revenues fell nearly 14% to $42.4M, due largely to declines in natural gas prices and volumes. The company also reduced its FY12 capital budget by about $40M to around $160M to $175M, saying that going forward it plans to focus on cost-efficient infield drilling opportunities at its Evi properties in the Peace River Arch in Northern Alberta.
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