TransGlobe's profit rises on output, oil price

Mon May 7, 2012 7:19am EDT
 
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(Reuters) - TransGlobe Energy Corp's TGL.TO quarterly profit rose nearly four times on increased production and higher oil prices.

The oil and gas company, which operates in the Egypt and Yemen, said its first quarter profit rose to $11.0 million, or 15 cents a share, from $2.9 million, or 4 cents a share, a year ago.

Oil and gas sales, net of royalties, rose 46 percent to $77.2 million.

The Calgary, Alberta-based firm's primary assets in Egypt contributed about 98 percent of its first-quarter production.

During the first quarter, total production rose by 49 percent to 16,720 bopd, TransGlobe said.

Like most oil-focused companies, TransGlobe also benefited from a 9 percent year-over-year rise in U.S. crude oil prices.

The company's shares, which have gained more than 50 percent in value this year, closed at C$13.21 on Friday on the Toronto Stock Exchange.

(Reporting by Aftab Ahmed in Bangalore; Editing by Sreejiraj Eluvangal)