Legacy Oil + Gas posts profit, output to rise this year

Mon May 14, 2012 9:53am EDT
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(Reuters) - Legacy Oil + Gas Inc LEG.TO posted a first-quarter profit on increased production and higher prices and forecast production to grow 29 percent in 2012.

The company's average production for 2011 was 12,650 barrels of oil equivalent per day.

Legacy Oil posted profit of C$1.3 million, or 1 Canadian cent per share, compared with a loss of C$2.9 million, or 2 Canadian cents per share, a year earlier.

Petroleum and natural gas sales, net of royalties, rose 37 percent to C$95 million.

Average production rose to 16,370 boe/d from 12,854 boe/d a year earlier.

The company's average realized price rose 7 percent to C$76.79 per boe.

Legacy's shares, which have fallen 30 percent so far in 2012, were down 5 percent at C$7.30 on Monday on the Toronto Stock Exchange.

(Reporting by Ankur Banerjee in Bangalore; Editing by Sreejiraj Eluvangal)