Crocotta Energy profit rises on higher output

Thu Aug 9, 2012 6:25am EDT
 
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(Reuters) - Oil and gas company Crocotta Energy Inc's CTA.TO second-quarter profit almost tripled on higher oil and natural gas production.

Net income rose to C$1.1 million, or 1 Canadian cent per share, up from C$374,000, or a break even per share, a year earlier.

Oil and natural gas sales at the company, which operates primarily in west-central Alberta and northeast British Columbia, rose 43 percent to C$17.5 million.

Production rose to 6,604 barrels of oil equivalent per day (boepd) from 3,012 boepd a year earlier.

Shares of the Calgary, Alberta-based company, which has a market value of C$243.3 million, closed at C$2.77 on Wednesday on the Toronto Stock Exchange.

(Reporting by Krithika Krishnamurthy in Bangalore; Editing by Roshni Menon)