(Reuters) - TransGlobe Energy Corp’s TGL.TO quarterly profit rose more than three times, helped by higher production and oil prices, and the Canadian oil and gas company expects 2012 output to rise by up to 65 percent.
The company expects 2012 production to be 16,000 barrels of oil per day (bopd) to 20,000 bopd, up from 12,132 bopd in 2011.
Oct-Dec profit rose to C$30.5 million, or 41 cents a share, from $8.9 million, or 13 cents a share a year ago.
Oil and gas sales, net of royalties, rose 34 percent to $60.6 million.
Reporting by Aftab Ahmed in Bangalore; Editing by Saumyadeb Chakrabarty