* Q4 EPS C$0.39 vs C$0.12 last year
* Q4 revenue jumps 98 pct
* Raises 2011 capex budget to C$493 mln
* Results helped by uptick in horizontal drilling (Adds details)
March 1 - Oil field services company Trican Well Service Ltd said its quarterly profit jumped nearly four-fold, helped by an increase in North American drilling activity and higher oil prices.
Trican posted an October-December profit of C$56.3 million, or 39 Canadian cents a share, compared with C$14.7 million, or 12 Canadian cents a share last year.
Trican, which also operates in Russia and North Africa, posted fourth quarter revenue of C$434.3 million, up 98 percent from last year.
“The growth of horizontal drilling led to steady demand for our services and provided opportunities for pricing increases throughout the year,” the company said in a statement.
Trican added that it raised its 2011 capital budget program by C$120 million to C$493 million.
A surge in oil prices has also boosted earnings and help ease fears that weaker natural gas prices could lead to a slump in spending on new fields.
Industry leaders such as Schlumberger Ltd and its nearest rival Halliburton Co also reported strong results.
Shares of Trican closed at C$22.64 on Monday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi; Editing by Dhara Ranasinghe)