March 16, 2011 / 1:48 PM / in 7 years

UPDATE 2-Crescent Point posts surprise loss; sees higher '11 output

* Q4 loss/share C$0.21 vs est EPS C$0.15

* Sees 2011 production up 18 pct

* Shares up more than 1 percent

March 16 (Reuters) - Oil company Crescent Point Energy Corp reported a surprise quarterly loss, in part because of higher expenses, and said it expects production to rise 18 percent this year.

The company’s fourth-quarter loss was C$54.3 million, or 21 Canadian cents a share, compared with a loss of C$4 million, or 2 Canadian cents a share, a year earlier.

Analysts, on average, were expecting the company to earn 15 Canadian cents a share, according to Thomson Reuters I/B/E/S. A company official was not immediately available for comment.

The Calgary, Alberta-based company’s FFO rose 38 percent to C$263.2 million, or 98 Canadian cents a share.

Production rose 34 percent to 69,770 barrels of oil per day.

Crescent Point, which produced 61,623 barrels of oil equivalent per day (boepd) this year, forecast 2011 production of 72,500 boepd.

The company also forecast 2011 funds from operations (FFO) for 2011 at $1.1 billion, or C$4.08 a share, compared with C$882.9 million, C$3.70 last year.

The company, which set its 2011 capital budget at C$800 million, said it will spend 62 percent of this in the Viewfield Bakken shale oil fields in Saskatchewan, Canada.

Last year, the company bought the 79 percent of private oil producer Shelter Bay Energy it did not already own for C$1.1 billion, including debt, to boost its position in the Bakken field.

The company’s shares rose about 2 percent at C$45.48 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore. Editing by Robert MacMillan;; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:

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