March 17, 2011 / 12:23 PM / 7 years ago

UPDATE 1-Spartan Exploration Q4 profit soars as output rises five-fold

* Q4 EPS C$0.11 vs C$0.01

* Q4 rev quadruples

* Q4 output 1,855 boepd vs 383 boepd last year (Follows alerts)

March 17 (Reuters) - Canadian oil and natural gas explorer Spartan Exploration Ltd posted better quarterly profit as production rose five-fold on increased drilling in central Alberta’s Pembina area.

October-December earnings stood at C$3.52 million, or 11 Canadian cents a share, compared with $0.24 million, or 1 Canadian cent a share, a year ago.

Revenue for the quarter quadrupled to $11.6 million as output shot up to 1,855 barrels of oil equivalent per day (boepd) from 383 boepd, a year ago.

The company said it has drilled 10 wells in Pembina this year and expects to drill 22 more.

Shares of the Calgary, Alberta-based company, up nearly 60 percent in the last year, closed at C$5.40 on Wednesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Joyjeet Das)

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