March 24, 2011 / 1:36 PM / 7 years ago

UPDATE 1-Midway posts Q4 profit as production triples

* Q4 EPS C$0.06 vs loss/shr C$0.04

* Production increases three-fold to 2,978 boepd

* Revenue up more quadruples to C$15.2 mln (Follows alerts)

March 24 (Reuters) - Canadian oil explorer Midway Energy Ltd reported a fourth-quarter profit as production more than tripled.

For the October-December quarter, Midway Energy reported a net income of C$4.2 million, or 6 Canadian cents a share, compared with a loss of C$2.3 million, or 4 Canadian cents a share, a year ago.

The company said total petroleum and natural gas revenue surged to C$15.2 million, from C$3.7 million a year ago, as production increased to 2,978 boe per day (boepd) from 951 boepd, a year ago.

As of Dec. 31, Midway had total proved plus probable reserves of 16,707 million barrels of oil equivalent.

The Calgary, Alberta-based company’s shares closed at C$4.91 on Wednesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Sriraj Kalluvila)

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