April 14, 2011 / 12:43 PM / in 7 years

UPDATE 1-Novus Energy posts Q4 profit on higher production

* Q4 EPS C$0.04 vs loss/shr C$0.04, last year

* Q4 rev soars to C$7.98 mln (Follows alerts)

April 14 (Reuters) - Canadian oil and gas company Novus Energy Inc posted a quarterly profit, helped by higher production.

For the quarter ended Dec 31, the western Canada focused-company posted net income of C$7.3 million, or 4 Canadian cents a share, compared with a net loss of C$2.2 million, or 4 Canadian cents a share, a year ago.

Production rose more than five-folds to 1,571 barrels of oil equivalent per day (boepd), and revenue was C$7.98 million, up from C$1.16 million a year ago.

Last month, the company said it would spend C$60 million on oil development activities and forecast 2011 average production rate of 2,400 boepd, compared with 1,115 boepd last year. [ID:nL3E7EF2IS]

Shares of Alberta-based company closed at C$1.15 on Wednesday on the Toronto Venture Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Prem Udayabhanu)

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