April 14, 2011 / 1:53 PM / in 7 years

UPDATE 1-Pan Orient Q4 profit up on higher crude prices

* Q4 EPS C$0.17 VS c$14, last year

* Oil revenue before expenses up 28 pct to C$28.5 mln

April 14 (Reuters) - Pan Orient Energy Corp’s quarterly profit rose 21 percent, helped by higher crude oil prices.

For the quarter ended Dec 31, the company posted net income of C$8.5 million, or 17 Canadian cents a share, up from C$7 million, or 14 Canadian cents a share, a year ago.

The company, which has oil and gas assets in Thailand, Indonesia and in northern Alberta, said oil revenue, before royalties and transportation expense, rose 28 percent to C$28.5 million.

The WTI reference price for crude oil per barrel rose percent to C$85.83 in the quarter, from C$81.42, last year.

Shares of the Calgary, Alberta-based company were trading down 1 Canadian cent at C$6.69 on Thursday on the Toronto Venture Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Prem Udayabhanu)

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