April 28, 2011 / 11:02 AM / 7 years ago

UPDATE 1-MEG Energy's Q1 net jumps 23 times as bitumen output doubles

* Q1 EPS C$0.23 vs C$0.0 yr ago

* Q1 production 27,653 bbl/d

* Backs FY production view

April 28 (Reuters) - Canadian oil sands developer MEG Energy Corp said its first-quarter profit rose 23 times, buoyed by a surge in bitumen production, and backed its full-year output forecast.

The company reaffirmed its production outlook of 25,000-27,000 barrels of bitumen per day (bbl/d) and capital investment of about C$900 million ($947.2 million).

The company earned C$45.4 million, or 23 Canadian cents per share, compared with C$1.9 million, or 1 Canadian cent a share, a year ago.

Operating earnings were 11 Canadian cents per share.

Production in the quarter averaged 27,653 bbl/d, double of what it produced a year ago.

MEG attributed the rise in production rates to the expansion of its Christina Lake project in the Athabsca region in Canada.

Analysts on average were expecting the company to earn 11 Canadian cents a share, according to I/B/E/S.

Shares of the Calgary, Alberta-based company closed at C$49.53 on Wednesday on the Toronto Stock Exchange. ($1 = 0.950 Canadian Dollars) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Joyjeet Das)

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