* Q1 EPS $0.05 vs $0.04 year-ago
* Q1 rev rises 32 pct to $122.5 mln
* Q1 avg production 14,372 bopd
* Raises FY11 capital outlook to $357 mln from $355 mln (Follows alerts)
May 10 (Reuters) - Canadian oil exploration and production company Gran Tierra Energy Inc posted a higher quarterly profit helped by an increase in realized crude oil prices and raised its capital expenditure forecast for 2011.
The company, which owns oil and gas properties in Colombia, Argentina and Peru, raised its capital expenditure forecast to $357 million from $355 million.
January-March net income rose to $13.7 million, or 5 cents a share, from $10.0 million, or 4 cents a share, a year ago.
Revenue for the Calgary-based company rose 32 percent to $122.5 million on a 36-percent rise in realized crude oil prices, offsetting lower production.
The company’s quarterly average production, net after royalty, stood at 14,372 barrels of oil per day (bopd), down slightly from 14,908 bopd, a year ago.
Production was hurt by maintenance at the Tumaco Port crude offloading terminal in Colombia, the company said in a statement.
Shares of the company closed at C$6.84 on Monday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore)