May 12, 2011 / 11:51 AM / 7 years ago

UPDATE 1-Petrominerales' Q1 adj profit beats view on higher production

* Q1 adj EPS $0.82 vs est $0.77

* Q1 production up 7 pct at 40,802 bopd (Follows alerts)

May 12 (Reuters) - Canadian oil and gas producer Petrominerales Ltd’s quarterly profit beat analysts’ estimates as production rose despite transportation limitations on crude oil throughout the Llanos basin in Colombia.

Petrominerales said the Capybara-2 well at its Castor block flowed at rates of over 4,000 barrels of oil per day (bopd). The company intends to start producing from the well by May-end.

The company said average production for the quarter rose 7 percent to 40,802 bopd. April production averaged 39,776 bopd.

Adjusted net income for the quarter was up 11 percent to $103.5 million, including a non-cash loss from a convertible bond and a four-year Colombian equity tax.

On an adjusted basis, net income was 82 cents per share, compared with estimates of 77 cents per share, according to Thomson Reuters I/B/E/S.

Quarterly funds flow from operations was $181.8 million, or $1.49 per share, up from $140.1 million, or $1.34 a share, a year ago.

Net income fell 61 percent to $36.8 million, or 34 cents a share.

The company, which has 15 exploration blocks in Colombia’s Llanos and Putumayo basins and five in Peru, is a 66 percent-owned subsidiary of Petrobank Energy and Resources .

Shares of Petrominerales closed at C$30.90 on Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)

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