May 13, 2011 / 10:52 AM / in 7 years

UPDATE 1-Enerplus reports Q1 profit on higher crude oil prices

* Q1 EPS C$0.17 vs loss/shr C$1.05 year-ago

* Q1 oil and gas sales fall slightly to C$46.92 mln

* Q1 production falls 11 pct to 75,483 boe per day

* Reiterates 2011 production forecast

* Continues to expect 78,000-80,000 boe/d (Follows alerts)

May 13 (Reuters) - Enerplus Corp , the No. 4 Canadian oil and gas company, reported a quarterly profit, helped by higher crude prices.

January-March profit was C$30.0 million, or 17 Canadian cents a share, compared with a loss of C$184.0 million, or C$1.05 a share, a year ago.

Oil and gas sales dropped slightly to C$46.92 million.

The company, which has operations in western Canada and the United States, said production fell 11 percent to 75,483 barrels of oil equivalent (boe) per day.

Enerplus said the production was lower due to the sale of over 10,400 boe per day of non-core production, which occurred late in 2010.

Crude oil prices in the quarter were C$77.69 per barrel, compared with C$73.86 a barrel in the year-ago quarter.

Enerplus, which was formerly a fund, converted to a corporation in January this year.

Shares of the company closed at C$29.14 on Thursday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Maju Samuel)

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