May 13, 2011 / 12:38 PM / 7 years ago

UPDATE 1-Bankers Petroleum posts Q1 profit as output surges

* Q1 EPS $0.044 vs loss $0.002 yr ago

* Q1 rev up 107 pct to $72.7 mln

* Q1 production 11,894 bopd, up 44 pct (Follows alerts)

May 13 (Reuters) - Canadian oil and gas company Bankers Petroleum posted a quarterly profit driven by increased production.

January-March net income was $11.2 million, or 4.4 cents a share, compared with a net loss of $363,000, or a fifth of a cent per share, a year ago.

Oil revenue more than doubled to $72.7 million.

Production for the quarter rose 44 percent, averaging 11,894 barrels of oil per day (bopd). Exit production at end-March was 13,500 bopd.

Analysts on average were expecting earnings of 6 cents a share, on revenue of $73.5 million, according to Thomson Reuters I/B/E/S.

Shares of Calgary, Alberta-based Bankers closed at C$7.42 on Thursday on the Toronto Stock Exchange, their lowest since mid-December. (Reporting by Abhiram Nandakumar in Bangalore, Editing by Ian Geoghegan)

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