June 2, 2011 / 9:50 PM / in 6 years

UPDATE 1-Bonterra Energy's Q1 jumps on output rise

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* Q1 C$0.69 vs C$0.40 last year

* Q1 rev up 40 percent

Jun 2 (Reuters) - Canadian oil and gas company Bonterra Energy Corp’s quarterly profit jumped helped by a rise in production.

January-March profit rose to C$13.6 million ($13.9 million), or 69 Canadian cents a share, from C$7.6 million, or 40 Canadian cents a share, last year.

Revenue from oil and gas sales rose 40 percent to C$38.2 million.

Bonterra, which has a market cap of C$1.2 billion, is the third-largest operator in the Pembina Cardium field, Canada’s largest conventional light oil field.

The company’s average production rose 27 percent to 6,350 barrels of oil equivalent per day.

Capital expenditure for the quarter was more than one-third of its 2011 budget of C$50-$60 million for the Cardium project.

The company said capital expenditure in the second quarter will be substantially lower, but expects production volumes to rise in the quarters ahead.

Natural gas prices NGc1 averaged $4.19 per million British thermal units (mmBtu) in the first quarter, down 19 percent from last year.  U.S. crude oil prices CLc1, meanwhile, soared by about a fifth to average $94.60 a barrel.

Shares of the Calgary, Alberta-based company closed at C$61.57 on Thursday on the Toronto Stock Exchange. ($1 = 0.978 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

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