June 16, 2011 / 12:33 PM / in 7 years

UPDATE 1-Surge Energy Q1 FFO jumps; ups 2011 output forecast

* Q1 FFO C$9.8 mln vs C$6 mln last year

* Q1 rev up 85 pct

* Raises 2011 output outlook (Follows alerts)

June 16 (Reuters) - Oil and gas company Surge Energy Inc’s quarterly funds from operations (FFO) rose 62 percent, partly helped by higher realized oil and natural gas liquids prices, and it raised its 2011 production outlook.

Surge, which has operations in Alberta, Manitoba and North Dakota, increased its 2011 average output forecast by 500 barrels of oil equivalent per day to 6,000 boe/d.

It also raised its full-year exit target to 7,500 boe/d, up from its earlier view of 6,500 boe/d.

The light oil-focussed company acquired Valhalla light oil asset in western Alberta last year and bought two sections of land at Windfall in June.

First-quarter FFO rose to C$9.8 million ($10 million), or 17 Canadian cents a share, from C$6 million, or 33 Canadian cents a share, a year ago.

Outstanding shares more than tripled to 56,095 from last year.

Revenue rose 85 percent to C$25.8 million.

Shares of the company closed at C$9.33 on Wednesday on the Toronto Venture Exchange. ($1 = 0.979 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

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