August 4, 2011 / 11:18 AM / in 7 years

UPDATE 1-Petrominerales Q2 profit lags market view

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Aug 4 (Reuters) - Canadian oil and gas producer Petrominerales Ltd’s quarterly profit trailed analysts’ expectations, hurt by lower crude output.

The company, which bought a 5 percent stake in Colombia’s Ocensa crude oil pipeline in June, said average production for the quarter fell 9 percent to 40,308 barrels of oil per day (bopd).

The Latin America-focused oil and gas producer’s April-June profit rose to $215.7 million, or 99 cents a share, from $95.7 million, or 93 cents a share, last year.

The quarterly profit included a non-cash gain of $101.8 million from new accounting treatment for its convertible debentures under International Financial Reporting Standards.

Adjusted net income was $113.9 million, or 93 cents a share, missing analysts’ expectations of $1.12 a share, according to according to Thomson Reuters I/B/E/S.

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 .

However, crude oil revenue rose 19 percent to 378 million, ahead of analysts’ estimates of 369.2 million, amid soaring oil prices.

The Bogota, Colombia-based company’s shares closed at C$28.88 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Viraj Nair)

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