August 9, 2011 / 2:32 AM / 6 years ago

UPDATE 1-Petrobakken Q2 profit soars, sees higher production

* Q2 adj EPS C$0.45 vs C$0.02 year-ago

* Q2 rev rises 12 pct to C$275 mln

* Q2 average production drops 17 pct to 35,300 boe/d

* Sees higher production in Q3, Q4 (Follows alerts)

Aug 9 (Reuters) - Canadian oil firm PetroBakken Energy Ltd’s second-quarter profit soared, helped by strong oil prices, and the company said it expects to achieve higher production in the third and fourth quarters.

The company said it expects to reach production rates of 46,000-49,000 barrels of oil equivalent per day (boepd) in the third and fourth quarters.

Adjusted net income for the second quarter rose to C$84.2 million, or 45 Canadian cents a share, from C$3 million, or 2 Canadian cents a share, a year earlier.

Oil and natural gas revenue for PetroBakken, in which Petrobank Energy and Resources has a 59 percent stake, rose 12 percent to C$275 million.

PetroBakken, which is primarily focused on light oil, said average production fell 17 percent to 35,300 boepd, hurt by unusually wet conditions which caused industry wide shut-in production.

Funds from operations dropped slightly to C$153.4 million, or 76 Canadian cents a share, from C$155.7 million, or 78 Canadian cents a share, a year ago.

Shares of Calgary, Alberta-based PetroBakken closed at C$10.29 on Monday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Vinu Pilakkott)

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