August 10, 2011 / 10:48 AM / in 6 years

UPDATE 1-Crocotta Energy posts Q2 profit on higher production

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Aug 10 (Reuters) - Canadian oil and natural gas company Crocotta Energy Inc posted a second-quarter profit on higher production and said it is on target to meet or exceed its prior forecast for the third quarter.

For the April-June quarter, the company's net income was C$374,000, compared with a loss of C$1.3 million, a year ago.

Funds from operations were C$6.9 million, or 8 Canadian cents a share, up from C$2.5 million, or 4 Canadian cents a share, last year.

Production rose 23 percent to 3,012 barrels of oil equivalent per day (boe/d) due to higher drilling at the Edson field in west central Alberta.

Revenue was up 59 percent to C$12.3 million.

In the second quarter, oil, natural gas liquids and natural gas royalties increased 46 percent to C$1.7 million.

Per unit production cost was C$8.87 per barrel of oil equivalent, down from C$9.64 per barrel of oil equivalent, in the year-ago period.

Shares of the Calgary, Alberta-based company closed at C$2.60 on Tuesday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)

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