August 15, 2011 / 1:12 PM / 7 years ago

UPDATE 1-Anderson Energy posts Q2 profit on higher crude prices

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Aug 15 (Reuters) - Canada’s Anderson Energy swung to a profit — it’s first in 11 quarters — as the oil and gas explorer sold more oil at higher prices.

April-June profit was C$5.9 million ($5.95 million), or 3 Canadian cents a share, compared with a loss of C$4.8 million, or 3 Canadian cents a share, last year.

Revenue, net of royalties, rose 49 percent to C$27.8 million.

Anderson Energy’s oil sales more than tripled to 1,759 barrels of oil per day, at a time when spot oil prices CLc1 rose 32 percent to average $103.49 per barrel.

Total production rose 5 percent to 7,758 barrels of oil equivalent per day (boe/d).

The company also said it will continue to focus on light oil horizontal oil drilling, as natural gas prices NGc1 remain weak.

The company said its third-quarter production will be hurt by a planned one month plant turnaround at Buck Lake, in central Alberta, which represents 500 boe/d for the duration.

Shares of the Alberta-based company closed at 69 Canadian cents a share on Friday on the Toronto Stock Exchange. ($1 = 0.991 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Roshni Menon)

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