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)