November 15, 2011 / 12:06 PM / 7 years ago

UPDATE 1-Canacol posts Q1 profit on higher sales volumes

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Nov 15 (Reuters) - South America-focused oil company Canacol Energy posted a first-quarter profit, helped by a rise in average daily sales volumes.

The profit was $13.4 million, or 3 cents a share, compared with a loss of $30 million, or 7 cents a share, a year ago.

Revenue more than doubled to $35.3 million.

Canacol, which also has operations in Guyana and Brazil, said its funds from operations rose about 129 percent to $17.8 million, or 3 cents a share.

Average daily sales volumes rose almost 170 percent to 9,910 barrels of oil per day (boepd).

The Calgary, Alberta-based company backed its 2011 production outlook of 10,500-11,500 net average boepd.

Shares of the company closed at 69 Canadian cents on Monday on the Toronto Stock exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Maju Samuel)

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