May 18, 2011 / 1:44 PM / 6 years ago

UPDATE 1-Daylight Energy Q1 revenue falls on lower production

* Q1 production 39,257 boe/d vs 39,760 boe/d last year

* Sees Q2 production of 36,500 boe/d

* Q1 oil and gas rev down 7 pct at C$158.4 mln

* Raises capex budget for year by 17 percent

May 18 (Reuters) - Daylight Energy Ltd posted a 7 percent fall in quarterly oil and gas revenue, hurt by weak natural gas prices and temporary shut-ins at a gas plant, and said it sees lower second-quarter production.

The shut-ins at the K3 gas plant from early March to mid-April affected first-quarter production, which came in at 39,257 barrels of oil equivalent a day (boe/d), down from 39,760 boe/d, last year.

The company sees second-quarter production of about 36,500 boe/d. It had produced 42,273 boe/d in the comparable quarter last year.

The Calgary, Alberta-based company said first-quarter oil and natural gas revenue came in at C$158.4 million, down from C$170.93 million, last year.

The company raised its capital expenditure budget for the year by 17 percent to C$350 million. It backed its operating cost outlook of C$9.50-C$9.90 per boe.

Daylight’s shares were up 13 Canadian cents at C$10.30 in morning trade on Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Maju Samuel)

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