May 18, 2011 / 8:44 PM / 7 years ago

UPDATE 1-Birchcliff Q1 profit beats Street; sees higher capital spend

* Q1 EPS $0.08 vs est $0.01

* Production up 70 pct in quarter

* Sees 43 pct higher capital exp in 2011 (Follows alerts)

May 18 (Reuters) - Canada’s Birchcliff Energy Ltd posted first-quarter results that breezed past estimates on higher production, and the oil and gas explorer raised its full-year capital expenditure by about 43 percent.

For the full-year, the company raised its capital expenditure to C$227 million from its prior forecast of C$159 million.

For the first quarter, the Calgary, Alberta-based company posted a net profit of C$9.6 million, or 8 Canadian cents a share, up from C$4.5 million, or 4 Canadian cents a share, last year.

Analysts on an average were expecting the company to earn 1 Canadian cent a share, according to Thomson Reuters I/B/E/S.

Production rose about 70 percent in the quarter.

Birchcliff shares closed at C$12.62 on Wednesday on the Toronto Stock Exchange. (Reporting by Vaishnavi Bala in Bangalore; Editing by Roshni Menon)

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