May 18, 2011 / 10:05 PM / 7 years ago

UPDATE 1-Angle Energy Q1 profit rises on production

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May 18 (Reuters) - Oil and natural gas company Angle Energy Inc’s first-quarter profit rose 20 percent, helped by higher production.

January-March profit rose to C$4.2 million, or 6 Canadian cents a share, from C$3.5 million, or 6 Canadian cents a share.

Oil and gas revenues rose 58 percent to C$44.1 million.

Oil production rose 3-times averaging 1,035 barrels a day, while total oil and natural gas liquids production increased by 58 percent to 4,967 barrels a day.

Capital spending for the period was C$37.5 million, which included the drilling of seven wells.

Shares of Calgary-based closed at C$8.98 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Prem Udayabhau)

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