November 3, 2011 / 9:20 PM / 7 years ago

UPDATE 1-Bonavista Energy Q3 profit rises

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Nov 3 (Reuters) - Canada’s Bonavista Energy Corp posted a higher quarterly profit helped by higher average production, and forecast a moderate rise in production for next year.

The Calgary-based company expects production volumes in 2012 to be 74,000-76,000 barrels of oil equivalent per day — 6-7 percent higher than the anticipated 2011 production.

Bonavista also set a preliminary capital expenditure budget of C$400-C$425 million for 2012, and expects to drill 140-150 wells.

Net income for the third quarter was C$31.2 million, or 19 Canadian cents a share, compared with C$24.7 million, or 18 Canadian cents a share, in the year-ago period.

Funds from operations rose 9 percent to C$134.8 million.

Shares of the company closed at C$26.47 on Thursday on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Roshni Menon)

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