November 8, 2011 / 10:30 PM / 7 years ago

UPDATE 1-NAL Energy Q3 FFO rises

Nov 8 (Reuters) - Canada’s NAL Energy Corp reported higher quarterly funds from operations (FFO), helped by increased oil volumes and better production results at its Alberta and British Columbia projects.

Third-quarter funds from operations rose to C$64.7 million, or 40 Canadian cents a share, from C$59.7 million, or 38 Canadian cents a share, a year ago.

Net income rose about 32 percent to C$11 million, while revenue was up 11 percent to C$130.4 million.

NAL forecast full-year capital expenditures at about C$240 million and said it expects to exit production in 2011 with about 29,000 barrels of oil equivalent per day.

Shares of the company closed at C$9.31 on Tuesday on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Joyjeet Das)

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