November 9, 2011 / 9:30 PM / 7 years ago

UPDATE 1-Birchcliff Energy Q3 profit doubles

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Nov 9 (Reuters) - Canada’s Birchcliff Energy’s third-quarter profit more than doubled, helped by higher average production, but the company expects full-year production to be lower than its initial estimates due to severe weather conditions.

The company expects average 2011 production to be 18,100-18,200 barrels of oil equivalent per day (boepd), slightly below its previous forecast of 18,500 boepd.

For the third-quarter, the oil and gas explorer recorded a net profit of C$11.4 million, or 9 Canadian cents a share, compared with C$5.5 million, or 4 Canadian cents, a year ago.

Revenue rose about 31 percent to C$64 million.

The company expects to exit 2012 with a production of about 28,000 boepd.

Shares of the company closed at C$14.71 on Wednesday on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Roshni Menon)

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