February 27, 2012 / 10:24 PM / 6 years ago

UPDATE 1-BlackPearl Resources posts profit

Feb 27 (Reuters) - Canada’s oil and gas company BlackPearl Resources Inc posted a quarterly profit, helped by an increase in oil prices.

Crude oil prices have risen 43 percent in the past four months.

BlackPearl expects to exit 2012 with 11,000 to 12,000 barrels of oil equivalent per day (boe/d).

Last month, BlackPearl said it missed its 2011 exit target forecast as some of its drilled wells in Onion Lake in Saskatchewan were not brought to production.

Capital spending is expected to be between C$125 million and C$135 million for 2012, the company said in a statement.

Fourth-quarter net income was C$15.5 million, or 5 Canadian cents per share, compared with a loss of C$4.8 million, or 2 Canadian cents per share, a year ago.

Revenue almost doubled to C$58.2 million.

Shares of the company closed at C$4.67 on Monday on the Toronto Stock Exchange.

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