March 8, 2012 / 1:48 PM / 6 years ago

UPDATE 1-TransGlobe 4th-qtr profit up on higher output, prices

* Q4 EPS $0.41 vs $0.13 last year

* Q4 sales rise 34 percent

* Sees 2012 output at 16,000-20,000 bopd vs 12,132 bopd in 2011

March 8 (Reuters) - TransGlobe Energy Corp’s quarterly profit rose more than three times, helped by increased production and higher oil prices, and the Canadian company said it expects 2012 output to rise by up to 65 percent.

The oil and gas company, which operates in the Egypt and Yemen, expects 2012 production to average between 16,000 barrels of oil per day (bopd) and 20,000 bopd, up from 12,132 bopd in 2011.

The company also expects an 11 percent rise in its funds flow from operations in 2012.

The Calgary, Alberta-based firm’s primary assets are in Egypt, which contributed about 90 percent of its 2011 production. Last year’s production was hit by political turmoil in Yemen, the company said.

During the fourth quarter, total production rose 12 percent to 12,054 bopd, TransGlobe said.

Like most oil-focused companies, TransGlobe also benefited form a 17 percent rise in U.S. crude oil prices in the October-December period.

Profit rose to C$30.5 million, or 41 cents a share, from $8.9 million, or 13 cents a share, a year ago.

Oil and gas sales, net of royalties, rose 34 percent to $60.6 million.

The company’s shares, which have gained more than 40 percent in value in the last three months, closed at C$11.31 on Wednesday on the Toronto Stock Exchange.

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