March 15, 2012 / 1:53 AM / 6 years ago

UPDATE 1-Pacific Rubiales posts higher quarterly profit

March 14 (Reuters) - Canadian oil and gas producer Pacific Rubiales posted higher fourth-quarter profit on increased production at its Rubiales and Quifa SW oil fields.

The company posted a net profit of $80.8 million, or 28 cents a share, compared with $61.3 million, or 22 cents a share, a year ago.

Excluding items, the company earned 60 cents a share.

Oil and gas sales almost doubled to $1 billion.

Production, after royalties for 2011, rose 52 percent, averaging 86,497 barrels of oil equivalent per day.

Cash flow, a measure of a company’s ability to fund operations, rose 35 percent to $477.5 million.

Shares of the company, which are also listed on the Colombian Stock Exchange, closed at C$30.22 on Wednesday on the Toronto Stock Exchange.

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