May 3, 2012 / 8:33 PM / in 6 years

UPDATE 1-Bonavista Energy profit up on higher production

May 3 (Reuters) - Oil and gas company Bonavista Energy Corp posted a 37 percent rise in first-quarter profit, helped in part by higher production.

For the January-March quarter, the company earned C$43.7 million ($44.3 million), or 26 Canadian cents per share, compared with C$32 million, or 20 Canadian cents per share, a year ago.

Production revenue fell 5 percent to C$227 million.

For the quarter, the company produced 70,202 barrels of oil equivalent per day (boe/d), compared with 66,178 boe/d, a year ago.

Bonavista’s reserves at end of 2011, were 61 percent natural gas and 39 percent oil and natural gas liquids.

Shares of the company, which has a market value of about $2.70 billion, closed at C$17.88 on Thursday on the Toronto Stock Exchange.

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