May 4, 2012 / 11:50 AM / 6 years ago

UPDATE 1-Vermilion Energy's profit rises on higher production

* Q1 funds flow from ops C$1.54 vs C$1.12 yr ago

* Q1 production up 15 pct to 39,265 boe/d

May 4 (Reuters) - Vermilion Energy Inc’s quarterly profit rose as it produced more oil and gas and benefited from higher oil prices.

The company produced 39,265 barrels of oil equivalent per day (boe/d), up 15 percent, due to higher production from its Cardium light oil project and the closing of asset acquisitions in France.

Vermilion also increased its capital budget for the year to C$450 million from $373 million.

Fund flow from operations for the first quarter rose to C$151.1 million ($153.14 million), from C$101.8 million a year ago.

Vermilion earned C$65.1 million, or 67 Canadian cents per share, compared with C$27.2 million, or 30 Canadian cents per share, a year earlier.

First quarter petroleum and natural gas revenue rose 37 percent to C$310.5 million.

Analysts on average were expecting earnings of 87 Canadian cents per share on revenue of C$252.7 million, according to Thomson Reuters I/B/E/S.

In the January-March quarter, U.S. crude oil prices rose 9 percent from last year to average $103 per barrel.

Shares of the Calgary, Alberta-based company closed at C$46.98 on Thursday on the Toronto Stock Exchange.

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