May 9, 2012 / 11:08 AM / 6 years ago

UPDATE 1-Surge Energy posts profit on higher output

May 9 (Reuters) - Oil and gas company Surge Energy Inc reported a profit on higher crude and natural gas liquids production and the company said it expects to double its funds from operations in 2012.

First-quarter profit was C$2.7 million, or 4 Canadian cents per share, compared with a loss of C$502,000, or 1 Canadian cent per share last year.

Revenue at the company, which has operations in Alberta, Manitoba and North Dakota, doubled to C$51.1 million.

Total production rose 77 percent to 9,009 barrels of oil equivalent per day. Oil and natural gas liquids output doubled to 6,110 barrels per day.

Surge’s result was also helped by 9 percent rise in U.S. crude oil prices.

The company forecast 2012 funds from operations of C$120 million. Last year it reported FFO of C$57.8 million.

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