March 11, 2010 / 11:27 PM / 7 years ago

UPDATE 1-Bonterra Q4 profit jumps on tax gains, asset sale

* Sees 2010 production of 5,700-6,000 boe/d

* Says plans to spend C$40 mln-C$50 mln on development

* Q4 EPS C$2.85 vs C$0.62 yr-ago

* Q4 oil and gas rev at C$24.9 mln

March 11 (Reuters) - Canadian oil and gas company Bonterra Energy Corp (BNE.TO) reported a near five-fold jump in fourth-quarter earnings, helped by a tax credit recovery and a property sale.

The company also forecast 2010 production of 5,700 and 6000 barrels of oil equivalent per day (boe/d).

Bonterra said it plans to spend C$40.0 million ($39.1 million) to C$50.0 million to develop its oil and gas properties in 2010.

For the quarter ended Dec. 31, the company earned C$52.1 million, or C$2.85 per share, compared with C$10.6 million or 62 Canadian cents per share, a year ago.

Bonterra said it gained C$27.7 million from an investment tax credit recovery and C$24.2 million from the sale of a portion of its Shaunavon property at southwestern Saskatchewan in the latest fourth quarter.

Oil and gas revenue rose 10 percent to C$24.9 million.

Shares of the Calgary, Alberta-based company, which converted to a corporation in January, closed up 1 percent at C$36.25 Thursday on the Toronto Stock Exchange. ($1=1.024 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Gopakumar Warrier)

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