March 25, 2010 / 11:11 AM / 8 years ago

UPDATE 1-Crocotta Energy swings to Q4 profit

* Q4 EPS C$0.05 vs yr-ago loss C$0.07/shr

* Oil and natural gas sales up 39 pct

March 25 (Reuters) - Canada’s Crocotta Energy Inc CTA.TO swung to a fourth-quarter profit, as stabilizing commodity prices propped up oil and gas revenue.

The oil and natural gas company posted net income of C$3.3 million, or 5 Canadian cents a share, compared with a loss of C$2.5 million, or 7 Canadian cents a share, a year ago.

Oil and natural gas sales rose 39 percent to C$12.1 million.

Analysts on average were expecting a loss of 5 Canadian cents a share, on revenue of C$13.5 million, according to Thomson Reuters I/B/E/S.

Oil and liquids price rose to C$66.58 from C$54.00 a barrel and daily production rose by 53 percent to 1,140 barrels.

The Calgary, Alberta-based company’s shares closed at C$1.33 Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel)

aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5828; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net

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