May 4, 2010 / 10:20 AM / 8 years ago

UPDATE 1-Fairborne Energy Q1 profit tops market

* Q1 EPS C$0.04 vs est. C$0.01

* Q1 petrol and natural gas rev down 8 pct

May 4 (Reuters) - Canadian oil and natural gas company Fairborne Energy Ltd FEL.TO posted a quarterly profit that topped market estimates, helped by lower operating and transportation costs.

For the first quarter, the company reported a net income of C$3.8 million, or 4 Canadian cents a share, compared with a loss of C$4.7 million, or 5 Canadian cents a share, a year earlier.

Petroleum and natural gas revenue for the quarter fell 8 percent to C$63.4 million, while average production slipped 11 percent to 13,886 barrels of oil equivalent per day.

Analysts on average were expecting earnings of 1 Canadian cent a share, on revenue of C$58.5 million, according to Thomson Reuters I/B/E/S.

The company said its operating costs decreased 37 percent to C$11 million during the quarter, while transportation costs fell by 19 percent to C$1.3 million.

Shares of the Calgary, Alberta-based company closed at C$4.56 Monday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Unnikrishnan Nair)

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