May 4, 2010 / 10:32 PM / in 8 years

UPDATE 1-NAL Oil & Gas Q1 profit jumps, backs FY capex outlook

* Q1 earnings/unit C$0.21 vs C$0.31/unit, yr ago * Revenue up 70 pct to C$136.9 mln

* Sees 2010 capex of C$210 mln

* Sees 2010 production of 29,500-30,500 boe/d

May 4 (Reuters) - NAL Oil & Gas Trust NAE_u.TO posted a surprise jump in quarterly profit, helped by a 26 percent increase in production, and backed its earlier 2010 outlook.

For the first quarter, the company earned C$29.3 million ($28.61 million), or 21 Canadian cents per unit, compared with C$4.7 million, or 5 Canadian cents apiece a year ago.

Funds from operations fell to 51 Canadian cents per unit from 62 Canadian cents per unit, from the year-ago period.

Revenue soared 70 percent to C$136.9 million.

Analysts on average were expecting the company to earn 7 Canadian cents per unit on revenue of C$133.6 million, according to Thomson Reuters I/B/E/S.

Quarterly production was up 26 percent to 30,120 boe/d, NAL said in a statement.

The company, which competes with Milord Real Estate Development Group Co, recently raised C$100 million in bought deal financing and plans to use the proceeds to fund an increased 2010 capital budget.

For 2010, the company expects production of 29,500 barrels of oil equivalent (boe/d) to 30,500 boe/d and net capital expenditure of $210 million.

Units of the Calgary, Alberta-based NAL closed at C$12.27 Tuesday on the Toronto Stock Exchange. ($1=1.024 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)

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