May 5, 2010 / 9:12 PM / 8 years ago

UPDATE 1-Angle Energy Q1 earnings trail estimates

* Q1 EPS C$0.03 vs est C$0.05

* Q1 commodity rev up 30 pct to C$27.8 mln

* Raises FY exit rate production outlook

May 5 (Reuters) - Calgary-based oil and gas explorer Angle Energy Inc NGL.TO posted quarterly earnings that missed market expectations, hurt by higher expenditures, and said it raised it full-year exit rate production outlook.

For the first quarter ended March 31, the company posted net income of C$1.6 million, or 3 Canadian cents a share, compared with net loss of C$689,000, or 2 Canadian cents a share a year ago.

Commodity revenue for the quarter was up 30 percent to C$27.8 million.

Analysts on average were expecting earnings of 5 Canadian cents a share on revenue of C$27.6 million, according to Thomson Reuters I/B/E/S.

Capital expenditure for the quarter increased to C$85.3 million from C$17.8 million.

Angle raised its full-year exit rate production view to over 11,000 barrels of oil per day (boe/d) from over 10,000 boe/d as a result of successful first-quarter drilling, it said in a statement.

However, the average production outlook for the year remains 9,300 boe/d to 9,500 boe/d, the company added.

Shares of the company closed at C$7.98 Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Don Sebastian)

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