May 6, 2010 / 12:55 PM / in 8 years

UPDATE 1-TransGlobe Energy posts Q1 profit, funds flow jumps

* Q1 oil revenue up 117 pct

* Q1 production up 10 pct

* Sees 2010 production of 10,000-10,500 Bopd

May 6 (Reuters) - Canadian oil and gas company TransGlobe Energy Corp (TGL.TO) (TGA.O) posted a quarterly profit, helped by an increase in production, and reported a 121 percent jump in funds flow.

For 2010, the company expects production to average between 10,000 and 10,500 barrels of oil per day (Bopd).

For the first quarter, net income was $11.6 million, or 17 cents a share, compared with a loss of $5 million, or 8 cents a share, a year ago.

Analysts on average were expecting earnings of 24 cents a share, according to Thomson Reuters I/B/E/S.

Oil revenue for the company, which has properties in the Middle East and North Africa, more than doubled to $61.7 million.

Funds flow rose to $19.1 million, or 29 cents a share, from $8.6 million, or 14 cents a share last year. Funds flow rose in the quarter due to a 97 percent increase in commodity prices along with a rise in sales volumes.

Transglobe said first-quarter production averaged 9,694 Bopd, up 10 percent from a year ago.

Shares of the company closed at C$7.42 Wednesday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Vinu Pilakkott)

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