* Q1 oil revenue up 117 pct
* Q1 production up 10 pct
* Sees 2010 production of 10,000-10,500 Bopd
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)