May 6, 2010 / 10:06 PM / in 8 years

UPDATE 1-Canada's Bellatrix posts surprise Q1 profit

* Q1 EPS breakeven vs est loss C$0.07/shr

* Q1 rev down 14 pct to C$26.9 mln

* Reaffirms FY production outlook

May 6 (Reuters) - Canada’s Bellatrix Exploration Ltd (BXE.TO) posted a surprise quarterly profit, partly helped by a decrease in production expenses, and reaffirmed its full-year production outlook.

For the first quarter, the oil and gas explorer earned C$7,000, or breakeven per share, compared with net loss of C$9.1 million, or 12 Canadian cents a year ago.

Revenue, before royalties and risk management, fell 14 percent to C$26.9 million.

Analysts on average were expecting loss of 7 Canadian cents a share on revenue of C$25.5 million, according to Thomson Reuters I/B/E/S.

Production expenses for the quarter fell 37 percent to C$8.7 million. The decrease in production expenses is due to the disposition of properties with higher production costs in the second half of 2009, the company said.

For the full year, Bellatrix said it expected average daily production rate of about 8,500 barrels of oil equivalent (boe/d) and an exit rate of about 10,000 boe/d.

Shares of the company closed at C$3.56 Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Don Sebastian)

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