* Q1 EPS C$0.23 vs est C$0.18
* Q1 revenue C$275.7 mln vs est C$277.7 mln
* Q1 average production up to 43,098 boe/d
May 11 (Reuters) - Canada’s PetroBakken Energy Ltd PBN.TO reported a surge in quarterly earnings that beat analysts’ estimates, as average production nearly doubled, boosted by its acquisition of TriStar Oil & Gas Ltd last year.
For the first quarter, net income was C$39.1 million ($38.22 million), or 23 Canadian cents a share, compared with C$179,000, or breakeven per share, a year ago.
Analysts on average were expecting the company to earn 18 Canadian cents per share, according to Thomson Reuters I/B/E/S.
Revenue nearly tripled to C$275.7 million, but missed estimates of C$277.7 million
PetroBakken, which is primarily focused on light oil, said average production rose 95 percent to 43,098 barrels of oil equivalent per day (boe/d).
Funds from operations more than doubled to C$189.1 million, or C$1.0 per share.
Shares of Calgary, Alberta-based PetroBakken closed at C$26.81 Monday on the Toronto Stock Exchange. ($1=1.023 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Vinu Pilakkott)