May 11, 2010 / 10:38 AM / in 8 years

UPDATE 1-PetroBakken's Q1 profit beats view as production surges

* 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)

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