May 11, 2010 / 9:44 PM / 7 years ago

UPDATE 1-Birchcliff Energy posts Q1 profit on lower oper costs

* Q1 EPS C$0.02 vs yr-ago loss/shr C$0.09

* Sees 2010 exit production between 17,000-19,000 boe/d

* Petroleum and nat gas rev up 7 pct

May 11 (Reuters) - Canadian oil and gas exploration company Birchcliff Energy Ltd BIR.TO posted a first-quarter profit partly driven by lower operating costs, and said it expects to exit 2010 with 17,000 to 19,000 barrels of oil equivalent per day (boe/d).

Birchcliff said it sees a fall in production through the rest of the spring, hurt by plant turnarounds and natural declines from the new Montney/Doig natural gas wells.

For the first quarter, net income was C$2.7 million, or 2 Canadian cents a share, compared with a loss of C$9.7 million, or 9 Canadian cents a share a year ago.

Petroleum and natural gas revenue rose 7 percent to C$44.2 million, while production fell 17 percent to 10,407 boe/d.

Analysts on average were expecting a loss of 1 Canadian cent, on revenue of C$45.3 million, according to Thomson Reuters I/B/E/S.

Cash flow more than doubled at C$22.9 million, or 18 Canadian cents a share.

Shares of the company closed at C$8.97 Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Don Sebastian)

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