May 12, 2010 / 9:36 PM / in 7 years

UPDATE 1-Peyto Energy Q1 profit drops on weak natural gas prices

* Q1 earnings/unit C$0.32 vs C$0.60 last year

* Revenue up 2 pct

* Production up 9 pct

* Ups capital program to C$225 mln-C$250 mln

May 12 (Reuters) - Canada's oil and gas explorer Peyto Energy Trust PEY_u.TO posted a 42 percent drop in quarterly profit, hit by a decline in natural gas prices.

For the first quarter, the trust posted a net income of C$36.9 million, or 32 Canadian cents a unit, compared with C$63.6 million, or 60 Canadian cents per unit, a year ago.

Revenue rose 2 percent to C$80 million.

Production was up 9 percent at 124 millions of cubic feet equivalent per day.

It also raised its capital program for 2010 to a range of C$225 million to C$250 million. It had earlier forecast C$175 million to C$200 million

Units of the Calgary, Alberta-based company closed at C$13.45 Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Aradhana Aravindan)

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