May 14, 2010 / 11:21 AM / 7 years ago

UPDATE 2-Petrobank Energy Q1 beats Street on higher production

* Q1 EPS C$0.76 vs est C$0.54

* Revenue more than doubles

* Consolidated production up 85 pct (Adds details)

May 14 (Reuters) - Petrobank Energy and Resources Ltd PBG.TO posted a quarterly profit that handily topped market estimates, primarily helped by higher production.

The company, which currently owns 58 percent of PetroBakken Energy PBN.TO and 66 percent of Petrominerales PMG.TO, said its consolidated quarterly production rose 85 percent to 81,297 barrels of oil equivalent per day (boepd), up from 43,856 boepd, a year ago.

Earlier this month, both PetroBakken and Petrominerales posted first-quarter profits. [ID:nSGE64A0F7] [ID:nSGE6450ME]

Based on the company’s current ownership of PetroBakken, Petrobank expects to get C$105 million of dividends annually from PetroBakken’s monthly payments.

Petrobank said it expects to fund its heavy oil business unit with cash, available credit, cash from operations and dividends received from PetroBakken.

The company, which had no outstanding bank debt, said it did not have any convertible debentures outstanding as they were converted in the months of April and May.

For the first quarter, the oil and natural gas exploration and production company reported a net income of C$82.5 million, or 76 Canadian cents a share, compared with a loss of C$1.5 million, or 2 Canadian cents a share, a year earlier.

Oil and natural gas revenue more than doubled to C$533.1 million.

Analysts on average were expecting earnings of 54 Canadian cents a share, before special items, on revenue of C$464.4 million, according to Thomson Reuters I/B/E/S.

Funds flow from operations also rose 124 percent to C$3.14 a share during the quarter.

Shares of the Calgary, Alberta-based company closed at C$46.99 Thursday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Ratul Ray Chaudhuri)

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