* Q1 loss/shr C$0.01 vs C$0.06, last year
* Revenue from production up 81 pct
* Sees spending C$49.7 mln in capex in 2010
May 25 (Reuters) - Junior oil and gas company Second Wave Petroleum Inc SCS.V posted a narrower quarterly loss, helped by an increase in production.
In the first quarter, Second Wave posted a net loss of C$423,000, or 1 Canadian cent a share, compared with net loss of C$2.1 million, or 6 Canadian cents a share, a year ago.
Revenue from production for the quarter rose 81 percent to C$6 million, while production rose 24 percent to 1,206 barrels of oil equivalent per day (boe/d).
For the remainder of the year, the company said it plans to drill an additional 10 to 15 horizontal Pekisko oil wells in Judy Creek, located in Alberta, which is expected to result in a budgeted production rate of 2,500 boe/d in December.
The total capital budget for 2010 has been set at about C$49.7 million, the company said in a statement.
Shares of the company closed at C$2.90 Friday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Aradhana Aravindan)