July 27, 2010 / 10:31 PM / in 7 years

UPDATE 1-Progress Energy Q2 production up 29 pct on new assets

* Q2 production 43,520 boe/d vs 33,817 boe/d year ago

* Q2 cash flow C$0.24/shr vs C$0.18/shr year ago

* Revenue up about 51 pct

* Sees 2010 exit rate at 45,000 boe/d-46,500 boe/d

July 27 (Reuters) - Canada’s Progress Energy Resources Corp (PRQ.TO) posted a 29 percent rise in quarterly production, helped by the acquisition of some assets in northeast British Columbia.

For the second quarter ended June 30, the company’s cash flow from operations was C$51.2 million, or 24 Canadian cents a share, compared with C$30 million, or 18 Canadian cents a share, a year ago.

Petroleum and natural gas revenue was up about 51 percent at C$115.9 million, helped by higher production at its Montney and Nikanassin plays in British Columbia.

The company, which drilled three wells during the quarter, said its average production stood at 43,520 barrels of oil equivalent (BOE) per day.

Shares of the Calgary, Alberta-based Progress Energy closed at C$12.45 Tuesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Aradhana Aravindan)

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