August 5, 2010 / 10:14 AM / 8 years ago

Petrominerales Q2 profit rises on higher production, oil prices

Aug 5 (Reuters) - Canada’s Petrominerales Ltd PMG.TO reported a more than five-fold increase in quarterly profit, helped by higher oil prices and strong production growth at its Colombian operations.

For the second quarter ended June 30, the company earned $81.2 million, or 78 cents a share, compared with $15.3 million, or 15 cents a share, a year ago.

It reported funds from operations of about $176.0 million, or $1.68 per share.

Crude oil revenue rose to $318.8 million as the company realized operating netbacks of $50.93 per barrel, up 38 percent from last year.

Petrominerales, which also has operations in Peru, said quarterly production more than doubled to 44,203 barrels of oil per day.

The company, in which Petrobank Energy and Resources Ltd PBG.TO holds a majority stake, said it was in the process of listing its shares on the Colombian stock exchange.

Shares of the company closed at C$29.90 Wednesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Vinu Pilakkott)

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