August 5, 2010 / 12:15 PM / in 8 years

UPDATE 1-Canada's TransGlobe posts Q2 profit

* Q2 EPS $0.14 vs loss $0.07/shr last year

* Higher commodity prices, lower expenses help co

* Oil revenue up 45 pct

Aug 5 (Reuters) - Canadian oil and gas company TransGlobe Energy Corp (TGL.TO) (TGA.O) posted a second-quarter profit aided by higher commodity prices and lower depletion and depreciation expenses.

For the quarter, it earned $9.4 million, or 14 cents a share. That compares with a loss of $4.4 million or 7 cents in the year-ago quarter.

Oil revenue for the company, which has properties in the Middle East and North Africa, nearly doubled to $61.5 million.

Analysts on average expected the company to earn 25 cents a share, excluding special items, according to Thomson Reuters I/B/E/S.

    TransGlobe said second-quarter production averaged 9,206 barrels of oil per day, while the average price per barrel was $73.46, up from $48.62 last year.

    The company said depletion, depreciation and accretion expenses nearly halved to $7.3 million.

    Funds flow rose to $17 million, or 25 cents a share, from $14.1 million, or 22 cents a share, a year ago.

    Shares of the company closed at C$7.82 Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Gopakumar Warrier)

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