August 9, 2010 / 12:05 PM / 7 years ago

UPDATE 1-Vermilion Q2 profit rises on higher oil prices

* Q2 net income C$0.55/unit vs C$0.35 year ago

* Rev up 4 pct

* Q2 production 31,697 boe/d

Aug 9 (Reuters) - Canada’s Vermilion Energy Trust VET_u.TO reported a 76 percent increase in quarterly profit, helped by stronger oil prices.

For the second quarter ended June 30, the oil and gas explorer reported net income of C$44.0 million, or 55 Canadian cents a unit, compared with C$24.9 million, or 35 Canadian cents a unit, a year ago.

The trust’s fund flows from operations rose to C$90.4 million, or C$1.03 per unit.

Revenue increased 4 percent to C$169.5 million.

The trust said it recorded production of 31,697 barrels of oil equivalent per day, about 2 percent lower than the year ago period.

In Canada, Vermilion said it plans to drill six more cardium light oil horizontal wells in 2010, and its drilling program is expected to add to between 30 and 40 wells in 2011.

Units of the trust closed at C$32.50 Friday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Aradhana Aravindan)

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