August 9, 2010 / 12:20 PM / 7 years ago

UPDATE 1-Vero Energy posts surprise Q2 profit

* Q2 EPS C$0.01 vs est loss C$0.03/shr

* FFO C$0.32/shr vs C$0.15/shr last year

* Revenue up 56 pct

* Says on track to meet 2010 avg production view

Aug 9 (Reuters) - Canada’s Vero Energy Inc VRO.TO posted a surprise quarterly profit, helped by increased production volumes and average realized prices, and said it remains on track to meet its 2010 average production forecast.

Vero’s production target for 2010 is 8,500 barrels of oil equivalent per day (boe/d) to 9,000 boe/d. The targeted exit rate is 9,800 boe/d to 10,300 boe/d with its active drilling program.

The company reported net earnings of C$574,000, or 1 Canadian cent a share, in the second quarter. That compares with a loss of C$10.7 million, or 28 Canadian cents a share last year.

Production revenue rose 56 percent to C$27.5 million in the quarter.

Analysts on average were expecting Vero to post a loss of 3 Canadian cents a share on revenue of C$28.7 million, according to Thomson Reuters I/B/E/S. [ID:nWNAB5396]

For the quarter, the company said daily production of liquids rose 38 percent to 1,366 boe/d, while light oil daily production rose by 77 percent to 556 boe/d.

The average realized price for liquids rose 46 percent to $59.09 per barrel, while the average realized price for light oil rose 24 percent o $73.40 per barrel.

Shares of the company closed at C$6.73 Friday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Maju Samuel)

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