August 11, 2010 / 8:28 PM / 8 years ago

UPDATE 1-Freehold Royalty Q2 results up on higher production

* Q2 EPS C$0.16 vs C$0.14 yr ago

* Gross revenue up 11 pct

* Average production up 5 pct to 7,655 boe/d

* Sees 2010 capital investment of C$24 mln

Aug 11 (Reuters) - Canada’s Freehold Royalty Trust FRU_u.TO posted a 36 percent rise in quarterly profit, helped by higher production and improved oil prices.

“Expenditures will be higher in the last half of the year as we focus on oil development in our three core areas: Southeast Saskatchewan, Hayter and Pembina Cardium Unit 9,” the company said in a statement.

Capital investment in 2010 is expected to be C$24 million, the company said.

For the second quarter, the trust, which focuses on acquiring and managing oil and gas royalties, reported net income of C$9.2 million, or 16 Canadian cents per unit, compared with C$6.8 million, or 14 Canadian cents per unit, a year earlier.

Gross revenue rose 11 percent to C$32.4 million.

Average production rose 5 percent to 7,655 barrels of oil equivalent (boe) per day, while average price realized improved 6 percent to C$45.56 per boe during the quarter.

Units of the Calgary, Alberta-based trust closed at C$16.21 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Anne Pallivathuckal)

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