August 11, 2010 / 9:33 PM / 7 years ago

UPDATE 1-Birchcliff breaks even in Q2; ups 2010 capital budget

* Q2 break even per share vs C$0.06 loss/shr

* Raises 2010 capital budget by 25 pct

* Ups 2010 exit production target to 18,500-19,500 boe/d

* Says to drill 58 wells in 2010

Aug 11 (Reuters) - Canadian oil and gas exploration company Birchcliff Energy Ltd (BIR.TO) posted a second-quarter profit, and increased its 2010 capital budget by 25 percent to focus primarily on drilling new wells.

The company said it now expects to drill 58 wells in 2010, up from 51 wells as previously budgeted, and said working capital deficiency will be slightly higher in the second half of 2010 as a result of increased capital spending.

The new capital budget at C$227.2 million will result in 2010 exit production target of 18,500-19,500 barrels of oil equivalent per day (boe/d), up from its previous outlook of 17,000-19,000 boe/d, Birchcliff said in a statement.

For the second quarter, net income was C$215,000 million, compared with a loss of C$7.1 million, or 6 Canadian cents a share, a year ago.

Petroleum and natural gas revenue rose 28 percent to C$44.6 million, while production rose 9 percent to 12,357 boe/d in the second quarter.

Analysts on average were expecting Birchcliff to break even on a per share basis, on revenue of C$46.6 million, according to Thomson Reuters I/B/E/S.

The company expects average production to increase quarter over quarter through to next spring break-up. Shares of the company closed at C$9.50 Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Vyas Mohan)

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