November 4, 2010 / 11:27 AM / in 7 years

UPDATE 1-TransGlobe swings to Q3 profit on higher oil production

* Q3 EPS $0.13 vs loss $0.02/shr last year

* Q3 production up 14 pct

* Oil rev jumps 42 pct

Nov 4 (Reuters) - Canadian oil and gas company TransGlobe Energy Corp TGL.TO TGA.O posted a third-quarter profit, helped by higher prices and increased production.

For the July-September quarter, the Calgary-based company earned $8.8 million, or 13 cents a share, compared with a loss of $1.6 million, or 2 cents a share, in the year-ago quarter.

Oil revenue for the company, which has properties in the Middle East and North Africa, rose to $66.5 million.

Analysts on average had expected the company to earn 13 cents a share, excluding special items, according to Thomson Reuters I/B/E/S.

TransGlobe said third-quarter production averaged 10,138 barrels of oil per day, while the average price per barrel was $71.27, up from $57.41 last year.

Funds flow rose to $19.5 million, or 28 cents a share, from $12.6 million, or 19 cents a share, a year ago.

Shares of the company have almost doubled in value since reporting second-quarter results in August.

TransGlobe’s shares closed at C$11.85 on Wednesday on the Toronto Stock Exchange, valuing the company at C$771.6 million. (Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair)

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