* Q3 rev up 23 pct to C$189.5 mln
* Sets initial dividend of C$0.12 commencing Jan 2011
* Backs FY production view
Nov 4 (Reuters) - Canada’s Bonavista Energy Trust BNP_u.TO posted third-quarter results that beat market estimates, helped by an increase in production.
Bonavista, which is one of North America’s largest energy trusts, with market capitalization of over C$3 billion, said it remained confident of achieving its full-year production target of 66,500-67,500 barrels of oil equivalent per day (boe/d). Bonavista, which set an initial dividend rate of 12 Canadian cents a share a month commencing January 2011 after its conversion to a corporation, also forecast 2011 production levels of 70,000-72,000 boe/d.
For the July-September quarter, the Calgary-based oil and gas royalty trust earned C$36.6 million, or 23 Canadian cents per unit, compared with C$33.3, or 25 Canadian cent a piece a year ago.
Revenue rose 23 percent to C$189.5 million. Bonavista, with a balanced production of natural gas, light oil and heavy oil, reported adjusted net income of 22 Canadian cents per unit.
Analysts on average were expecting the company to earn 21 Canadian cents per unit, on revenue of C$233.4 million, according to Thomson Reuters I/B/E/S.
Production for the quarter was up 21 percent to 68,029 boe/d. Bonavista also said it plans to invest about C$600 million on its capital programs within its core regions during the year.
Units of the trust, which have gained about 10 percent in value since it reported its second-quarter results in July, closed at C$26.55 on Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore)