* Q3 revenue C$150.3 mln vs est C$150.9 mln
* Sets 2011 capex of C$104 mln
* Sees 2011 production at 16,300-18,700 boe/d
Nov 10 (Reuters) - Canadian oil sands developer Connacher Oil & Gas Ltd CLL.TO posted a surprise quarterly profit, helped by strong operating margins at its heavy-oil refinery in Great Falls, Montana.
The company set a capital budget of about C$104 million for 2011 for the development of its refinery in Montana and its oil sands exploration program.
It sees 2011 production of 16,300-18,700 barrels of oil equivalent per day (boe/d).
Third-quarter profit was C$7.9 million, or 2 Canadian cents a share, down from C$47.8 million, or 11 Canadian cents a share, a year ago.
Revenue was almost flat at C$150.3 million at Connacher, which produces crude oil, natural gas and bitumen, with reserves in Alberta and Saskatchewan.
Analysts on average expected the company to post a loss of 1 Canadian cent a share, on revenue of C$150.9 million, according to Thomson Reuters I/B/E/S.
The company, which has a 19 percent stake in South America-focused Petrolifera Petroleum PDP.TO, had a foreign-exchange gain of C$23.3 million.
Shares of the Calgary-based company have shed about 16 percent since it posted a quarterly loss in August, hurt by lower production.
They closed at C$1.18 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Vinu Pilakkott)