November 11, 2010 / 4:58 PM / in 8 years

BlackPearl Resources shares touch lifetime high on lower Q3 loss

Nov 11 (Reuters) - Shares of BlackPearl Resources Inc (PXX.TO) rose 15 percent to a lifetime high on Thursday, a day after the oil and gas explorer posted a narrower-than-expected quarterly loss helped by a surge in production.

Canaccord Genuity’s Steve Toth, who kept his “buy” rating on the stock, raised his price target to C$5.50 from C$5.25 citing the results and the positive resource assessment of three of the company’s core properties located across Canada.

BlackPearl said an independent assessment of its three core properties in Alberta and Saskatchewan identified over 2 billion barrels of oil initially in place across these properties.

The company posted a quarterly loss of 3 Canadian cents per share, narrower than analysts’ average expectations of a loss of 4 Canadian cents a share, according to Thomson Reuters I/B/E/S.

For the quarter, average oil and gas production rose 31 percent to 6,646 barrels of oil equivalent per day.

Shares of the Calgary, Alberta-based company rose to C$5.34, or 15 percent, before paring some gains to trade up 11 percent at C$5.14 in late-morning trade on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)

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