February 3, 2011 / 3:03 PM / 7 years ago

UPDATE 1-Spartan sees nearly five-fold jump in Q4 production

* Expects to drill 25 more Cardium wells in Pembina in 2011

* Sees Q4 cash flow at $8.9 mln

* Shares rise 4 pct, touch 5-yr high

Feb 3 (Reuters) - Canada’s oil and natural gas explorer Spartan Exploration Ltd (SPE.TO) forecast a nearly five-fold rise in average production for the fourth quarter due to increased drilling.

Spartan expects average production of 1,855 barrels of oil equivalent per day (boe/d) for the quarter, compared with 383 boe/d a year ago.

Total proved plus probable reserves were at 10.3 million boe at year-end, up from 2.1 million boe at the end of 2009.

The company said it has drillled 7 Cardium horizontal wells in the Pembina area of central Alberta so far this year, and expects to drill another 25 wells during the rest of 2011.

The Calgary, Alberta-based company’s shares were up 4 percent at C$5.52, their highest in more than five years, in early Thursday morning trade on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Anne Pallivathuckal)

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