* 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)