February 9, 2011 / 10:44 PM / 7 years ago

UPDATE 1-Bonterra Q4 production up; sees higher output in 2011

* Q4 production up 25 pct

* Sees 2011 production up 10-15 pct

Feb 9 (Reuters) - Bonterra Energy Corp said its fourth-quarter production rose about a fourth and forecast 2011 production to rise at least 10 percent even as the Canadian oil and gas company expects operating costs to ease.

The company, whose proved and probable reserves rose 10 percent in 2010, forecast 2011 average production of 6,200-6,500 barrels of oil per day (boe/d). Production in 2010 was 5,628 boe/d.

Bonterra expects operating costs to fall 10-15 percent to C$12.50-$13.50 per boe in 2011.

Average production in the fourth quarter totaled 6,080 boe/d, which contained about 69 percent liquids.

The company also set a capital budget of C$50-C$60 million, which it expects to fund out of cash flow, proceeds from the exercise of employee stock options and sale of investments.

Shares of the company closed at C$58.72 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 58 00 ; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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