February 16, 2011 / 9:47 PM / 7 years ago

UPDATE 1-Birchcliff Q4 beats, sees higher FY11 production

* Q4 EPS C$0.02 vs est C$0.00

* Q4 production up 56 pct to 16,375 boe/d

Feb 16 (Reuters) - Canada’s Birchcliff Energy Ltd posted a higher-than-expected quarterly income on increased production, and forecast a 41 percent higher average production for 2011.

The oil and gas explorer said it expects to produce 18,500 barrels of oil equivalent per day (boe/d) in 2011. In 2010, the company produced 13079 boe/d.

Fourth-quarter net income was C$2.6 million, or 2 Canadian cents a share, compared with C$1.6 million, or 1 Canadian cent a share, last year.

Analysts on an average expected the company to break even on a per share basis, according to Thomson Reuters I/B/E/S.

Fourth-quarter production rose 56 percent to 16,375 boe/d.

The company, which cut its 2011 capital budget by 13 percent to C$159 million, said it expects to drill 44 wells this year.

Shares of the Calgary, Alberta-based company closed at C$11.63 on Wednesday on the Toronto Stock Exchange (Reporting by Amruta Sabnis in Bangalore; Editing by Roshni Menon) .

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