February 25, 2011 / 4:27 AM / in 7 years

Gran Tierra Q4 profit drops on higher expenses

Feb 25 (Reuters) - Gran Tierra Energy Inc , a Canadian oil and gas exploration company, reported a nearly 60 percent drop in quarterly profit, hurt by increased operating expenses.

For the fourth quarter, the Calgary, Alberta-based company reported net income of $13.1 million, or 4 cents a share, compared with $30.8 million, or 12 cents a share, a year ago.

Revenue for the company, which has assets in Colombia, Argentina and Peru, rose to $112.7 million.

The company said operating expenses rose 30 percent to $20.4 million in the quarter. It reported funds flow from operations of $67.6 million, compared with $48.8 million for the same period last year.

The company’s quarterly average production, net after royalty, stood at 15,792 barrels of oil per day (bopd), up from 14,714 bopd, a year ago. (Reporting by Bhaswati Mukhopadhyay in Bangalore)

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