UPDATE 1-Xtreme Coil posts Q2 profit

* Q2 EPS C$0.05 vs loss of C$0.04 year ago

* Q2 Revenue more than doubles

* Q2 operating days up 86 pct to 878 days

Aug 13 (Reuters) - Canada's Xtreme Coil Drilling Corp (XDC.TO) posted a quarterly profit, helped by an increase in its rig fleets' operating days.

For the second quarter, Xtreme Coil reported net income of C$1.9 million, or 5 Canadian cents a share, compared with a loss of C$1.5 million, or 4 Canadian cents a share, a year ago. Revenue more than doubled to C$23.1 million.

Analyst on average were expecting earnings of 5 Canadian cents, before items, on revenue of C$24.7 million, according to Reuters Estimates.

The company said its rig fleet's operating days were 878, up 86 percent from the year-ago quarter.

At end-June, 69 percent of its rigs were operating and 81 percent were under term contracts, the company said.

Xtreme Coil currently has 13 of its 16 rigs under long-term contracts. "We expect this will improve our operating days in the third quarter of 2009 compared to the second quarter," the company said. Shares of the company closed at C$4.50 Wednesday on the Toronto Stock Exchange. (Reporting by Sakshi A Mattoo in Bangalore; Editing by Vinu Pilakkott)