UPDATE 1-TransGlobe's profit rises on output, oil price
May 7 (Reuters) - TransGlobe Energy Corp's quarterly profit rose nearly four times on increased production and higher oil prices.
The oil and gas company, which operates in the Egypt and Yemen, said its first quarter profit rose to $11.0 million, or 15 cents a share, from $2.9 million, or 4 cents a share, a year ago.
Oil and gas sales, net of royalties, rose 46 percent to $77.2 million.
The Calgary, Alberta-based firm's primary assets in Egypt contributed about 98 percent of its first-quarter production.
During the first quarter, total production rose by 49 percent to 16,720 bopd, TransGlobe said.
Like most oil-focused companies, TransGlobe also benefited form a 9 percent year-over-year rise in U.S. crude oil prices .
The company's shares, which have gained more than 50 percent in value this year, closed at C$13.21 on Friday on the Toronto Stock Exchange.
- NOAA employee charged with stealing U.S. dam information
- Autopsy of slain Missouri teen shows close-range gunshot: report
- Special Report: Traffickers use abductions, prison ships to feed Asian slave trade
- Sweden gets two new sightings, as hunt for undersea intruder goes on
- Hong Kong protesters march after fruitless talks with government