Surge Energy profit jumps on higher output
Aug 8 (Reuters) - Surge Energy Inc's second-quarter profit jumped four-fold on higher oil and natural gas liquids production.
The Canadian oil and gas company said third-quarter production will reduce by about 350 barrels of oil equivalent per day (boepd) on well servicing and ramp up of facilities at its Alberta oil wells.
Net income rose to C$13.3 million ($13.3 million), or 18 Canadian cents per share, from C$3.3 million, or 6 Canadian cents per share, a year earlier.
Total revenue for the company, which has operations in Alberta, Manitoba and North Dakota, jumped 64 percent to C$49.0 million.
Funds from operations more than doubled to C$24.3 million.
Total production rose 84 percent to 9,275 boepd. Oil and natural gas liquids output more than doubled to 6,568 barrels per day. Sales of oil and natural gas liquid were C$45.6 million, up 81 percent from last year.
Surge Energy said it was on track to meet its 2012 average production rate of 9,750 boepd.
Shares of the Calgary, Alberta-based company, which has a market value of about C$531 million, closed at C$7.50 on Tuesday on the Toronto Stock Exchange.