UPDATE 1-Crescent Point swings to profit as oil and gas production rises

Thu May 8, 2014 9:33am EDT

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May 8 (Reuters) - Crescent Point Energy Inc, Canada's No. 4 independent oil and gas producer, swung to a profit in the first quarter, driven by higher production, and raised its full-year production forecast for the second time in two months.

Crescent Point forecast average daily production of 134,000 barrels of oil equivalent per day (boepd). The company raised its forecast to 133,000 boepd in April from $126,500 boepd.

The company, which focuses on producing oil from unconventional fields such as the Bakken shales of southern Saskatchewan, has grown through acquisition, including the C$1.1 billion purchase of CanEra Energy Corp in cash and debt last month.

The company said net income was C$30.89 million, or 8 Canadian cents per share, in the three months ended March 31. Crescent Point reported a net loss of C$1.61 million in the same quarter of 2013.

Average daily production rose to 130,580 barrels of oil equivalent per day in the quarter from 117,663 million a year earlier.

Operating income, which excludes most one-time items, rose 80.2 percent to C$206.07 million, or 52 Canadian cents per share, from C$114.35 million, or 30 Canadian cents.

Crescent point shares were marginally higher at C44.73 on the Toronto Stock Exchange on Thursday. They have risen by nearly a quarter over the past year. ($1 = 1.0903 Canadian dollars) (Reporting by Sneha Banerjee and Scott Haggett; Editing by Ted Kerr and Don Sebastian)

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