(Adds details, shares)
May 8 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
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
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
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)