ALBERTA

Torc Oil and Gas production and reserves grow, shares surge 11 per cent

03/12/2013 12:38 EDT | Updated 05/12/2013 05:12 EDT
CALGARY - Torc Oil and Gas Ltd. shares surged Tuesday after the Calgary-based energy company announced a big jump in reserves and production.

The stock was up nearly 11 per cent at $1.93 on the Toronto Stock Exchange in early afternoon trading. It was the most active issue, with 16 million shares changing hands.

The Calgary-based company (TSX:TOG) said an independent evaluation at year-end found its proved plus probable reserves increased to 18.9 million barrels of oil equivalent, compared to just 900,000 barrels in 2011.

Proved reserves increased to 10.5 million, from 600,000 barrels at year-end 2011.

Production for 2012 averaged 1,285 barrels per day, from 119 barrels a year earlier.

The growth came from Torc's acquisition of Vero Energy Inc. late last year, which added more than 10.2 million in proved plus probable reserves and more than 2,200 barrels per day of oil production.

The company's funds flow from operations during the last three months of 2012 was $4.2 million, or three cents per share, from $1.7 million, or two cents per share a year earlier.

Torc's quarterly net loss widened to $13.7 million, or nine cents per share, from $2 million, or two cents per share.

MORE:Albertacp