Bengal Energy Ltd. (TSE:BNG), a Canadian oil and gas company with assets in Australia and India, advanced in midday trading after reporting a 75 percent increase in revenue for its fiscal fourth quarter, beating analysts' expectations.
Shares of the Calgary, Alberta-based company rose 9.4 percent to 58 Canadian cents at 1:34 p.m. in Toronto, trimming this year's slump to 3 percent.
Revenue increased to $5.3 million in the three-month period ended March 31, from $3.0 million generated in the year-earlier period, the company said.
One analyst had predicted revenue of $4.7 million.
The revenue gain was driven by a 55 percent increase in production compared to the previous year, and strong pricing for the high quality crude oil produced.
Fourth-quarter production averaged 504 barrels of oil equivalent per day, compared to 325 boepd produced in last year's fourth quarter.
Bengal reported net loss expanded to $1.8 million, or 3 cents loss per diluted share, from $0.6 million, or one cent loss per diluted shares.
Netback increased 6 percent to $74.3 million in the fourth quarter, from $69.9 million last year.