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Penn West reports profit on higher oil prices, asset sales gains

May 4 Canadian oil and gas producer Penn West Petroleum Ltd reported a quarterly profit, compared to year-ago loss, helped by an uptick in crude prices and gains from asset sales.

The company reported a net profit of C$27 million ($19.69 million), or 5 Canadian cents per share, in the first quarter ended March 31, compared with a loss of C$100 million, or 20 Canadian cents per share, a year earlier.

Total production fell 54.7 percent to 34,900 barrels of oil equivalent per day, primarily due to asset sales.

The Calgary-based company said gross revenue fell to C$132 million from C$231 million. ($1 = 1.3712 Canadian dollars) (Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)

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