Third-quarter net profit for Nelson Resources Ltd. increased to $20.2 million US from $5.5 million US as acquisitions helped triple its oil production in Kazakhstan

Third-quarter net profit for Nelson Resources Ltd. increased to $20.2 million US from $5.5 million US as acquisitions helped triple its oil production in Kazakhstan. The company's stock, which had already more than doubled over the past year, added 11 per cent to a new high after Monday's earnings report. Nelson, which keeps its accounts in U.S. dollars, said its oil revenue for the quarter was $81.5 million, up from $15.5 million a year ago. Revenue per barrel rose to $35.71 from $27.91, and operating profit swelled to $38 million from $4.2 million. Net earnings per share increased to 2.3 cents from 0.8 cent. The quarter's production averaged 19,507 barrels per day, up from 4,915 a year earlier. The year-over-year results reflect the acquisition in February of a half-interest in the North Buzachi oilfield and the purchase in May of 60 per cent of Chaparral Resources Inc., which owns 60 per cent of the Karakuduk field.