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Open Range Energy Raises 2011 Profit Gudiance As Poseidon Concepts Business Expands

Open Range Energy Corp. (ONR.TO) is up more than 7% at $6.03 a share after raising its guidance for 2011 funds from operations from $70 million to $80 million, reflecting further growth in its Poseidon Concepts fracturing fluid tank rental business and a stable outlook for exploration and production over the rest of the year.

The company reported $15.5 million in Q2 consolidated funds from operations, or 22 cents per share, up 106% from the $7.5 million generated in the year-ago period. It said the Poseidon Concepts fracturing system is proving increasingly popular with clients in western Canada and the United States and is now being used in many of North America's more active unconventional oil and liquids-rich natural gas plays.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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