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Vero Energy Moving Up on Q2 Result, Production Forecast

Canada's Vero Energy Inc (VRO.TO) is up 1% after it reported net earnings of $574,000 or 1 cent a share in the second quarter compared with a loss of $10.7 million or 28 cents a share in the previous corresonding period. Production revenue rose 56% to $27.5 million in the quarter.

Analysts on average were expecting Vero to post a loss of 3 cents a share on revenue of $28.7 million, according to Thomson Reuters I/B/E/S.

Vero also said it is still on track to meet its 2010 average production forecast. Vero's production target for 2010 is 8,500 barrels of oil equivalent per day (boe/d) to 9,000 boe/d. The targeted exit rate is 9,800 boe/d to 10,300 boe/d with its active drilling program.

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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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