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

The company said average sales price of heavy oil more than doubled in the first quarter, while light oil and natural gas liquids prices rose 65.3 per cent.

Operating costs rose 11.2 per cent to $14.48 per barrel of oil equivalent (boe) in the three months ended March 31, partly due to the timing and costs related to assets sold or held for sale.

Quarterly total production fell 54.7 per cent to 34,900 barrels of oil equivalent per day (boepd), primarily due to asset sales.

The company — which in 2013 was a 133,000 boepd producer — operates primarily in the Cardium, Viking and Peace River areas of Alberta after shrinking its portfolio dramatically to help survive the downturn.

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

The Calgary-based company said gross revenue fell to $132 million from $231 million.