Golden Oil Corp., a South Korean oil field developer whose shares have almost doubled since March, said sales will surge 15-fold by 2011 after fields in Canada and South America commence production.

Revenue will rise to 300 billion won ($237 million) from 20 billion won last year, Chief Executive Officer Koo Hee Cheol said in an interview in Seoul. ¡°

Commercial production will start at new fields in Canada, Argentina and Colombia next year, boosting the company¡¯s output to 10,000 barrels a day by 2011 from 1,300 barrels a day currently,¡± he said on May 6.

Golden Oil signed an agreement on March 11 to search for oil in three blocks in Colombia. The developer owns stakes in 24 fields, including a venture in Peru that is slated to start production in 2012, and the company also plans to increase output at existing fields in Canada and Argentina, Koo said.

¡°It may not be easy to achieve the 10,000 barrel-a-day target in such a short time,¡± said Yi Eung Ju, an analyst at Daewoo Securities Co., which doesn¡¯t cover Golden Oil¡¯s shares. ¡°The target is not small at all, compared with production at other local energy developers. The company¡¯s earnings will increase sharply if it reaches the goal.¡±

Crude production will accelerate next year, with output at Golden Oil¡¯s Canadian fields rising to 5,000 barrels a day by 2011 from 1,000 barrels, Koo, 44, said in the office at the company¡¯s headquarters. State-run Korea National Oil Corp., the country¡¯s largest oil company, produces 50,000 barrels daily.

Golden Oil¡¯s shares have soared 93 percent on Kosaq, South Korea¡¯s secondary stock market, since March 3 and closed at 3,510 won yesterday. The gain outpaced the 48 percent increase in the main Kosdaq index during the same period.

Estimated Reserves

Golden Oil acquired Kootenay Energy Inc., a Canadian oil and gas exploration company, last year, said Koo. Its blocks in Canada, Argentina, Colombia and Peru hold about 150 million barrels in oil reserves, Koo said.

The oil developer sold a 66.7 percent stake in the company for 160 billion won last year to Leaders Private Equity Fund, Koo said. The fund comprises institutional investors including National Pension Services. Golden Oil sold 140 billion won of convertible bonds to Tong Yang Major Corp., a South Korean construction company, he said.

Golden Oil has no immediate plans to seek additional financing through equities, bonds and loans, according to Koo. The company has spent about 50 billion won on acquiring and developing its projects since 2004, when the chief executive set up Golden Oil, he said.

To fund future ventures, Golden Oil may sell stakes in wholly owned blocks in Colombia, Peru and Argentina to local and overseas companies after oil prices recover, Koo said. Oil in New York has gained 27 percent this year on signs the worst of the global recession is over. Prices are still 61 percent below a record $147.27 a barrel in July.

¡°We will eventually sell some stakes in the fields after raising their values,¡± he said. ¡°There are several companies that are keen on the Colombia, Peru and Argentina blocks.¡±