STOCKHOLM (Bloomberg) — Bermuda-based West Siberian Resources Ltd., whose Russian oil output climbed to a record in the first quarter, rose to a seven-month high in Stockholm trading after posting a profit.

West Siberian advanced as much as 0.35 krona, or 6.5 percent, to 5.75 kronor, which would be the highest close since October 19. The stock was at 5.7 kronor as of 10.57 a.m. local time, valuing the company at 16.9 billion kronor ($2.86 billion).

Net income was $24.9 million in the first quarter, compared with a loss of $900,000 a year earlier, West Siberian said yesterday in a statement. Oil and natural-gas sales more than doubled to $132 million as oil production rose 40 percent to a record 3.16 million barrels.

West Siberian in January agreed to buy OAO Alliance Oil Co. for about $1.5 billion in stock to add refining capacity. The transaction, completed April 10, gives West Siberian access to the Khabarovsk refinery in Russia, where moves by the government to lower taxes for the oil industry are "encouraging," it said.

"We are currently operating in an environment with record high crude and products prices, while taxation appears to be easing," chief executive officer Maxim Barski said in the statement. "We focus on realising the benefits of the merger and the integration of our operations."

Gross oil prices increased to $61.55 a barrel in the first quarter from $30.83 a year earlier, the company said. Total revenue, including sales of oil products, was $135.9 million.