UPDATE 1-West Energy to buy properties in Alberta for C$147 mln

(Repeats to fix formatting)

* Says to buy properties in Cardium play from a major co

* Says deal to add significant drilling inventory

* Sees daily production at 5,000 boe after deal close

* Shares up as much as 12 pct (Adds details, analysts comments; updates stock movement)

By Koustav Samanta

BANGALORE, Nov 5 (Reuters) - Canadian crude oil and natural gas company West Energy Ltd (WTL.TO) said it agreed to buy some oil properties in the Warburg area of Alberta for C$147 million ($138.4 million) from an unnamed "major company," sending its shares up as much as 12 percent."

The acquisition leverages the company into a long reserve life and high netback light oil reserve base with significant development upside, West Energy said, adding that the deal will double its Cardium horizontal oil well drilling inventory to 80 locations.

Raymond James analyst Luc Mageau said the acquisition is certainly positive for the company and going forward it should help them establish production growth.