UPDATE 1-Peyto Energy Q3 profit falls 58 pct

* Q3 earnings C$0.24/unit vs C$0.61/unit yr-ago

* Rev falls 45 pct

* FFO down 39 pct

* Sees prelim 2010 capital budget at C$175 mln-C$200 mln

Nov 11 (Reuters) - Canada's oil and gas explorer Peyto Energy Trust (PEY_u.TO) posted a 58 percent drop in quarterly profit, hurt by lower oil and gas production.

For the third quarter, the company earned C$27 million, or 24 Canadian cents per unit, compared with C$64.8 million, or 61 Canadian cents per unit, a year earlier.

Revenue fell 45 percent to C$60.9 million.

The trust said its funds from operations fell 39 percent to C$45.3 million during the quarter.

Production declined 11 percent to 17,792 barrels of oil equivalent per day.