UPDATE 2-Lundin Petroleum sees production up in 2010/2011

* CEO sees 2010 production at 40-50,000 boepd

* Likely to increase production further in 2011

* Q3 pretax 124 mln crowns, misses consensus

(Adds analyst comment)

STOCKHOLM, Nov 11 (Reuters) - Lundin Petroleum (LUPE.ST) said on Wednesday production could rise by as much as 30 percent next year, helping lift the Swedish oil firm's shares after third-quarter profits fell shy of forecasts.

Lundin said daily production for 2009 would come in the mid-range of its full-year forecast of 35-42,000 barrels of oil equivalents, but increase in 2010 thanks to a production start at its Volund well.

Chief Executive Ashley Heppenstall said the production was likely to increase to 40-50,000 barrels per day next year, with a further increase likely in 2011.

"As we go into 2011, I don't want to give any guidance. But clearly I expect that production will increase above 2010, because 2011 will be the first full year for Volund," he said in a conference call.

Shares in Lundin were up one percent by 1108 GMT, with analysts optimistic about the firm's production forecasts.