PetroBakken Energy earnings soar

The Canadian Press ~ The News
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CALGARY — PetroBakken Energy Ltd. (TSX:PBN) says it earned $84.2 million in net income in the second quarter, or 45 cents per share.

That's up sharply from net income of just over $3 million, or two cents per share, that the Calgary-based company earned in the same quarter of 2010.

PetroBakken credits higher prices, a gain on risk management contracts, a gain on asset dispositions and lower depletion expense for the increase.

Production averaged 35,300 barrels of oil equivalent in the quarter, representing a 16 per cent decrease from a year ago.

The company has said it plans to end the year with daily production of between 46,000 and 49,000 barrels of oil equivalent output.

PetroBakken is 59 per cent owned by Petrobank Energy & Resources Ltd. (TSX:PBG). It was created in 2009 through the merger of Petrobank's Canadian division and TriStar Oil & Gas.

The company focuses on two main regions: the Bakken in southeastern Saskatchewan and the Cardium in west-central Alberta.

Organizations: TSX, PetroBakken Energy, Petrobank

Geographic location: CALGARY, Southeastern Saskatchewan, West-central Alberta

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