UPDATE: Petrobank Digs 5% Gains As Announces 2011 Reserves

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Petrobank Energy and Resources Ltd. (PBG.TO) gains 5% in the morning trade following its announcement on its year end 2011 reserves evaluation.

Highlights:

- THAI( R ) proved reserves for the Kerrobert project have been adjusted to zero. Additionally, proved plus probable ("2P") reserves at Kerrobert were adjusted to 3.6 million barrels.

- THAI( R ) proved plus probable plus possible reserves recognized for the Kerrobert project are unchanged at 8.5 million barrels.

- PetroBakken's 2P reserves increased by 19% to 203.5 million barrels of oil equivalent at December 31, 2011, replacing 2011 production by 315%.

PBG now trades at $16.14. More than 225,000 PBG shares have changed hands.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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