PetroBakken Energy Announces Second Quarter 2011 Results and Reports Current Production of Over 39,000 Boepd
PetroBakken Energy Ltd. (PBN.TO), a 59% owned subsidiary of Petrobank Energy and Resources Ltd. (PBG.TO) announced second quarter 2011 financial and operating results. PetroBakken second quarter 2011 financial and operating results were highlighted by funds flow from operations of $153.4 million ($0.82 per basic share and $0.76 per diluted share), a top decile operating netback of $56.63 per barrel of oil equivalent and average production of 35,300 barrels of oil equivalent per day (84% light oil and NGLs).
It said: "Improved operating netbacks during the second quarter were offset by lower production caused by severe weather conditions that extended spring break-up and restricted field operations. Since July, we have successfully restarted the majority of our field operations and production in early August is over 39,000 boepd (based on field estimates). We are currently implementing our second half drilling program with 17 drilling rigs operating; 8 in southeast Saskatchewan, 8 in the Cardium, and 1 in central Alberta. We anticipate drilling approximately 124 net wells in the remainder of 2011, and we forecast exit production rates for the year of between 46,000 and 49,000 boepd."
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