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Shares in Petrobank Drop 90% in First Trading Day Since Reorganization: Report

Shares in Petrobank Energy and Resources Ltd. (PBG.TO) are down 90% in the first trading day since the company completed a major reorganization, Canadian Press reported.

The company, now called New Petrobank, announced on Monday it had completed the spinoff of its 57% stake in PetroBakken Energy Ltd. (PBN.TO), a light oil-focused company.

The overhaul, announced in October, will see New Petrobank keep about $100 million in cash and a heavy oil business.

The stock was trading at $1.14, a drop of $11.26.

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

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