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UPDATE: PetroBakken Continues to Grow Production in Q1 2013 Yet Shares Tumble 5%

PetroBakken Energy Ltd. (PBN.TO) said that although well activity decreased from the fourth quarter of 2012, production continued to grow and averaged 49,079 barrels of oil equivalent per day (82% light oil and liquids weighted) during the first quarter 2013. This represents a 4% increase over its fourth quarter 2012 average production of 47,192 boepd and a 5% increase over first quarter 2012.

Current production, based on field estimates for the first week of April, is approximately 48,300 boepd, with over 1,600 boepd of production currently restricted due to third party processing capacity limitations.

PBN dropped nearly 5% to $8.24, trading close to 52-week low $7.60.

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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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