UPDATE: Petrobank Provides 2012 Strategy and Capital Plan; Shares Advance 7%
Petrobank Energy and Resources Ltd. (PBG.TO) started today's session higher at $8.99 but has moved even higher to $9.35, about 7% more than yesterday's $8.77 close, after announcing its 2012 strategic objectives and capital plan.
The company said that in 2012, it will focus on the Kerrobert project to increase production and bring the project to commerciality. Its 2012 capital expenditures are expected to be approximately $34 million, with approximately half the capital plan considered to be discretionary.
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