August 13, 2009 / 11:03 AM / 8 years ago

Petrobank Q2 profit falls 40 pct on lower oil prices

* Q2 EPS C$0.40/shr vs C$0.64/shr last year

* Revenue falls 9 percent

* Q2 production rises 72 pct from last year

Aug 13 (Reuters) - Canada’s Petrobank Energy and Resources Ltd PBG.TO posted lower second-quarter results as the oil and gas company was hurt by a drop in world oil prices, but said production rose 72 percent.

Net income fell to C$34.7 million, or 40 Canadian cents per share, compared with C$57.6 million, or 64 Canadian cents per share, in the year-ago quarter.

Second-quarter production rose 72 percent to 41,127 barrels of oil equivalent per day (boepd), Petrobank said.

Funds from operations fell 15 percent to C$150.4 million, or C$1.64 a share, mainly due to a 52 percent fall in world oil prices, Petrobank said in a statement.

Oil and natural gas revenue fell 9 percent to C$224.4 million for the quarter.

Last week, the company said it offered to buy Tristar Oil & Gas Ltd (TOG.TO) for C$2.24 billion in cash and stock, boosting its stake in a prolific Saskatchewan oil field and giving it the heft to cut costs. [ID:nN05241156]

Petrobank shares, which have more than doubled since their 52-week low of C$16.26 in November last year, closed at C$35.90 Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Gopakumar Warrier)

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