December 7, 2009 / 7:14 AM / 9 years ago

UPDATE 1-PetroBakken to increase 2010 production by about 15 pct

* On target to meet 2009 exit production of 37,000 boepd

* To maintain annual dividend of C$0.96

Dec 7 (Reuters) - PetroBakken Energy Ltd PBN.TO expects to increase 2010 production by more than 15 percent and said it was on target to meet its 2009 exit production forecast of 37,000 barrels of oil equivalent per day (boepd).

PetroBakken, which plans to maintain its annual dividend of 96 Canadian cents a share, said investment plans for 2010 were expected to result in an exit rate of over 42,500 boepd.

The company also said it had received offers from a number of parties to buy its Alberta producing assets.

It said it was working towards final agreements and closing transactions on about two thirds of the assets that are for sale, while discussions were still ongoing for the remaining third.

Shares of PetroBakken closed at C$30.25 Friday on the Toronto Stock Exchange. (Reporting by A.Ananthalakshmi in Bangalore, editing by Will Waterman)

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