February 22, 2011 / 1:10 PM / 7 years ago

UPDATE 1-PetroBakken Q4 output falls on operational delays

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Feb 22 (Reuters) - Canada’s PetroBakken Energy Ltd said fourth-quarter production fell 9 percent due to operational delays and natural production declines from wells.

The Calgary, Alberta-based company’s quarterly production averaged 41,333 barrels of oil equivalent per day (boepd).

The company, in which Petrobank Energy and Resources has a 59 percent stake, said 2010 average production was up 58 percent to 41,688 boepd.

Its 2010 proved plus probable reserves rose 18 percent to 171.4 million barrels of oil equivalent.

For 2011, it plans to invest about $590 million to drill over 200 net wells and focus on its large inventory of light oil locations. (Reporting by Bhaswati Mukhopadhyay in Bangalore)

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