May 10, 2011 / 4:35 AM / in 7 years

UPDATE 1-PetroBakken Q1 profit more than halves

May 10 (Reuters) - Canadian oil firm PetroBakken Energy Ltd’s first-quarter profit more than halved, partly hurt by lower production.

Net income fell to C$53.4 million, or 28 Canadian cents a share, down from C$119.2 million, or 69 Canadian cents a share, a earlier.

Revenue for PetroBakken, in which Petrobank Energy and Resources has a 59 percent stake, rose 2 percent to C$281 million.

PetroBakken, which is primarily focused on light oil, said average production fell 4 percent to 41,562 barrels of oil equivalent per day (boe/d).

Funds from operations dropped 8 percent to C$173 million, or C$86 per share.

The company raised its 2011 capital spending for 2011 by C$100 million to C$900 million. The increase reflects C$30 million in additional facility costs and an additional C$70 million of drilling, completion and equipping costs.

It maintained its exit production outlook of 46,000-49,000 boepd.

Shares of Calgary, Alberta-based PetroBakken closed at C$17.14 on Monday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Lincoln Feast)

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