October 3, 2011 / 1:33 PM / 7 years ago

UPDATE 1-PetroBakken production rises

Oct 3 (Reuters) - Canadian oil firm PetroBakken Energy Ltd said third-quarter production rose about 7 percent and it expects to deliver higher production for the full year.

The company’s oil production at the end of September rose 7.5 percent to 43,000 barrels of oil per day (boepd), compared with 40,000 boepd last year.

Production from the company’s Bakken business unit was over 20,000 boepd, while production from its Cardium unit rose to 14,000 boepd. Remaining production was generated from its southeast Saskatchewan and AB/BC business units.

PetroBakken, which is primarily focused on light oil, said it expects to end 2011 with 46,000-49,000 boepd.

PetroBakken, which is majority-owned by Petrobank Energy and Resources , drilled 96 wells in the third quarter — 16 percent lower than the year-ago period.

At the end of the third quarter, PetroBakken had 18 operational drilling rigs, of which 8 were in Cardium, 6 at Bakken, 2 drilling prospects in southeast Saskatchewan and 2 drilling exploration wells in central Alberta.

The company said it expects to drill 48 additional wells by the end of the year.

Shares of the Calgary, Alberta-based company closed at C$6.75 on Friday on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Roshni Menon)

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