April 11, 2012 / 11:07 AM / 6 years ago

UPDATE 1-PetroBakken Energy production rises

April 11 (Reuters) - PetroBakken Energy Ltd reported higher average production for the first quarter and reiterated its capital budget for this year at C$875 million ($872.7 million).

For the quarter, the company’s average production exceeded 46,500 barrels of oil equivalent per day (boe/d), compared with 41,562 boe/d last year.

The company also reiterated its exit production rate forecast for this year of 52,000-56,000 boe/d.

Shares of the Calgary, Alberta-based company closed at C$15.83 on Tuesday on the Toronto Stock Exchange.

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