March 7, 2012 / 12:27 PM / 6 years ago

CORRECTED-UPDATE 2-PetroBakken Q4 soars on higher Alberta production

(Corrects paragraph 5 to say reserves are in million barrels of oil (mmboe), not mmboe/d)

* Sees 2012 exit production 52,000-56,000 boe/d

* Raises 2012 capex by C$175 mln

* Shares rise 7 percent

By Maneesha Tiwari

March 7 (Reuters) - PetroBakken Energy Ltd’s quarterly profit nearly doubled on higher oil prices and output, and the Canadian oil company raised its 2012 year-end production forecast.

The company, which is primarily focused on light oil, benefited from a 17 percent rise in U.S. crude prices during the October-December period.

Production rose 16 percent to 48,007 barrels of oil equivalent per day (boe/d), fueled by the rapidly rising output at its Cardium properties in Alberta that contributed more than a third of its total production.

“They have been increasing production in the Cardium from essentially nothing a couple of years ago to more than 18,000 boe/d today,” AltaCorp Capital analyst Don Rawson said.

Reserves at the Cardium unit rose by two-thirds to 72.2 million barrels of oil equivalent in 2011, taking the total to 203.5 million boe, up about a fifth.

“They have been taking money out of the Bakken effectively to fund the Cardium program,” Rawson added.

In keeping with the trend, the Calgary, Alberta-based company increased its 2012 capital outlay by a quarter to C$875 million ($873.04 million), looking to spend more its Cardium assets.


The company’s adjusted net income for the fourth quarter rose 90 percent to C$76,849 or 41 Canadian cents per share. Oil and natural gas revenues jumped 42 percent to C$366.9 million.

PetroBakken also raised its 2012 exit production forecast to 52,000-56,000 boe/d from the earlier forecast 50,000-54,000 boe/d.

Shares of the Calgary, Alberta-based company rose 7 percent to C$16.03 on Wednesday on the Toronto Stock Exchange.

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