May 2, 2012 / 9:33 PM / 6 years ago

UPDATE 1-PetroBakken Energy profit up on higher Cardium production

May 2 (Reuters) - PetroBakken Energy Ltd’s first-quarter profit rose more than four-fold, helped in part by higher production from its Cardium light oil play in central Alberta.

January-March adjusted net income was C$102.6 million, or 54 Canadian cents per share, compared with earnings of C$25.1 million, or 13 Canadian cents per share, a year ago.

Oil and natural gas revenue for the light oil-focused exploration and production company rose 17 percent to C$330.4 million.

For the quarter, the company’s production averaged 46,722 barrels of oil equivalent per day (boe/d), compared with 41,562 boe/d, a year ago.

Quarterly production from the company’s Cardium business unit rose 90 percent to 16,568 boe/d.

PetroBakken Energy’s funds flow from operations for the quarter was 95 Canadian cents per share, compared with 86 Canadian cents per share, a year ago.

Shares of the company, which has a market capitalization of $2.75 billion, closed at C$14.35 on Wednesday on the Toronto Stock Exchange.

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