March 4, 2010 / 1:39 PM / in 8 years

CORRECTED - CORRECTED-UPDATE 1-PetroBakken Q4 results top market view

(Corrects paragraphs 3 and 4 to add missing word million)

* Q4 EPS C$0.19 vs est EPS C$0.18

* Q4 rev C$276.3 mln vs est C$248.9 mln

* Q4 funds flow from ops C$1.01/shr

* Q4 prod 45,621 boe/d

March 4 (Reuters) - Canada’s PetroBakken Energy Ltd PBN.TO reported quarterly results that narrowly beat analysts’ estimates, mainly on increased production and higher operating netbacks.

The company, which was formed in August last year, said it earned C$33.4 million, or 19 Canadian cents per share, for the fourth quarter, on revenue of C$276.3 million.

Analysts on average had expected the company to earn 18 Canadian cents, on revenue of C$248.9 million, according to Thomson Reuters I/B/E/S.

PetroBakken’s funds flow from operations stood at C$173.6 million, or C$1.01 per share.

The company reported higher operating netbacks of C$46.68 per barrel of oil equivalent (boe), excluding hedging gains, up from C$40.52/boe in the third quarter, due to stronger commodity prices and lower production expenses.

PetroBakken shares closed at C$28.19 Wednesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Gopakumar Warrier)

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