August 10, 2010 / 10:35 AM / in 7 years

UPDATE 1-Canada's Petrobakken Energy posts Q2 loss

* Q2 loss C$0.08/shr vs breakeven year ago

* Revenue rises 140 pct

* Funds flow from operations C$155.7 mln

* Q2 production more than doubles

* Says wet weather hurt drilling ops in Alberta

Aug 10 (Reuters) - Canada’s PetroBakken Energy Ltd PBN.TO reported a wider quarterly loss and said its drilling activities in Alberta were hurt by wet weather, which has delayed production additions from the Cardium play by a month.

For the April-June quarter, the company reported loss of C$15.4 million, or 8 Canadian cents per share, compared with a loss of C$31,000, a year ago.

Oil and natural gas revenue more than doubled to C$246.0 million as production rose 116 percent to 42,263 barrels of oil equivalent per day (boepd), driven by the acquisition of TriStar in October last year and drilling activities in the Bakken.

Funds flow from operations was C$155.7 million. or 78 Canadian cents a share.

Shares of the Calgary, Alberta-based company closed at C$22.02 Monday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Gopakumar Warrier)

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