August 13, 2010 / 7:25 AM / 7 years ago

UPDATE 1-Petrobank Energy Q2 net income up; names new CFO

* Q2 net C$41.1 mln vs C$34.7 mln

* Oil & gas revenue up 155 pct

* Consolidated production rose 110 pct

* Compton exec Cheung named CFO

(Adds details and background)

Aug 13 (Reuters) - Petrobank Energy and Resources Ltd PBG.TO said its second-quarter net income rose 18 percent on higher oil and gas revenue and named a new chief financial officer.

The company appointed Peter Cheung as CFO, replacing Corey Ruttan, who is also the CEO of Petrominerales.

Cheung, who was most recently the treasurer at Compton Petroleum Corp CMT.TO, will take charge on Aug. 14.

The company, which owns 58 percent of PetroBakken Energy PBN.TO and 66 percent of Petrominerales PMG.TO, said its consolidated quarterly production rose 110 percent to 86,466 barrels of oil equivalent per day (boepd).

For the second quarter, the oil and natural gas exploration and production company reported net income of C$41.1 million Canadian dollars ($39.3 million), or 35 Canadian cents a share, compared with C$34.7 million, or 40 Canadian cents a share, a year earlier.

The outstanding shares for the period rose 11 percent.

Oil and natural gas revenue jumped 155 percent to C$573 million.

Funds flow from operations surged 123 percent to C$3.12 a share during the quarter.

PetroBakken and Petrominerales posted first-quarter profits earlier this month. [ID:nSGE6790JP] [ID:nWNAB5914]

Shares of the Calgary, Alberta-based company closed at C$38.18 Thursday on the Toronto Stock Exchange. (Reporting by Archana Shankar in Bangalore; Editing by Michael Shields)

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