November 9, 2010 / 1:32 PM / 8 years ago

Canada's PetroBakken Energy Q3 profit in line with estimates

Nov 9 (Reuters) - PetroBakken Energy Ltd PBN.TO reported a quarterly profit in line with analysts’ expectations, and said wet weather continued to affect its expansion activities in Canada’s Pembina Cardium play.

July-September earnings were C$9.2 million, or 5 Canadian cents a share, compared with C$9.9 million, or 9 Canadian cents a share, a year ago.

Oil and natural gas revenue more than doubled at C$228.5 million, as the company produced 40,095 barrels of oil equivalent per day, up 124 percent from a year-ago period.

Analysts on average expected the company to earn 5 Canadian cents a share on revenue of C$223.3 million, according to Thomson Reuters I/B/E/S.

Funds flow from operation was C$140.8 million, or 71 Canadian cents a share. Analysts expected a cash flow of 76 Canadian cents a share.

The company, in which Petrobank Energy and Resources Ltd PBG.TO owns 59 percent, has its cardium position concentrated in West Pembina. PetroBakken drilled 75 net wells with a 99 percent success rate during the quarter.

The fourth quarter will continue to be active with a drilling program growing to 19 rigs focusing primarily on Bakken and Cardium light oil resource plays, the company said.

Shares of the Calgary, Alberta-based company have risen about 1 percent in the last three months, underperforming the broader S&P TSX Energy index’s .SPTTEN 6 percent rise. They closed at C$23.55 Monday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Maju Samuel)

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