PetroBank
Posted: Fri Apr 20, 2012 11:22 am
If their Kerrobert Oil Sands project works, this stock could really take off. PetroBank owns 59% of PetroBakken (which I love for high yield). The dividends from PetroBakken give it more than enough cash flow to survive until their heavy oil projects pan out. At $100/bbl oil the IRR on these projects is fantastic. - dan
CALGARY, ALBERTA--(Marketwire - April 20, 2012) - Petrobank Energy and Resources Ltd. (TSX:PBG.TO - News) is pleased to provide a production update for our Kerrobert project. In early March, we reported that January and February 2012 production averaged 155 barrels of oil per day ("bopd"). March 2012 production averaged 264 bopd and Q1 2012 production averaged 193 bopd. These production volumes represent actual sale volumes for each period reported. Petrobank has updated our corporate presentation with additional production information and a copy is now available at www.petrobank.com.
Production continues to improve and, based on field estimates, April production to-date is trending higher than previous months. Recent production continues to average 13 to 14 degrees API, providing evidence that upgraded THAI(R) oil is being produced.
Since the full Kerrobert field was placed on production in September 2011, we have maintained a consistent and patient operating philosophy to rateably increase sustained production of upgraded THAI(R) oil. This philosophy includes managing air injection rates in order to gradually build out the combustion front and optimizing the type, configuration and placement of the production pumps to extend their useful life and reduce downtime and maintenance costs. Our optimization strategy also includes reducing downtime of our surface facilities.
Petrobank continues to focus on increasing sustained production levels at Kerrobert and reducing per unit costs. A further operational update will be provided with the release of our Q1 2012 financial information scheduled for May 14, 2012.
Petrobank Energy and Resources Ltd. is a Calgary-based oil and natural gas exploration and production company with operations in western Canada. The Company operates high-impact projects through two business units and a technology subsidiary. Petrobank's 59% owned TSX-listed subsidiary, PetroBakken Energy Ltd. (TSX:PBN.TO - News), is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light oil assets. Whitesands Insitu Partnership, a partnership between Petrobank and its wholly-owned subsidiary Whitesands Insitu Inc., applies Petrobank's patented THAI(R) heavy oil recovery process in the field. THAI(R) is an evolutionary in-situ combustion technology for the recovery of bitumen and heavy oil. THAI(R) and CAPRI(R) are registered trademarks of Archon Technologies Ltd., a wholly-owned subsidiary of Petrobank Energy and Resources Ltd., for specialized methods for recovery of oil from subterranean formations through in-situ combustion techniques and methodologies with or without upgrading catalysts. Used under license by Petrobank Energy and Resources Ltd.
CALGARY, ALBERTA--(Marketwire - April 20, 2012) - Petrobank Energy and Resources Ltd. (TSX:PBG.TO - News) is pleased to provide a production update for our Kerrobert project. In early March, we reported that January and February 2012 production averaged 155 barrels of oil per day ("bopd"). March 2012 production averaged 264 bopd and Q1 2012 production averaged 193 bopd. These production volumes represent actual sale volumes for each period reported. Petrobank has updated our corporate presentation with additional production information and a copy is now available at www.petrobank.com.
Production continues to improve and, based on field estimates, April production to-date is trending higher than previous months. Recent production continues to average 13 to 14 degrees API, providing evidence that upgraded THAI(R) oil is being produced.
Since the full Kerrobert field was placed on production in September 2011, we have maintained a consistent and patient operating philosophy to rateably increase sustained production of upgraded THAI(R) oil. This philosophy includes managing air injection rates in order to gradually build out the combustion front and optimizing the type, configuration and placement of the production pumps to extend their useful life and reduce downtime and maintenance costs. Our optimization strategy also includes reducing downtime of our surface facilities.
Petrobank continues to focus on increasing sustained production levels at Kerrobert and reducing per unit costs. A further operational update will be provided with the release of our Q1 2012 financial information scheduled for May 14, 2012.
Petrobank Energy and Resources Ltd. is a Calgary-based oil and natural gas exploration and production company with operations in western Canada. The Company operates high-impact projects through two business units and a technology subsidiary. Petrobank's 59% owned TSX-listed subsidiary, PetroBakken Energy Ltd. (TSX:PBN.TO - News), is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light oil assets. Whitesands Insitu Partnership, a partnership between Petrobank and its wholly-owned subsidiary Whitesands Insitu Inc., applies Petrobank's patented THAI(R) heavy oil recovery process in the field. THAI(R) is an evolutionary in-situ combustion technology for the recovery of bitumen and heavy oil. THAI(R) and CAPRI(R) are registered trademarks of Archon Technologies Ltd., a wholly-owned subsidiary of Petrobank Energy and Resources Ltd., for specialized methods for recovery of oil from subterranean formations through in-situ combustion techniques and methodologies with or without upgrading catalysts. Used under license by Petrobank Energy and Resources Ltd.