PetroBank

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

PetroBank

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May 11 (Reuters) - Canada's PetroBakken Energy Ltd (PBN.TO) reported a surge in quarterly earnings that beat analysts' estimates, as average production nearly doubled, boosted by its acquisition of TriStar Oil & Gas Ltd last year.

For the first quarter, net income was C$39.1 million ($38.22 million), or 23 Canadian cents a share, compared with C$179,000, or breakeven per share, a year ago.

Analysts on average were expecting the company to earn 18 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Revenue nearly tripled to C$275.7 million, but missed estimates of C$277.7 million

PetroBakken, which is primarily focused on light oil, said average production rose 95 percent to 43,098 barrels of oil equivalent per day (boe/d).

Funds from operations more than doubled to C$189.1 million, or C$1.0 per share.
Dan Steffens
Energy Prospectus Group
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