PetroBakken Energy Ltd. provides an operations update and first quarter financial and operating results.

FIRST QUARTER FINANCIAL & OPERATING HIGHLIGHTS

• First quarter production averaged 49,078 barrels of oil equivalent per day ("boepd") (82% light oil and liquids), a 4% increase over the fourth quarter of 2012. • Our operating netback for the first quarter was $49.79/boe, a 5% increase from the fourth quarter of 2012. • Funds flow from operations was $177 million ($0.92 per basic share) for the quarter, a 5% increase over the fourth quarter of 2012 due to higher average production and increased netback, and a 5% decrease from the first quarter of 2012 due to realized pricing. • Capital expenditures before acquisitions and dispositions totalled $302 million in the first quarter, resulting in 53 net wells drilled. • Net income was $2 million ($0.01 per basic share) for the first quarter. • The maturity date on our $1.4 billion credit facility was again extended by one year to June 2016.

Tags: PetroBakken Energy