PetroBakken Energy Ltd. says that average production for the month of December 2012, was 53,200 barrels of oil equivalent a day (boepd) based on field estimates. We are also pleased to announce a $675 million capital plan in 2013 that is expected to result in an 8 to 12 percent growth in average annual production.

Operational Update

PetroBakken had a successful year in 2012. Early in the year we completed certain initiatives to strengthen our financial position and increase balance sheet liquidity. This included terming-out our debt through the issuance of US$900 million of high yield notes and disposing of approximately 4,200 boepd of non-core properties. The asset dispositions allowed us to expand our capital program during the second half of the year and more than replace the disposed production. Our 2012 December average production of 53,200 boepd represented a 6% increase over our 2011 December average (a 16% increase post dispositions) and was comprised of over 21,500 boepd from our Bakken business unit, over 22,500 boepd from our Cardium business unit, and the remainder from our Saskatchewan Conventional and AB/BC business units.

In the fourth quarter, we drilled 79 net wells, completed 106 net wells and brought 99 net wells on production, exiting the year with 21 net wells in inventory.

Tags: PetroBakken Energy