PetroBakken drilling efforts focus on West PembinaCardium development---particularly in the Pembina area---continued to be the focus of PetroBakken Energy's drilling activity during Q1 and will remain so for the rest of the year. The company drilled 23 Cardium wells in Q1 and placed 17 on production (out of 53 and 40 wells company-wide). In contrast it drilled only 15 Bakken wells.The company's changing focus is highlighted by a proposal from the management and board to change to company's name to Lightstream Resources Ltd. Since...
Apr 15, 2013
PetroBakken to focus on Cardium production this yearPetroBakken Energy Ltd. expects production for 2013 to average 46,000-48,000 boepd (85% oil and NGLs), about 8-12% over 2012 production, and exit the year at 49,000-52,000 boepd. The company averaged 53,200 boepd in December, up 6% YOY.The company expects to spend $675 million on capital projects this year, focusing on growing production from the Cardium. The Cardium program will focus on pad drilling in Brazeau, Lochend and West Pembina to shorten on-stream cycle times and trim capital...
Jan 14, 2013
PetroBakken shareholders approve spinoffThe spinoff of PetroBakken Energy Ltd. from PetroBank Energy and Resources Ltd., which will result in Petrobank shareholders receiving the company's 56% interest in PetroBakken, has been approved by the shareholders of both companies. The reorganization is expected to be non-taxable to PetroBakken and its shareholders.Concurrent with the spinoff, PetroBakken has adopted a share dividend program. Although PetroBakken has a dividend reinvestment plan in place available to Canadian...
Dec 17, 2012
PetroBakken's December output up 11% to 51,000 boepdPetroBakken Energy Ltd.'s production in early December topped ~51,000 boepd, up 6,000 boepd vs. November, with growth coming mainly from the Bakken and Cardium business units. The company drilled 67 net wells and placed 76 net wells on production, consisting of 26 net wells drilled and 33 net wells placed on production in the Bakken business unit, 28 net wells drilled and 35 net wells placed on production in the Cardium business unit, 12 net wells drilled and eight net wells placed on...
Dec 10, 2012
PetroBakken boosts stake in Arcan Resources to 17%PetroBakken Energy Ltd. has acquired ~7.1 million common shares of Arcan Resources Ltd. at an average price of $0.89 per share, representing 7.2% of Arcan's outstanding shares. The buy brings PetroBakken's holdings in Arcan to ~16.6 million shares or ~17% of outstanding stock.Arcan is focused on developing the light oil resource play in the Swan Hills area of northwest Alberta. Arcan said in a statement it views this deal and others as "providing further evidence of the significant...
Dec 03, 2012
Petrobank Energy spins off subsidiary PetroBakkenPetrobank Energy & Resources shareholders will receive the company's 57% interest in subsidiary PetroBakken Energy as part of a reorganization plan. The move will result in the formation of two separate companies; New Petrobank, which will acquire the existing assets and liabilities of Petrobank, and PetroBakken Energy Ltd. Petrobank shareholders will get one share of New Petrobank for each current share of Petrobank along with shares of the new PetroBakken at an exchange rate ranging...
Nov 07, 2012
Crescent Point buys Viking producer Cutpick for $425MMCrescent Point Energy Corp. reached a deal to buy privately held oil and gas producer Cutpick Energy Inc. for $425 million, including the assumption of $83 million in debt. Cutpick's production is ~6,500 boepd (65% light oil), primarily in the Viking light oil resource play near Provost, Alberta.Cutpick shareholders will receive 0.14 Crescent Point shares for each Cutpick share held. The five-day weighted average trading price of Crescent Point in the days leading up to the deal was $43.13....
May 03, 2012
PetroBakken production slips to 44,200 boepd on asset salesPetroBakken Energy Ltd.'s production for Q1 exceeded 46,500 boepd (87% oil and NGLs), comprised of more than 20,700 boepd from the company's Bakken business unit and more than 16,400 boepd from the Cardium business unit. The remainder was generated by the company's Saskatchewan conventional and AB/BC business units.In March, average production was more than 44,200 boepd. The decrease was mainly due to the sale of assets in February and mid-March. Production for 4Q11 was 48,007 boepd (87%...
Apr 11, 2012
Petrobakken sells non-core Saskatchewan assets for $105MMPetroBakken Energy Ltd. entered into an agreement to sell its entire WI (~2.2%) in the southeast Saskatchewan Weyburn field for gross proceeds of $105 million, subject to adjustments. The assets include 580 boepd of production and the deal implies a transaction metric of $178,500 per boepd.
The deal is expected to close by the end of February with an effective date of January 1, 2012.
Twenty-three companies hold an interest in the field. Cenovus is the operator with a 62% WI.
Pull...
Feb 10, 2012
Petrobakken production for December hits 50,000 boepdPetroBakken Energy Ltd.'s average production for December hit 50,000 boepd (87% light oil and NGLs), a 23% increase over 3Q11 production and an 18% increase over production in December 2010. The company had forecast 2011 exit production to top 49,000 boepd. Production in December was comprised of more than 23,400 boepd from the company's Bakken business unit, more than 16,500 boepd from its Cardium business unit (with 1,450 boepd currently shut-in awaiting tie-in), and the remainder generated...
Feb 03, 2012
PetroBakken cuts capital spending for 2012 to $700MMPetroBakken Energy Ltd., a 59% owned subsidiary of Petrobank Energy and Resources Ltd., plans ~$700 million in capital spending for 2012, down from its budgeted $800 million for capital spending in 2011.
Spending for 2012 will focus primarily on the company's light oil resource plays in SE Saskatchewan for the Bakken and central Alberta for the Cardium, as well as its Mississippian conventional light oil play in southeast Saskatchewan. The company plans to drill, complete and equip more than...
Dec 13, 2011
Stock Briefs - October 10, 2012• Bellatrix Exploration Ltd. has begun trading on the NYSE MKT under the symbol "BXE."• Blacksteel Energy Inc. granted a total of ~1.7 million stock options to directors of the company. The options are exercisable at $0.10 for 10 years from the date of the grant.• Canadian Phoenix Resources Corp. plans to make a normal course issuer bid beginning September 25 to buy for cancellation up to ~3.8 million of its common shares, or 10% of its public float. The company plans to fund...
Oct 10, 2012
People Briefs - April 26, 2012• Africa Hydrocarbons Inc. appointed Gordon McKay as a director and Charidy Lazorko as CFO.• Bonterra Energy Corp. said CEO Randy Jarock will retire for personal reasons effective June 30. He will become a member of the board.• Cougar Oil and Gas Canada Inc. said Glenn Watt resigned as president to pursue other interests internationally. Watt will continue to serve on the board and as a consultant while the company is in CCAA. Wm Tighe has assumed the role of interim...
Apr 26, 2012
People Briefs - December 28, 2011• Blackhawk Resource Corp. said David Bryson joined the company as president and a director.
• Cascadia Resources Inc. appointed Michael d'Entremont president.
• Cavalier Land said Kelly Stearns joined the company as director, land services.
• Compton Petroleum Corp. said Leigh Cassidy joined the company as CFO and vice-president, finance.
• Divestco said Jacklynn Holmes joined the company as sales and marketing director.
• Mooncor Oil & Gas Corp. said Gerry Feldman joined its board to...
Dec 28, 2011