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
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
Grizzly Oil Sands closes May River acquisitionGrizzly Oil Sands ULC closed its acquisition of the May River property from Petrobank Energy and Resources Ltd. for $225 million in cash. The property consists of 46,720 acres (18,250 hectares) of 100% WI oil sands leases in the Athabasca oil sands.A March 1 reserves report identified 1.8 billion barrels of exploitable bitumen in place and has assigned 824 million barrels of contingent resource as a best estimate using SAGD and Grizzly's ARMS...
Mar 13, 2012
Grizzly buys May River property from Petrobank for $225MMGrizzly Oil Sands entered into an agreement with Petrobank Energy and Resources Ltd. to purchase its May River property, which includes 18,250 hectares (46,720 acres) of oil sands leases, for $225 million in cash. Grizzly intends to develop the property using SAGD recovery technology and its Advanced, Relocatable, Modularized, Standardized (ARMS) development model.
"The May River lease adds substantially to the magnitude and quality of Grizzly's existing portfolio of projects, which, upon...
Feb 10, 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
Petrobank plans $34 million in capital spending for 2012Petrobank Energy and Resources Ltd.'s 2012 capital spending is expected to be ~$34 million, with half of the plan considered to be discretionary.
The company plans to focus on its Kerrobert project to increase production and bring the project to commerciality. Spending at Kerrobert is expected to be ~$10 million.
At Dawson, the company has drilled two demonstration well-pairs, with both production wells and one injector well completed. The company is deferring further work at Dawson until...
Dec 13, 2011
PetroBakken confirms November dividendPetroBakken Energy Ltd., a 59%-owned sub of Petrobank Energy and Resources Ltd., recorded net income of $29.7 million in 3Q11, down 18% vs. $36 million in 3Q10. Oil and gas sales were $272.3 million, up 19% vs. $228.5 million last year.
Operating netbacks (excluding hedging activities) for the quarter were $50.04/boe, up 15% compared with 3Q10 but down 12% compared to the second quarter of 2011. The decrease was primarily due to lower pricing that more than offset decreased royalty and...
Nov 08, 2011
People Briefs - March 28, 2013• Adira Energy announced the resignation of Orit Leitman from its board.• Jason Waugh was appointed Vice President of Canadian Energy Services & Technology Corp.• CanElson Drilling appointed M. Scott Bratt to its board. He previously served as managing director and co-head of corporate finance at FirstEnergy Capital.• Lone Pine Resources announced the departure of president and CEO David M. Anderson and EVP and CFO Edward J. Bereznicki. Board member David M....
Mar 28, 2013
People Briefs - December 19, 2012• Big Sky Petroleum Corp. appointed T. Arden McCracken to its board. • Bonnett's Energy Corp. appointed Troy Tews COO.• Petrobank Energy and Resources Ltd. promoted Kenneth Rossi to vice president, land and regulatory. Rossi was most recently general manager, land, contracts & compliance. Robert Richardson, previously vice president, exploitation, has resigned from the company.• Surmont Energy Ltd. said founding shareholder William Cooper has, as planned,...
Dec 19, 2012
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 - February 13, 2012• Border Petroleum Corp. appointed Peter Fridrich vice president, exploration.
• ConocoPhillips named new investor relations directors for the companies that will be formed from its planned split this
year. Clayton Reasor will serve as investor relations vice president at Phillips 66, the refining company, and Ellen DeSanctis will serve in the same position for ConocoPhillips, the independent E&P company.
• Encana Corp. said Michael Graham, president of the company's...
Feb 13, 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
People Briefs - December 13, 2011• CNOOC Ltd., China's largest offshore oil firm, appointed Li Fanrong CEO. Former CEO Yang Hua will become a non-executive director and a vice chairman of the board to focus on company strategy.
• ConocoPhillips, which will focus on exploration and production after it completes the spinoff of its refining arm in 2Q12, named former Exxon Mobil Corp. executive Alan Hirshberg executive vice president of technology and projects. Former Nexen Inc. executive Matt Fox has been named executive vice...
Dec 13, 2011