PLANT

PetroBakken plans $675M capital spend in 2013

Boosting output in Bakken and Cardium formations.


CALGARY — PetroBakken Energy Ltd. has budgeted $675 million for capital projects this year, with a focus on growing production from the Cardium formation in Alberta.

The Calgary-based company will also make investments in the Bakken formation and southeastern Saskatchewan.

The company says it produced the equivalent of 53,200 barrels of oil per day on average in December, which was 6% above the same month of 2011.

It’s aiming to exit 2013 at about the same level, in a range of 49,000 to 52,000 barrels per day, but boost annual output by eight to 12 per cent above 2012..

© 2013 The Canadian Press