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Smaller PetroBakken capital budget, higher output

More balanced plan to reduce production volatility and manage declines.


March 12, 2013
by CANADIAN PRESS

To produce between 46,000 and 48,000 boepd.

CALGARY — PetroBakken Energy Ltd. plans $675 million in capital spending this year, about 30% less than in 2012 or 2011.

The company’s outlook, included with its fourth-quarter and annual results, calls for the Calgary-based oil and gas company to produce the equivalent of between 46,000 and 48,000 barrels per day on average this year.

That would be up from 42,784 barrels per day last year and 40,998 boepd in 2011.

PetroBakken says it produced 47,192 boepd on average in the fourth quarter ended Dec. 31, down from 48,007 a year earlier.

“Our 2013 capital expenditure plan of $675 million is more balanced throughout the year, which will help us reduce production volatility and manage declines while delivering anticipated year-over-year average production growth of 8% 12%.”

© 2013 The Canadian Press