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Petrobank Energy plans $34M investment in 2012

Petrobank Energy and Resources Ltd. has set its capital budget expectations at $34 million for 2012.


December 13, 2011
by CANADIAN PRESS

CALGARY: Petrobank Energy and Resources Ltd. has set its capital budget expectations at $34 million for 2012.

The Calgary-based energy company says about half of that budget will be considered discretionary.

It plans to focus on increasing production and bringing its its toe-to-heel air injection (THAI) project at Kerrobert in Saskatchewan to the commercial stage.

Petrobank will spend about $10 million in 2012 to develop Kerrobert.

The company says it will delay further work on its Dawson project until the second half of 2012 and plans to submit a regulatory application for its commercialization by mid-year.

Capital expenditures in 2012 at Dawson are expected to be about $10 million to $12 million.

Petrobank Energy is a Calgary-based oil and natural gas exploration and production company with operations in western Canada.

© 2011 The Canadian Press