PetroBakken Provides Update on 2012 Reserves and Operations

PetroBakken Energy Ltd. (TSX:PBN) announced the company’s 2012 reserves and operational report.

As quoted in the press release:

HIGHLIGHTS

• Proved plus probable (“2P”) reserves (before dispositions) grew by 10% to 206.8 million barrels of oil equivalent (“MMboe”) at December 31, 2012.
• The 2012 capital program replaced 229% of 2012 production through the addition of 35.8 MMboe of 2P reserves and achieved a recycle ratio of 1.8 times, based on our 2012 operating netback of $47.89.
• The light oil and liquids weighting of our reserves is 82%.
• In 2012, PetroBakken delivered finding, development and net acquisition (“FD&A”) costs, including changes in future development capital (“FDC”), of $11.45/boe for total proved reserves and $11.91/boe for 2P reserves.

Click here to read the full PetroBakken Energy Ltd. (TSX:PBN) press release.