Petrobank Reports Q1 2010 Net Income of $82.5 Million

Petrobank Energy and Resources Ltd. (TSX:PBG) reported first quarter 2010 financial and operating results highlighted by funds flow from operations of $3.14 per diluted share and net income of $0.76 per diluted share.

The press release is quoted as saying:

Petrobank’s consolidated production increased 85 percent to 81,297 barrels of oil equivalent per day (“boepd”) in the first quarter of 2010 compared to 43,856 boepd in the first quarter of 2009 due to production increases in PetroBakken and Petrominerales. Funds flow from operations increased 167 percent to $334.0 million in the first quarter of 2010. On a per diluted share basis, funds flow from operations increased 124 percent to $3.14. Net income increased to $82.5 million in the first quarter of 2010 compared to a $1.5 million loss in 2009. On a per diluted share basis, net income increased to $0.76 from a loss of $0.02.

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