Petrobank Energy and Resources

rdf:langString Petrobank Energy and Resources

rdf:langString Petrobank Energy and Resources Ltd.

rdf:langString Petrobank Energy and Resources Ltd.

rdf:langString $985.518 mil cur173%yoy

rdf:langString C$7,824.43 mil 9.27% qoq

rdf:langString PetroBakken Whitesands Insitu Inc

rdf:langString C$4,805.687 mil 2% qoq

rdf:langString Merged with Touchstone Exploration Inc.

rdf:langString Heavy crude oil and natural gas

rdf:langString John D. Wright, Chair, President, Chief EXEC

rdf:langString Chris J. Bloomer, Senior Vice President, Chief operating officer, heavy oil

rdf:langString C$151.397 mil 72.1%

rdf:langString Ytd sept'10

rdf:langString C$1.575331 bil 143.2%

rdf:langString Ytd sept'10

rdf:langString Petrobank was an oil exploration, development, and production company based in Calgary, Canada. It operates through 4 units/subsidiaries, PetroBakken Energy (58% owned subsidiary) in Canada, Petrominerales Ltd (was 65% owned until December 31, 2010 when both companies parted ways through a reorganization) in Peru and Colombia, HBU (100% owned subsidiary started in 2006) in the heavy crude oil business, and its technology unit Archon Technologies Ltd (THAI and CAPRI).In 1986 the company changed its name from Petrobank Energy Resources Ltd. to Petrobank Energy and Resources Ltd. Though it has a significant resource base its ten patents for heavy oil extracting technology are becoming increasingly valuable to the company. In December 2010 the company received permission from the government of Alberta to produce oil sands bitumen at a new location in Dawson using a technique known as fireflooding, the third Petrobank operation that will use it; the 50% interest in Dawson was acquired in October from Shell Canada. Revenue was about three times higher (1.1 versus 0.415 billion) and conventional oil production rate twice as much (83.9 versus 42.5 thousand bbl/d) in the first half of 2010 compared to the first half of 2009 (the large increase in total revenue during that period can be credited equally to PetroBakken and Petrominerales, each rising 160-170%). Compared to the last quarter of 2009 the second in 2010 had 40% more revenue, 60% more operating income and a 24.1% rise in asset value compared to only 4.6% for long term debt. PetroBakken operations produced 3.5% more barrels of oil equivalent than Petrominerals in the first half of 2010 compared to 4.6% less a year earlier (by the third quarter PetroBakken 40,095 boe per day (most light oil) . Though not yet a significant producer when compared to PetroBakken and Petrominerales, the HBU heavy oil division has the largest contingent resource base in terms of both net present value and total resources. Every year since 2006 the share of Petrobank's total resources attributable to Petrominerales has grown progressively smaller (mostly because of PetroBakken's more rapid growth (145% growth in net present value in 2009 compared to 69% for Petrominerales). Its Whitesands operations (subsidiary Whitesands Insitu Inc, HBU heavy oil) may contain 1.8-2.6 billion barrels of oil. Only PetroBakken produces natural gas.

rdf:langString Merged withTouchstone Exploration Inc.