PetroBakken Announces W. Brett Wilson as a New Director, Provides Operational Update, 2012 Guidance, and Implementation of a Dividend Reinvestment PlanDecember 13, 2011
CALGARY, ALBERTA–(Marketwire – Dec. 13, 2011) – PetroBakken Energy Ltd. (“PetroBakken” or the “Company”) (TSX:PBN), a 59% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX:PBG), is pleased to announce a new director, provide an update on our current operating activities and our initial 2012 capital plan. We are also pleased to announce that we are implementing a Dividend Reinvestment Plan (“DRIP”).
Appointment of New Director
We are very pleased to announce the appointment of W. Brett Wilson to the Board or Directors of PetroBakken. We are confident Mr. Wilson’s 25 plus years of investment banking experience, primarily as co-founder of FirstEnergy Capital Corp., will be a valuable addition to our ongoing strategic direction and governance team at PetroBakken.
Production in early December has reached over 48,000 barrels of oil equivalent per day (“boepd”) (87% light oil and NGLs), a 23% increase over third quarter 2011 production levels, based on field estimates. Our Bakken business unit production is over 23,000 boepd and our Cardium business unit production now exceeds 14,750 boepd (with over 1,450 boepd currently shut-in awaiting tie-in to gas conservation systems), with the remainder of the production generated by our Saskatchewan conventional and AB/BC business units. We continue to forecast a 2011 exit production rate of over 49,000 boepd.