PetroBakken Announces Current Production of Approximately

PetroBakken Announces Current Production of Approximately 51,000
CALGARY, ALBERTA -- (Marketwire) -- 12/10/12 -- PetroBakken Energy
Ltd. ("PetroBakken" or the "Company") (TSX:PBN) is pleased to provide
an update on operations and our 2013 hedging program. 
Production in early December 2012 has reached approximately 51,000
boepd (based on field estimates), up 6,000 boepd since early November
2012 as we continue to execute on our 2012 capital plan.  
Production growth primarily came from our Bakken and Cardium business
units, which are our most active areas. Since the end of the third
quarter, we have drilled 67 net wells and placed 76 net wells on
production. This includes 26 net wells drilled and 33 net wells
placed on production in the Bakken business unit, 28 net wells
drilled and 35 net wells placed on production in the Cardium business
unit, 12 net wells drilled and 8 net wells placed on production in
the Conventional business unit, and 1 net well drilled in our new
play areas. For the remainder of December, we plan to bring on
production 21 net wells, 8 in each of the Bakken and the Cardium
business units and 5 in the Conventional business unit. We recently
completed the Brazeau facility in the Cardium and tied-in a portion
of the planned wells to this facility, which added approximately
1,200 boepd of production. We expect the completion of our tie-in
program and optimization of this facility will add an additional
2,000 boepd of production prior to year-end. The results of these
activities, together with the natural declines attributable to our
production base, will put us on pace to achieve our 2012 exit rate
production guidance of 52,000 to 56,000 boepd,  
The recently announced acceleration of our 2013 capital program is
underway and our continuous drilling program, which currently
consists of 11 drilling rigs operating, 6 in the Cardium, 2 in the
Bakken, 1 in Conventional, and 2 in our Swan Hills resource play
should provide a steady inventory of new wells to bring on-stream in
early 2013. New additions to our facility infrastructure and pipeline
networks should also alleviate some seasonal production losses during
spring break-up due to shut-in production and road bans.  
In order to provide greater cash flow security, we are expanding our
ng program and are targeting to increase the net hedged
production for 2013 from 12,000 bopd to 18,000 bopd. This is an
increase to our past practice of hedging approximately 25% of our net
production. The following table provides our current hedge position: 

                             Hedged Barrels  Average Floor  Average Ceiling 
                                    (bbls/d)          (US$)            (US$)
2012                      1H         20,000         $83.94          $112.45 
                          2H         12,000         $78.02          $118.94 
2013                      1H         12,250         $78.27          $119.04 
                          2H         12,000         $79.38          $116.46 
2014                      1H          7,000         $80.54          $109.51 
                          2H          4,250         $81.18          $109.54 
2015                      1H          1,250         $80.00          $102.76 

PetroBakken Energy Ltd. is an oil and gas exploration and production
company combining light oil Bakken and Cardium resource plays with
conventional light oil assets, delivering industry leading operating
netbacks, strong cash flows and production growth. PetroBakken is
applying leading edge technology to a multi-year inventory of Bakken
and Cardium light oil development locations, along with a significant
inventory of opportunities in the Horn River and Montney gas resource
plays in northeast BC. Our strategy is to deliver accretive
production and reserves growth, along with an attractive dividend
BOEs. Natural gas volumes have been converted to barrels of oil
equivalent ("boe"). Six thousand cubic feet ("Mcf") of natural gas is
equal to one barrel of oil equivalent based on an energy equivalency
conversion method primarily attributable at the burner tip and does
not represent a value equivalency at the wellhead. Boes may be
misleading, especially if used in isolation. 
Forward Looking Statements. Certain information provided in this
press release constitutes forward-looking statements. Specifically,
this press release contains forward-looking statements relating to
future results from operations, future production rates and, proposed
exploration and development activities (including the number of wells
to be drilled, completed and put on production). The forward-looking
statements are based on certain key expectations and assumptions,
including expectations and assumptions concerning the success of
future drilling, completion, recompletion and development activities,
the performance of new and existing wells, prevailing commodity
prices and economic conditions, the availability and cost of labour
and services, timing of pipeline and facilities construction, access
to third party facilities and weather and access to drilling
locations. Although we believe that the expectations and assumptions
on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking statements
because we can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, risks associated with the oil and
gas industry in general (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainty of estimates and
projections relating to production, costs and expenses, reliance on
industry partners, availability of equipment and personnel,
uncertainty surrounding timing for drilling and completion activities
resulting from weather and other factors, changes in applicable
regulatory regimes and health, safety and environmental risks),
commodity price and exchange rate fluctuations and general economic
conditions. Certain of these risks are set out in more detail in our
Annual Information Form which has been filed on SEDAR and can be
accessed at Except as may be required by applicable
securities laws, PetroBakken assumes no obligation to publicly update
or revise any forward-looking statements made herein or otherwise,
whether as a result of new information, future events or otherwise.
PetroBakken Energy Ltd.
John D. Wright
President and Chief Executive Officer
PetroBakken Energy Ltd.
Peter D. Scott
Senior Vice President and Chief Financial Officer
PetroBakken Energy Ltd.
William A. Kanters
Vice President, Capital Markets
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