PetroBakken Announces Fourth Quarter Results With Production of 47,192 Boepd and Funds Flow from Operations of $168 Million

PetroBakken Announces Fourth Quarter Results With Production of 47,192 Boepd 
and Funds Flow from Operations of $168 Million 
CALGARY, ALBERTA -- (Marketwire) -- 03/12/13 -- PetroBakken Energy
Ltd. (the "Company" or "PetroBakken") (TSX:PBN) is pleased to
announce our fourth quarter and year-end 2012 financial and operating
results. 
FINANCIAL & OPERATING HIGHLIGHTS 
In this press release, annual comparisons are 2012 compared to 2011
and quarterly comparisons are fourth quarter 2012 compared to fourth
quarter 2011, unless otherwise noted. All references to well counts
are on a net basis. 


 
--  December 2012 average production was 53,200 boepd (84% light oil and
    liquids weighted), an increase of 6% from December 2011 and on target
    with our guidance of 52,000 - 56,000 boepd.  
--  Fourth quarter 2012 production of 47,192 boepd increased 23% over the
    third quarter of 2012. 
--  Our operating netback for the fourth quarter was $47.60/boe, down 20%
    from the fourth quarter of 2011, reflecting significantly lower light
    oil price realizations. 
--  Fourth quarter funds flow from operations was $168 million ($0.88 per
    basic share). 
--  Proved plus probable reserves at December 31, 2012 were 206.8 million
    barrels of oil equivalent ("MMboe"), an increase of 10% over 2011
    (before dispositions). 
--  Net capital expenditures were $320 million in 2012, after including net
    proceeds of $636 million from dispositions of non-core assets.
 
Summary of Results                                                          
                                                                            
----------------------------------------------------------------------------
                                  Three months ended              Year ended
                                       December 31,             December 31,
----------------------------------------------------------------------------
                                    2012        2011        2012        2011
----------------------------------------------------------------------------
Oil and natural gas revenue      296,584     366,881   1,104,983   1,195,476
Funds flow from operations                                                  
 (1)                             168,342     231,428     597,096     710,162
  Per share - basic ($)(1)                                                  
   (2)                              0.88        1.24        3.17        3.79
Adjusted Net income(1)           106,951      76,849     262,718     215,787
  Per share - basic                                                         
   ($)(1)(2)                        0.56        0.41        1.39        1.15
Net Capital Expenditures(1)      368,973     239,481     320,383     909,169
Net debt (1)                                           2,042,814   1,390,563
Dividends per share ($)(1)                                                  
 (3)                                0.24        0.24        0.96        0.96
Cash dividends per                                                          
 share($)(1) (3)                    0.09        0.24        0.40        0.96
Common Shares, end of period                                                
 (000) (4)                                               192,452     187,342
Operating netback ($/boe)                                                   
 (1) (5) (6)                       47.60       59.21       47.89       54.76
Average daily production                                                    
 (boe) (5)                        47,192      48,007      42,784      40,998
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(1) Non-GAAP measure. See "Non-GAAP Measures" section.  
(2) Calculated using shares outstanding of PetroBakken Energy Ltd.
prior to the reorganization in December 2012.  
(3) Dividends paid by PetroBakken Energy Ltd. prior to the
reorganization in December 2012.  
(4) Denotes basic common shares outstanding.  
(5) Six Mcf (thousand cubic feet) of natural gas is equivalent to one
barrel of oil equivalent ("boe").  
(6) Net of transportation expenses. 
OPERATING RESULTS 
Consistent with our plan to invest proceeds from dispositions, we
achieved a record level of activity in the fourth quarter during
which we drilled 79 wells, completed 106 wells, brought 99 wells on
production and exited the year with 21 wells in inventory. Our
inventory partly reflects the acceleration of capital from 2013 into
2012, a portion of which was used to drill wells late in the fourth
quarter that will contribute to production volumes in the first
quarter of 2013. Fourth quarter activity is broken down by operating
area as follows:  


 
                                                                            
Q4 2012 Drilling Activity                                                   
                                                   Drilled         Completed
Business Unit                               Gross      Net    Gross      Net
----------------------------------------------------------------------------
Bakken                                         37       28       48       40
Conventional (SE SK)                           20       14       17       12
Cardium (central AB)                           37       33       60       51
Alberta/BC                                      4        4        3        3
----------------------------------------------------------------------------
Total                                          98       79      128      106
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
                                                                            
Q4 2012 Drilling Activity                                                   
                                             On Production      Inventory(1)
Business Unit                               Gross      Net    Gross      Net
----------------------------------------------------------------------------
Bakken                                         50       43        4        1
Conventional (SE SK)                           18       13        9        4
Cardium (central AB)                           49       41       17       14
Alberta/BC                                      2        2        2        2
----------------------------------------------------------------------------
Total                                         119       99       32       21
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
(1) Inventory refers to the number of wells pending completion and/or
tie-in at December 31, 2012.  


 
2012 Drilling Activity                                                      
                                                   Drilled         Completed
Business Unit                               Gross      Net    Gross      Net
----------------------------------------------------------------------------
Bakken                                        127       97      126       98
Conventional (SE SK)                           52       32       46       26
Cardium (central AB)                          108       84      128      104
Alberta/BC                                      4        4        6        6
----------------------------------------------------------------------------
Total                                         291      217      306      234
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
2012 Drilling Activity                                                      
                                             On Production      Inventory(1)
Business Unit                               Gross      Net    Gross      Net
----------------------------------------------------------------------------
Bakken                                        121       96        4        1
Conventional (SE SK)                           41       24        9        4
Cardium (central AB)                          102       80       17       14
Alberta/BC                                      3        3        2        2
----------------------------------------------------------------------------
Total                                         267      203       32       21
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
(1) Inventory refers to the number of wells pending completion and/or
tie-in at December 31, 2012.  
Production in the fourth quarter of 2012 averaged 47,192 boepd, an
increase of 23% over the third quarter of 2012. The majority of the
production additions were concentrated in December as our new
facility in the Brazeau area of the Cardium came on-stream. In
December, we achieved a monthly production record of 53,200 boepd.  
Production additions during 2012 more than offset the approximately
4,200 boepd of production that was disposed of in late December 2011
and the first quarter of 2012, with our average production rate
increasing 4% over 2011 to 42,784 boepd. Total production for the
year was 84% light oil and liquids weighted.  


 
Average Daily                                                               
 Production                                                                 
                               Three months ended                 Year ended
                                December 31, 2012          December 31, 2012
                       Oil &NGL      Gas    Total Oil &NGL      Gas    Total
Business Unit           (bbl/d)  (Mcf/d)  (boe/d)  (bbl/d)  (Mcf/d)  (boe/d)
----------------------------------------------------------------------------
Bakken                   18,746    5,967   19,741   16,828    5,629   17,766
Conventional (SE SK)      5,399    1,347    5,623    5,359    1,396    5,592
Cardium (central AB)     14,218   29,020   19,055   12,725   23,043   16,566
Alberta/BC                1,103   10,020    2,773    1,011   11,095    2,860
----------------------------------------------------------------------------
                         39,466   46,354   47,192   35,923   41,163   42,784
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
Bakken Business Unit Update 
Operations in the Bakken generated free operating cash flow (after
all capital expenditures) of $18 million and disposition proceeds of
$427 million through the sale of primarily non-core, non-operated
properties. Our average production in the Bakken business unit for
the fourth quarter was 19,741 boepd, up 25% from the third quarter as
we drilled 28 wells and brought 43 wells on production. In 2012, we
drilled a total of 97 wells, of which 67 were bilateral wells. We
also continued to advance our enhanced oil recovery ("EOR") efforts
at our five EOR projects in the Bakken that are currently at various
stages of implementation. The potential for future EOR-related
reserve growth in the Bakken is encouraging and we have received
initial 2P reserve recognition for the early stage success of our
natural gas flood pilots. Early indications suggest the technology
has the potential to further increase recovery rates and attenuate
declines.  
Cardium Business Unit Update 
In Alberta, we continue to grow production in the Cardium business
unit, which averaged 19,055 boepd during the fourth quarter of 2012,
an increase of 29% over the third quarter of 2012. During the fourth
quarter, we drilled 33 wells and brought 41 wells on production,
bringing our yearly total to 84 wells drilled at a 100% success rate.
2P reserves in the Cardium business unit increased 30% year over
year, from 72.2 MMboe in 2011 to 93.7 MMboe in 2012, replacing
production by 461%. The Cardium business unit will continue to be a
key source of growth for PetroBakken, with a development drilling
inventory of over 580 net locations. 
Other Activity 
The remainder of our 2012 production came from our southeast
Saskatchewan Conventional business unit and our Alberta/BC business
unit.  
Our southeast Saskatchewan Conventional business unit continued to
provide strong individual well economics and generated free annual
operating cash flow (after all capital expenditures) in 2012 of $26
million. In 2012, we drilled 32 wells in the business unit.  
In our Alberta/BC business unit, we have assembled over 563 net
sections of land in potential new oil resource plays. In 2012, we
drilled 3 horizontal wells at Deer Mountain located in our Swan Hills
resource play. Two of these wells have been completed and put on
production and we are encouraged by initial results. Activity levels
will increase in 2013 as we continue our early stage development of
this area.  
FINANCIAL RESULTS 
Our production and operating netbacks resulted in funds flow from
operations of $597 million ($3.17 per basic share) for 2012, a 16%
decrease from 2011. Funds flow from operations was primarily impacted
by variability in oil prices and early year dispositions. Our average
operating netback in 2012 of $47.89/boe was primarily impacted by a
lower average realized price of $70.57, a 12% decrease from the prior
year. Pricing differentials in 2012 were wider and more volatile than
historic levels, as they were negatively impacted by refinery
turnarounds, short term pipeline interruptions and the growth of
North American supply which created infrastructure bottlenecks. 2012
adjusted net income was $263 million ($1.39 per basic share), a 22%
increase from 2011 due to gains on the dispositions made in 2012 and
a deferred income tax recovery resulting from the reorganization of
Petrobank Energy and Resources Ltd. ("Petrobank") in December 2012.
Net capital expenditures totaled $320 million in 2012, after giving
effect to the completion of non-core asset divestitures in 2012 for
proceeds of $636 million. Total capital spending of $956 million in
2012, prior to dispositions, was essentially at the same level as
2011.  
Early in the year we completed certain initiatives to strengthen our
financial position and increase balance sheet liquidity. This
included issuing US$900 million of unsecured high yield notes due
February 2020 and disposing of non-core properties. As a result of
accessing new sources of capital, increasing the term of our debt
portfolio, completing accretive asset divestitures and executing on
our capital program, we exited the year with $800 million of
liquidity under our credit facility, up from $160 million at the end
of 2011.  
In December 2012, holders of $293.4 million of convertible debentures
elected to put them back to PetroBakken at par value plus accrued
interest. We chose to repay these debentures in cash on the
settlement date of February 8, 2013 through our $1.4 billion credit
facility, which was approximately $600 million drawn at the end of
2012. After giving effect to the February 2013 settlement of the
debentures, our pro forma liquidity at December 31, 2012 was
approximately $500 million. The credit facility currently has a
maturity date of June 2015 and has the potential to be increased to
$1.5 billion under an accordion feature. 
In 2012, we declared $182 million in dividends, having maintained a
monthly dividend of $0.08 per share since the Company's inception. In
January 2012, we implemented our dividend reinvestment program
("DRIP") allowing shareholders to receive shares instead of a cash
dividend and during the year approximately 57% of the dividends were
paid in shares.  
In addition to the DRIP, in January of 2013 we also adopted a share
dividend program ("SDP") that enables Canadian and most non-Canadian
shareholders to participate (the DRIP is only available to Canadian
shareholders). The DRIP and the SDP both allow shareholders to
effectively receive their monthly PetroBakken dividends as
PetroBakken shares at a 5% discount to the market price at the date
of the dividend payment. For the first two months of 2013, our
combined DRIP and SDP participation was approximately 30%. 
COMPLETION OF CORPORATE REORGANIZATION 
On December 31st, 2012, Petrobank and PetroBakken completed a
corporate reorganization which resulted in Petrobank shareholders
effectively receiving Petrobank's share holdings in PetroBakken while
maintaining their interest in the remaining Petrobank assets. This
transaction eliminated Petrobank's 56% ownership in PetroBakken
through the distribution of the 107.8 million shares owned by
Petrobank to the Petrobank shareholders. This resulted in our market
float increasing from approximately 83 million shares to 191 million
shares, providing investors with increased trading liquidity. 
2013 OUTLOOK 
Production in February 2013, based on field estimates, was over
49,400 boepd (83% light oil and liquids). Our 2013 capital
expenditure plan of $675 million is more balanced throughout the
year, which will help us reduce production volatility and manage
declines while delivering anticipated year-over-year average
production growth of 8% to 12%. The 2013 capital plan is expected to
deliver an average daily production rate of 46,000 to 48,000 boepd
and exit 2013 production of approximately 49,000 to 52,000 boepd. 
INVESTOR CONFERENCE CALL  
Management of PetroBakken will be holding a conference call for
investors, financial analysts, media and any interested persons on
Tuesday, March 12th at 9:00 a.m. (MST) (11:00 a.m. EST) to discuss
PetroBakken's fourth quarter and year-end financial and operating
results. 
The investor conference call details are as follows: 
Live call dial-in numbers: 416-340-2216 / 866-226-1792 
Replay dial-in numbers: 905-694-9451 / 800-408-3053 
Replay pass code: 6800116  
The live audio webcast link will be available at:
http://events.digitalmedia.telus.com/petrobakken/031213/index.php 
DRIP AND SDP ENROLLMENT 
For further information regarding our SDP and DRIP, please visit
PetroBakken's website at www.petrobakken.com or contact Olympia Trust
Company at 403-668-8887, toll free at 1-800-727-4493 or via email at
corporateactions@olympiatrust.com. 
FOURTH QUARTER AND YEAR-END FINANCIAL & OPERATING TABLES 
The following table provides a summary of PetroBakken's financial and
operating results for the three months and years ended December 31,
2012 and 2011. The consolidated financial statements with the
Management's Discussion and Analysis ("MD&A") are available on the
Company's website at www.petrobakken.com and will be available on the
SEDAR website at www.sedar.com. 


 
                                            Three months ended December 31, 
                                                 2012       2011   % Change 
----------------------------------------------------------------------------
Financial ($000s, except where noted)                                       
Oil and natural gas sales                     296,584    366,881        (19)
Funds flow from operations (1)                168,342    231,428        (27)
  Per share - basic ($)(1) (2)                   0.88       1.24        (29)
        - diluted ($)(1) (2) (3)                 0.88       1.13        (22)
Adjusted Net Income(1)                        106,951     76,849         39 
  Per share - basic ($)(1) (2)                   0.56       0.41         37 
        - diluted ($)(1) (2)                     0.55       0.41         34 
Dividends(1) (4)                               45,958     44,999          2 
Per share ($)(1)                                 0.24       0.24          - 
Payout ratio(1) (4)                                27%        19%         - 
Cash dividends(1) (4)                          18,045     44,999        (60)
Cash dividend payout ratio(1) (4)                  11%        19%         - 
Net capital expenditures(1)                   368,973    239,481         54 
Net debt (1)                                                                
Total debt(1)                                                               
Common shares, end of period (000)                                          
  Basic(5)                                                                  
  Diluted(2) (5)                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operations                                                                  
Operating netback($/boe except where noted)                                 
 (1)(6)                                                                     
  Oil and NGL revenue ($/bbl) (7)               77.29      92.13        (16)
  Natural gas revenue ($/mcf) (7)                3.30       3.44         (4)
  Oil, NGL and natural gas revenue (7)          67.88      82.69        (18)
  Royalties                                      8.92      12.51        (29)
  Production expenses                           11.36      10.97          4 
----------------------------------------------------------------------------
  Operating netback                             47.60      59.21        (20)
Average daily production                                                    
  Oil and NGL (bbls)                           39,466     41,660         (5)
  Natural gas (mcf)                            46,354     38,083         22 
----------------------------------------------------------------------------
  Total (boe) (6)                              47,192     48,007         (2)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 
                                                   Years ended December 31, 
                                                 2012       2011   % Change 
----------------------------------------------------------------------------
Financial ($000s, except where noted)                                       
Oil and natural gas sales                   1,104,983  1,195,476         (8)
Funds flow from operations (1)                597,096    710,162        (16)
  Per share - basic ($)(1) (2)                   3.17       3.79        (16)
        - diluted ($)(1) (2) (3)                 3.17       3.49         (9)
Adjusted Net Income(1)                        262,718    215,787         22 
  Per share - basic ($)(1) (2)                   1.39       1.15         21 
        - diluted ($)(1) (2)                     1.37       1.14         20 
Dividends(1) (4)                              182,070    179,691          1 
Per share ($)(1)                                 0.96       0.96          - 
Payout ratio(1) (4)                                30%        25%         - 
Cash dividends(1) (4)                          77,546    179,691        (57)
Cash dividend payout ratio(1) (4)                  13%        25%         - 
Net capital expenditures(1)                   320,383    909,169        (65)
Net debt (1)                                2,042,814  1,390,563         47 
Total debt(1)                               2,049,380  2,153,313         (5)
Common shares, end of period (000)                                          
  Basic(5)                                    192,452    187,342          3 
  Diluted(2) (5)                              209,148    220,823         (5)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operations                                                                  
Operating netback($/boe except where noted)                                 
 (1)(6)                                                                     
  Oil and NGL revenue ($/bbl) (7)               80.54      88.65         (9)
  Natural gas revenue ($/mcf) (7)                2.63       3.92        (33)
  Oil, NGL and natural gas revenue (7)          70.17      79.38        (12)
  Royalties                                      9.89      12.41        (20)
  Production expenses                           12.39      12.21          1 
----------------------------------------------------------------------------
  Operating netback                             47.89      54.76        (13)
Average daily production                                                    
  Oil and NGL (bbls)                           35,923     35,156          2 
  Natural gas (mcf)                            41,163     35,052         17 
----------------------------------------------------------------------------
  Total (boe) (6)                              42,784     40,998          4 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

 
(1) Non-GAAP measure. See "Non-GAAP Measures" section within this
document.  
(2) Calculated using shares outstanding of PetroBakken Energy Ltd.
prior to the reorganization in December 2012.  
(3) Consists of common shares, stock options, deferred common shares,
incentive shares and convertible debentures as at the period end
date.  
(4) Dividends paid out by PetroBakken Energy Ltd. prior to the
reorganization in December 2012.   
(5) Shares outstanding at December 31, 2011 are the PetroBakken
Energy Ltd. shares outstanding. See "Reorganization".   
(6) Six Mcf of natural gas is equivalent to one barrel of oil
equivalent ("boe").  
(7) Net of transportation expenses. 
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
yield. 
Non-GAAP Measures. This press release contains financial terms that
are not considered measures under IFRS, such as funds flow from
operations, adjusted net income, funds flow per share, adjusted net
income per share, dividends paid, dividends paid per share, cash
dividends paid, cash dividends paid per share, payout ratio, cash
payout ratio, net debt, total debt, operating netback and net capital
expenditures. These measures are commonly utilized in the oil and gas
industry and are considered informative for management and
stakeholders. Specifically, funds flow from operations reflects cash
generated from operating activities before changes in non-cash
working capital. Funds flow per share is calculated as funds flow
from operations divided by the weighted average number of shares
outstanding based on the PetroBakken Energy Ltd. shares outstanding
prior to the reorganization. Adjusted net income is determined by
adding back to net income from continuing operations any losses or
deducting any gains on the derivative liabilities, adding back any
losses or deducting any gains on settlement of convertible
debentures, adding back impairments and non-controlling interest.
Dividends paid are the dividends paid by PetroBakken Energy Ltd.
prior to the reorganization in December 2012. Dividends paid per
share reflects total dividends paid divided by the total shares
outstanding in PetroBakken Energy Ltd. prior to the reorganization.
Cash dividends paid are cash dividends paid by PetroBakken Energy Ltd
prior to the reorganization. Cash dividends paid per share reflects
cash dividends divided by the total shares outstanding in PetroBakken
Energy Ltd. prior to the reorganization. Payout ratio is determined
as dividends paid as a percentage of funds flow from operations. Cash
payout ratio is determined as cash dividends paid as a percentage of
funds flow from operations.  
Management considers funds flow from operations, funds flow per
share, adjusted net income, adjusted net income per share, dividends
paid, dividends paid per share, cash dividends paid, cash dividends
paid per share, payout ratio, and cash payout ratio important as it
helps evaluate performance and demonstrate the ability to generate
sufficient cash to fund future growth opportunities, pay dividends
and repay debt. Net debt includes bank debt outstanding (excluding
any amounts held by Petrobank Energy and Resources Ltd. prior to the
reorganization) plus accounts payable less accounts receivable and
prepaid expenses. Total debt includes net debt plus the full value
outstanding on the convertible debentures converted to Canadian
dollars at the exchange rate on the period end date. Net debt and
total debt are used to evaluate PetroBakken's financial leverage.
Profitability relative to commodity prices per unit of production is
demonstrated by an operating netback. Operating netback reflects
revenues less royalties, transportation costs, and production
expenses divided by production for the period. Net capital
expenditures represent capital expenditures from continuing
operations, including exploration and evaluation expenditures, less
proceeds from asset dispositions. Funds flow from operations, funds
flow per share, adjusted net income, adjusted net income per share,
dividends paid, dividends paid per share, cash dividends, cash
dividends per share, payout ratio, cash payout ratio, net debt, total
debt, operating netbacks, and net capital expenditures may not be
comparable to those reported by other companies nor should they be
viewed as an alternative to cash flow from operations or other
measures of financial performance calculated in accordance with IFRS.
Further information in respect of these non-GAAP measures is set
forth in our MD&A. 
Forward Looking Statements. Certain information provided in this
press release constitutes forward-looking statements. Specifically,
this press release contains forward-looking statements relating to
financial results, results from operations, future production rates,
proposed exploration and development activities, the potential for
EOR projects, our drilling prospect inventory, and the timing of
certain projects. The forward-looking statements are based on certain
key expectations and assumptions, including expectations and
assumptions concerning the availability of capital, 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 of labour and
services, teh ability to access transportation and processing
infrastructure to produce and market our products, weather and access
to drilling locations and the geological nature of the formations
targeted. 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,
availability of transportation and processing infrastructure,
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 www.sedar.com. 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. 
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.
Contacts:
PetroBakken Energy Ltd.
John D. Wright
President and Chief Executive Officer
(403) 268-7800 
PetroBakken Energy Ltd.
Peter D. Scott
Senior Vice President and Chief Financial Officer
(403) 268-7800 
PetroBakken Energy Ltd.
William A. Kanters
Vice President Capital Markets
(403) 268-7800
ir@petrobakken.com
www.petrobakken.com