PetroBakken Energy Ltd. reported higher average production for the first quarter and reiterated its capital budget for this year at $875-million.
For the quarter, the company’s average production exceeded 46,500 barrels of oil equivalent per day (boe/d), compared with 41,562 boe/d last year.
The company also reiterated its exit production rate forecast for this year of 52,000-56,000 boe/d.
Shares of the Calgary-based company closed at $15.83 on Tuesday on the Toronto Stock Exchange.
Follow us on Twitter: