Petrobank Energy and Resources Ltd. says its third-quarter profit tumbled 49 per cent as it spent more to develop its projects.
The Calgary-based oil and gas company reported earnings of $27.8-million, a drop from $54.8-million a year earlier.
Petrobank's results include those of PetroBakken Energy Ltd. , which is 59 per cent owned by Petrobank, and those of Petrominerales Ltd. , which is 65 per cent owned by Petrobank.
PetroBakken announced its third quarter results on Nov. 9 and Petrominerales released its data on Nov. 2.
Capital expenditures at PetroBakken surged 124 per cent to $241.3-million in the quarter, while spending at Petrominerales was up 108 per cent to $123.9-million.
The company also spent 85 per cent more in its heavy oil business unit, reaching $49.4-million.
Oil and gas revenue rose to $469.2-million from $232.4-million.
Over all, production increased by 85 per cent to 72,762 barrels of oil equivalent per day, the company said.
Petrobank Energy and Resources Ltd. is a Calgary-based oil and natural gas company with operations in western Canada and Latin America.