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PetroBakken first-quarter production rises

Jeff McIntosh/jeff mcintosh The Globe and Mail

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.

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Shares of the Calgary-based company closed at $15.83 on Tuesday on the Toronto Stock Exchange.

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