Skip to main content

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.

Story continues below advertisement

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.

Report an error
Comments are closed

We have closed comments on this story for legal reasons. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at