PetroBakken plans $675-million in capital spending in 2013 to boost output

The corporate logo of PetroBakken Energy Ltd. (TSX:PBN) is shown. THE CANADIAN PRESS/HO

January 11, 2013 - 4:28 AM

CALGARY - PetroBakken Energy Ltd. (TSX:PBN) has budgeted $675 million for capital projects this year, with a focus on growing production from the Cardium formation in Alberta.

The Calgary-based company will also make investments in the Bakken formation and southeastern Saskatchewan.

The company says it produced the equivalent of 53,200 barrels of oil per day on average in December, which was six per cent above the same month of 2011.

It's aiming to exit 2013 at about the same level, in a range of 49,000 to 52,000 barrels per day, but boost annual output by eight to 12 per cent above 2012..

News from © The Canadian Press, 2013

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