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Petrobank Energy sets $34 million capital expenditure budget for 2012

By The Canadian Press  | December 13, 2011
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The corporate logo of Petrobank Energy and Resources Ltd. (TSX:PBG) is shown. THE CANADIAN PRESS/HO
The corporate logo of Petrobank Energy and Resources Ltd. (TSX:PBG) is shown. THE CANADIAN PRESS/HO

CALGARY - Petrobank Energy and Resources Ltd. (TSX:PBG) has set its capital budget expectations at $34 million for 2012.

The Calgary-based energy company says about half of that budget will be considered discretionary.

It plans to focus on increasing production and bringing its Kerrobert project to the commercial stage.

Petrobank will spend about $10 million in 2012 to develop Kerrobert.

The company says it will delay further work on its Dawson project until the second half of 2012 and plans to submit a regulatory application for its commercialization by mid-year.

Capital expenditures in 2012 at Dawson are expected to be about $10 million to $12 million.

Petrobank Energy is a Calgary-based oil and natural gas exploration and production company with operations in western Canada.

The company also owns 59 per cent of PetroBakken Energy Ltd., which operates in B.C., Alberta and Saskatchewan.

Petrobank uses its oilsands projects to showcase its Toe-To-Heel Air Injection, or THAI, method of drawing bitumen out of the ground using no water and minimal natural gas.

The THAI process uses air to ignite a flame underground, which softens the gooey bitumen enough for it to flow to the surface.

In Tuesday trading on the TSX, PetroBank shares rose 52 cents to $9.29, a gain of nearly six per cent.

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