PetroBakken Energy (PBKEF.PK -2.7%) sets its 2013 capital budget at C$675M, which is expected to result in average annual production growth of 8%-12%. The plan is expected to deliver an average daily production rate of 46K-48K boe/day and exit 2013 production of 49K-52K boe/day, with an 85% liquids weighting.
Petrobank Energy (PBEGF.PK +5.3%) shares pop following the company's sale of its May River oil sands assets for $225M. This leaves Petrobank with a large net cash position, perhaps making investors wonder if a spin-out of subsidiary Petrobakken (PBKEF.PK) won't soon follow. (submitted by Devon Shire)