Petrobank Energy and Resources

Petrobank Energy and Resources Ltd.
Company typePublic
TSX: PBG
IndustryHeavy crude oil and natural gas
Founded1983 (1983)
Defunct2014 (2014)
FateMerged with Touchstone Exploration Inc.
Headquarters
Calgary, Alberta
,
Canada
Key people
John D. Wright, Chair, President, Chief EXEC
Chris J. Bloomer, Senior Vice President, Chief operating officer, heavy oil
RevenueC$1.575331 bil Increase143.2%
Ytd sept'10[1]
C$151.397 mil Increase72.1%
Ytd sept'10[1]
Total assetsC$7,824.43 mil Increase9.27% qoq[1]
$985.518 mil curIncrease173%yoy
Total equityC$4,805.687 mil Increase2% qoq[2]
DivisionsPetroBakken Whitesands Insitu Inc
Websitewww.petrobank.com

Petrobank was an oil exploration, development, and production company based in Calgary, Canada. It operates through 4 units/subsidiaries, PetroBakken Energy (58% owned subsidiary)[3] in Canada, Petrominerales Ltd (was 65% owned until December 31, 2010 when both companies parted ways through a reorganization) in Peru and Colombia, HBU (100% owned subsidiary started in 2006) in the heavy crude oil business, and its technology unit Archon Technologies Ltd (THAI and CAPRI). In 1986 the company changed its name from Petrobank Energy Resources Ltd. to Petrobank Energy and Resources Ltd.[4] Though it has a significant resource base its ten patents for heavy oil extracting technology are becoming increasingly valuable to the company.[5] In December 2010 the company received permission from the government of Alberta to produce oil sands bitumen at a new location in Dawson using a technique known as fireflooding, the third Petrobank operation that will use it; the 50% interest in Dawson was acquired in October from Shell Canada.[6]

Revenue was about three times higher (1.1 versus 0.415 billion) and conventional oil production rate twice as much (83.9 versus 42.5 thousand bbl/d) in the first half of 2010 compared to the first half of 2009 (the large increase in total revenue during that period can be credited equally to PetroBakken and Petrominerales, each rising 160-170%). Compared to the last quarter of 2009 the second in 2010 had 40% more revenue, 60% more operating income and a 24.1% rise in asset value compared to only 4.6% for long term debt.[7] PetroBakken operations produced 3.5% more barrels of oil equivalent than Petrominerals in the first half of 2010 compared to 4.6% less a year earlier (by the third quarter PetroBakken 40,095 boe per day (most light oil) .[2] Though not yet a significant producer when compared to PetroBakken and Petrominerales, the HBU heavy oil division has the largest contingent resource base in terms of both net present value and total resources. Every year since 2006 the share of Petrobank's total resources attributable to Petrominerales has grown progressively smaller (mostly because of PetroBakken's more rapid growth (145% growth in net present value in 2009 compared to 69% for Petrominerales).[8]

Its Whitesands operations (subsidiary Whitesands Insitu Inc, HBU heavy oil) may contain 1.8-2.6 billion barrels of oil.[9][10] Only PetroBakken produces natural gas.

  1. ^ a b c "Petrobank Energy and Resources 2010 Third Quarter Financial Results" (PDF). 2010-11-16. Archived from the original (PDF) on 2011-01-25.
  2. ^ a b "Petrobank Second Quarter 2010 Results" (PDF). 2010-08-12. Archived from the original (PDF) on 2011-07-20.
  3. ^ "Petrobank Reports Q1 2010 Net Income of $82.5 Million And Provides Progress Update For Heavy Oil Business Unit" (PDF). 2010-05-13. Archived from the original (PDF) on 2011-07-20.
  4. ^ "petrobank energy and resources". Archived from the original on 2012-09-30. Retrieved 2010-04-28.
  5. ^ "Petrobank's THAI Technology Expands Exploitable Bitumen In Place". 2010-03-12. Archived from the original on 2012-09-07.
  6. ^ "Petrobank gets approvals for Dawson oilsands project". 2010-12-01.[permanent dead link]
  7. ^ "Petrobank". google finance. Retrieved 2010-11-06.
  8. ^ "Petrobank Energy and Resources 2010 Third Quarter Report" (PDF). 2010-11-16. Archived from the original (PDF) on 2011-07-20.
  9. ^ "petrobank plans 225 million oil sands project". 2007-12-21.
  10. ^ "Petrobank announcement". 2010-03-10.