Petrobank Energy and Resources
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Petrobank was an oil exploration, development, and production company based in Calgary, Canada. It operates through 4 units/subsidiaries, PetroBakken Energy (58% owned subsidiary) 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. Though it has a significant resource base its ten patents for heavy oil extracting technology are becoming increasingly valuable to the company. 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.
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. 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) . 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.
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