Petrobank Energy and Resources Ltd.'s fourth-quarter profit leaped ahead to $40.1 million from year-earlier $2.6 million on higher oil and natural gas revenue rises.
Revenue for the Calgary based-company amounted to $122.5 million for the three months ended Dec. 31, up from $25.7 million a year earlier.
The earnings translated into 45 cents per share, up from four cents in the previous year.
Full year profit was $81.4 million, or 99 cents per share, up from $23.1 million, or 33 cents per share, as production rose 94 per cent to 10,243 barrels of oil equivalent per day from 5,269 boepd in 2006.
Revenue rose to $250.4 million from $99.2 million a year earlier.
Fourth quarter production was increased 17,829 boepd , up 217 per cent from 5,632 boepd in 2006.
"In 2007 we positioned ourselves to be a key player in the Bakken formation in southeast Saskatchewan, launched a significant exploration campaign in Colombia, continued to expand our strategy to commercialize the `Thai' process and obtained additional opportunities to apply our technology," Petrobank said.
Petrobank Energy and Resources Ltd. is a Calgary-based oil and natural gas exploration and production company with operations in Western Canada and Colombia.
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