High oil, gas revenues boost Petrobank

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.