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PetroBakken Energy: Wikis

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PetroBakken Energy Ltd.
Type Public company
Industry basic materials / oil and gas exploration
Founded Tristar was listed on the TSX on August 7th, 2007
Headquarters Calgary, Alberta, Canada
Key people Brett Hermann, President & CEO
Paul Colborne, Chairman of the Board
Products crude oil, natural gas
Revenue $198 million [Cdn] - (September 30, 2007)
Employees N/A
Website Official site

PetroBakken Energy Ltd. (TSXPBN) engages in the exploration, acquisition, development and production of oil and natural gas reserves, primarily in the provinces of Alberta, Saskatchewan and Manitoba. PetroBakken's growth plan is through the drill bit, as well as through strategic acquisitions such as the merger with Real Resources Inc (completed in August 16th of 2007). This merger set the stages for a series of acquisitions in the following months.

On August 4, 2009, Petrobank Energy and Resources Ltd.'s Canadian Business Unit and TriStar Oil & Gas Ltd. merged creating PetroBakken Energy Ltd.

Assets & Holdings

PetroBakken's properties are primarily in SE Saskatchewan, central Alberta, west-central Alberta, and southern Alberta. Southeastern Saskatchewan assets are focused primarily on crude oil from the Fertile Pool as well as the Bakken Formation.

After closing the purchases of 2 private companies (Arista Energy Limited & Kinwest Corporation) on January 18th 2008 as well as the anticipated closing of the acquisition of Bulldog Resources Inc, Tristar finished the 2008 year with production of more than 21,000 boe/day (including more than 75% light crude oil), as well as having reserves in excess of 63 Million Barrels of Oil Equivalent (mmboe) proven plus possible, with a Reserve Life Index (RLI) of over 8.5 years.

In 2009 and 2010, through 3 acquisitions worth a combined 1 billion (Berens Energy, Result Energy and Rondo Petroleum), Petrobakken consolidated its position in the Cardium play of the Pembina oil field.

Corporate Governance

Current members of the board of directors are:

  • Paul Colborne - Chairman of the Board
  • James Bertram
  • Fred Coles
  • Dallas L. Droppo, Q.C.
  • Richard N. Edgar, P.Geol.
  • Brett Herman, CA - President and Chief Executive Officer
  • Martin Hislop
  • Robert B. Michaleski, CA
  • Jim Pasieka
  • Robert G. Peters

The directors have a track record of maximizing company growth & shareholder value.[citation needed]

External Links & References

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