Petrobank notes THAI issues

oil & gaS • Petrobank Energy and Resources Ltd. reported lower production from its Kerrobert, Sask., heavy oil project as it continued to “optimize” its toe-to-heel air injection (THAI) technology.

The Calgary company reported Tuesday that average output was 205 barrels per day, down from 307 bpd in the previous quarter and slightly better than 193 bpd in the first three months of 2012. April’s average was 200 bpd, it said. It said the fall in production was due to several better-producing wells being temporarily off-line and longer than expected workovers due to extremely cold winter conditions.- At the end of 2012, Petrobank distributed its 57-per-cent stake in PetroBakken Energy Ltd. to shareholders. Since Jan. 2, its shares have fallen from $1.17 to close Tuesday at 58 cents, down four cents.

Petrobank reported a loss of $3 million and said it spent $2 million in the first quarter to buy 12,000 hectares of heavy oil prospective land in two Saskatchewan Crown land sales.

It also spent about $40 million on debt and equity securities of PetroBakken and reported holding 3.2 million PetroBakken shares at March 31.