Monday, May 24, 2010

Purchase of PetroBakken Energy (TSE:PBN)

My order for 150 shares of PetroBakken Energy (TSE:PBN) was filled on Thursday, May 20th. PetroBakken is has a suite of high growth, long-life assets primarily in the Bakken and Cardium regions. Q1 production was in excess of 43,000 bbl/day, nearly 90% of which was light oil. In addition, it has large land positions in the Monias and Horn River regions of North-Eastern British Columbia.

I have owned different pieces of this company in the past: Bulldog Resources, which was bought out by Tristar Oil and Gas (which later merged with Petrobank's light oil assets), and Beren's Energy, which was recently purchased by PetroBakken to gain land exposure to the prolific Cardium region.

Additional info about the company can be found on their website: http://www.petrobakken.com/

PetroBakkens $0.08 monthly dividend brings my portfolio's total quarterly dividend income to $188.60.

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