PetroBakken Energy Ltd. (TSX:PBN) ended last year on a high note, with a $33.2-million profit in the fourth quarter and revenues that were more than double what they were a year earlier, thanks to a recent acquisition.
Although the profit was below the $43.4 million earned by Calgary-based PetroBakken in the fourth quarter of 2008, the last three months of 2009 provided most of the company's $43.4-million annual profit last year.
The latest financial report included contributions from TriStar Oil & Gas Ltd., which PetroBakken acquired on Oct. 1, 2009.
PetroBakken's total revenue, including TriStar, was $276.3 million in the fourth quarter, up from $121 million a year before.
Net income amounted to 19 cents per share in the three months ended Dec. 31,, down from 41 cents a year before.
For 2009 as a whole, PetroBakken's net income was 34 cents per share