09:47 AM EST - Petrobank Energy and Resources Ltd. : posted a loss for the first-quarter of 2009 compared to a profit last year, in spite of a six-per-cent rise in revenues. Net loss recorded for the quarter was $1.5 billion, compared to profit of $35.5 billion in the year-ago period. On per share basis, loss was $0.02, versus last year's profit of $0.40 per share. Funds flow from operations for the three-month period increased to $125.2 million or $1.40 per share, despite a sharp drop in global oil prices. This compares to $123.5 million or $1.36 per share in the prior-year quarter. Oil and natural gas revenue was up six per cent to $190.8 million from $179.3 million in the comparable period. Production for the quarter was 43,856 barrels of oil equivalent per day. During the period, the group noted that it had agreed to sell 9.9 million shares of its Petrominerales holdings for gross proceeds of $101.5 million. The deal, which is expected to be completed on May 15, would reduce the group's ownership interest to approximately 66.8 per cent. Petrobank Energy and Resources Ltd.
shares T.PBG are trading up $1.05 at $32.45.
