Petrobank Q4

Revenue C$206.16 million (+62%)

EBITDA C$138.53 million (+47%)

Funds flow per share C$1.63 (+55%)

Net income per share C$0.34 (-26%)

Balance sheet
Assets
Current C$222.27 million
Total C$2,361.7 million (goodwill 62.3 million)

Liabilities
Current C$272.6 million
Total C$1,145.3 million

Equity C$1,035.2 million

Production 37,618 boepd(oil 93.5%, natural gas 6.5%) (+110%)

Average realized prices
CBU liquids C$57.71 (-28%)
CBU nat.gas C$6.86 (+13%)
LBU C$54.93 (-28%)

Operating netbacks in Q4

CBU liquids C$40.13 per boe(-40%)
CBU nat.gas C$5.03 per mcf (+1%)
LBU C$42.45 per boe(-31%)

Reserves 2P: 156.7 million boe(+65%)
3P 205.9 million boe

Undeveloped land
Petrobank: SE Saskatchewan(Bakken)(oil) 115 000 net acres, Torquay(gas) 87 000 net acres, Montney(gas) 14 net sections, Horn River(gas) 45 000 net acres(65 sections/100% WI + 14 sections/15.5% WI)

Petrominerales: Columbia 1.9 million net acres, Peru 1.43 million net acres

FD&A costs per boe(2P reserves) C$25.46

Available liquidity
Petrobank C$65 million
Petrominerales C$80 million +C$11 million


P/E 7.7, P/B 1.65

The reports: Finance(.pdf), Reserves & Production(.pdf)

Comments: Petrobank's liquidity situation doesn't look at all good. The company will have to issue new equity or sell assets or do both. As the credit lines are tied to the Canadian assets it is Petrominerales or a part of it which will probably be sold if the company can't raise equity.
The tar sands, Montney and Horn River shale gas are high cost resource plays which currently are marginally economic if at all. The Bakken isn't a low cost play either, but it is profitable with todays prices.
THAI seems to be going forward and the political and economic pressure exerted by the Obama administration on tar sand producers should benefit PB and THAI. However as PB is strapped for cash its further development will probably be delayed.