IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso

TECHNICAL EXCELLENCE, HIGH NETBACKSListing: TSX-PBNShares outstanding: 188.5 million at June 30, 2010August 31, 2010 share price: $20.13Market capitalization: $3,795 millionNet debt: $696 million + $590 million debenturesEnterprise value (market cap. + net debt): $5,081 millionQ2 2010 average daily production:CardiumiQ SnapSHotHorn RiverMoniasSE SaskatchewaninterMeDiate SnapSHotSCrude oil and NGLs 34,852 bbls/d 82%Natural gas 44.468 mmcf/d 18%Total 42,263 boe/d 100%OilGasCash flow netback:PBN $40.62-$50 $50Peer Median$20.80Focus of OperationsStrategies:PetroBakken’s strategic application of next-generation technologies is unlocking thehidden potential of proven resource plays in Western Canada. The company combineshigh-growth, long-life Bakken reserves in Saskatchewan with significant Cardiumpotential in Alberta and development opportunities in the Horn River and Montney gasresource play in northeast British Columbia.PetroBakken has one of the dominant positions in the Bakken, Canada’s mostsignificant light oil play in the last five years, and now has a strategic foothold in theCardium. The company is using long-reach horizontal wells and innovative multi-stagefracturing techniques to efficiently increase fracture density.The company’s strategy is to deliver accretive production and reserves growth alongwith an attractive dividend yield by continuing to expand and exploit its advancedtechnologies and proven and opportunity-rich resource assets.Recent News:August 16, 2010PetroBakken confirms August dividendAugust 10, 2010PetroBakken announces second quarter 2010 resultswith over 42,200 boepd of production and an operatingnetback of $46.10 per boeJuly 15, 2010PetroBakken confirms July dividendContact:Fifth Avenue Place, East Tower800, 425 – 1st Street S.W.Calgary, Alberta T2P 3L8tel 403.268-7800ir@petrobakken.comwww.petrobakken.comOfficersJohn Wright - CEOGregg Smith - President & COOMary Bulmer - VP, Corporate ServicesAndrea Hatzinikolas - Corporate SecretaryPeter Hawkes - VP, ExplorationBill Kanters - VP, Business Development & Corp. PlanningRene LaPrade - Sr VP, OperationsDoreen Scheidt - ControllerPeter Scott - Sr VP & CFODirectorsIan BrownMartin HislopCraig LothianKenneth McKinnonCorey RuttanDan ThemigJohn Wright - ChairmanAnalyst Coverage:Bank of AmericaBMO Nesbitt BurnsCanaccord GenuityCormark SecuritiesFirst Energy CapitalGMP SecuritiesHaywood SecuritiesMacquariePeters & CoRaymond JamesRBC Capital MarketsScotia CapitalTD SecuritiesThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.Q uarterlY report : Q2 2010 41