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Petrobank Energy profit soars on Peerless merger

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Petrobank Energy and Resources Ltd. had a first-quarter profit of $35.5-million, up 850 per cent from the year-earlier period, which was before its merger with fellow oil and gas producer Peerless Energy Inc. The profit represents 40 cents a diluted share, up from 5 cents a share a year ago when profit was $3.7-million, the company reported late Tuesday. Revenue rose to $123.5-million, compared with $18.2-million a year earlier. The company completed the $338.8-million acquisition of Peerless Energy Inc. on Jan. 28. PBG (TSX) fell $1.93 to $54.90.

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