pumpjacks
Quarterly Results - Petro Bakken Energy Ltd. -- which announced a big acquisition Tuesday and reported production Wednesday -- said Thursday it generated cash flow of $174 million and net income of $33 million in the fourth quarter of 2009.

In pro forma financial comparisons, the company created last August notched $78 million in cash flow in the same period of 2008 and $45 million in net income.

Fourth-quarter cash flow per share was $1.01, beating consensus of 90 cents per share, said UBS in a note to investors.

UBS had forecast 92 cents per share and said the variance seems to be due to higher production and a delay in closing asset dispositions.

For the year, PetroBakken reported net income of $43 million, cash flow of $395 million and revenue of $576 million.

Capital expenditures in the quarter were $177.3 million, related mainly to drilling. Net debt was reduced from the third quarter primarily due to a $178.8-million asset disposition.

At year-end, PetroBakken reported $144 million of available credit.