UPDATE 1-PetroBakken's average production rises

July 9 (Reuters) - PetroBakken Energy Ltd's average production rose 10 percent in the second quarter and the company said it expects production growth to continue in the second half of the year, with about 75 percent of its planned wells yet to be drilled.

The Canadian oil and gas company, which has assets in the light oil Bakken and Cardium areas, said production in the second quarter averaged 38,700 barrels of oil equivalent per day (boe/d).

In the year-ago quarter production averaged 35,300 boe/d.

The company, which has a market value of C$2.20 billion ($2.16 billion), still sees 2012 exit production rate of 52,000 to 56,000 boe/d.

Shares of the company closed at C$11.73 on Friday on the Toronto Stock Exchange. ($1 = 1.0188 Canadian dollars) (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Maju Samuel)