Petrobank Energy and Resources Ltd.
TSX : PBG
OSLO STOCK EXCHANGE : PBG

Petrobank Energy and Resources Ltd.
Peerless Energy Inc.
TSX : PRY.A
TSX : PRY.B

Peerless Energy Inc.

January 25, 2008 17:12 ET

Peerless Shareholders Approve Arrangement With Petrobank

CALGARY, ALBERTA--(Marketwire - Jan. 25, 2008) - Petrobank Energy and Resources Ltd. ("Petrobank") (TSX:PBG) (OSLO:PBG) and Peerless Energy Inc. ("Peerless") (TSX:PRY.A) (TSX:PRY.B) are pleased to announce that the shareholders of Peerless, at a special meeting of shareholders held today, have approved the previously announced plan of arrangement with Petrobank (the "Arrangement").

Peerless has also received a final order of the Court of Queen's Bench of Alberta approving the Arrangement. Subject to the completion of certain closing matters, it is anticipated that the Arrangement will become effective on January 28, 2008. Under the Arrangement, holders of Class A Shares of Peerless will receive $1.00 in cash and 0.095 of one common share of Petrobank for each of their Class A Shares and holders of Class B Shares of Peerless will receive $10.00 in cash for each of their Class B Shares.

Petrobank Energy and Resources Ltd.

Petrobank Energy and Resources Ltd. is a Calgary-based oil and natural gas exploration and production company with operations in western Canada and Colombia.

Peerless Energy Inc.

Peerless Energy Inc. is a junior oil and gas company engaged in the exploration for, and development and production of, natural gas and light oil reserves primarily in the provinces of Alberta, Saskatchewan, and British Columbia.

Contact Information

  • Petrobank Energy and Resources Ltd.
    John D. Wright
    President and Chief Executive Officer
    (403) 750-4400
    or
    Petrobank Energy and Resources Ltd.
    Chris J. Bloomer
    Vice-President Heavy Oil
    (403) 750-4400
    or
    Petrobank Energy and Resources Ltd.
    Corey C. Ruttan
    Vice-President Finance and Chief Financial Officer
    (403) 750-4400
    (403) 266-5794 (FAX)
    Email: ir@petrobank.com
    Website: www.petrobank.com
    or
    Peerless Energy Inc.
    Wade Becker
    President and Chief Executive Officer
    (403) 263-1590
    or
    Peerless Energy Inc.
    Dan Toews
    Vice President, Finance and Chief Financial Officer
    (403) 263-1590