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

Petrobank Energy and Resources Ltd.

November 14, 2007 00:17 ET

Petrobank Receives $10 Million Whitesands Funding From Alberta Energy

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2007) - Petrobank Energy and Resources Ltd. ("Petrobank" or the "Corporation") (TSX:PBG)(OSLO:PBG) is pleased to announce that WHITESANDS Insitu Ltd., a wholly-owned subsidiary of Petrobank, has received a $10 million grant, from the Government of Alberta, in the form of a royalty credit for Crown royalties. This program is administered by Alberta Energy's Innovative Energy Technologies Program ("IETP").

The IETP represents a $200 million commitment over five years by Alberta Energy to provide royalty adjustments to a number of specific pilot and demonstration projects that use innovative technologies to increase recoveries from existing reserves and encourage responsible development of oil, natural gas and in-situ oil sands reserves. IETP is also designed to provide funding for industry to find commercial technical solutions to the gas over bitumen issue that will allow efficient and orderly production of both resources. For more information on the IETP program and the Petrobank funding please visit http://www.energy.gov.ab.ca/Oil/768.asp.

Petrobank's patented THAI™ process is a step-change in the recovery of heavy oil and bitumen resources worldwide. While there are other technologies in use, the THAI™ process has many advantages ranging from speed of project construction, lower capital and operating costs, reduced environmental impact and higher resource recovery potential. We believe that THAI™ is the most sustainable of currently available technologies.

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. The Company operates high-impact projects through three business units. The Canadian Business Unit is developing a solid production platform from low risk gas opportunities in central Alberta and an extensive inventory of Bakken light oil locations in southeast Saskatchewan, complemented by new exploration projects and a large undeveloped land base. The Latin American Business Unit, operated by Petrobank's 76.6% owned TSX-listed subsidiary, Petrominerales Ltd. (trading symbol:PMG), is a Latin American-based exploration and production company producing oil from three blocks in Colombia and has contracts on 13 exploration blocks covering a total of 1.5 million acres in the Llanos and Putumayo Basins. WHITESANDS Insitu Ltd., Petrobank's wholly-owned subsidiary, owns 70,720 net acres of oil sands leases with an estimated 2.6 billion barrels of gross bitumen-in-place and operates the WHITESANDS project which is field-demonstrating Petrobank's patented THAI™ heavy oil recovery process. THAI™ is an evolutionary in-situ combustion technology for the recovery of bitumen and heavy oil that integrates existing proven technologies and provides the opportunity to create a step change in the development of heavy oil resources globally. THAI™ is a registered trademark of Archon Technologies Ltd., a wholly-owned subsidiary of Petrobank Energy and Resources Ltd.

Forward-Looking Statements

Certain information provided in this release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "believe", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Petrobank believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties. You can find a discussion of those risks and uncertainties in our Canadian securities filings. While Petrobank makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Petrobank assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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
    Chief Financial Officer
    (403) 750-4400
    Email: ir@petrobank.com
    Website: www.petrobank.com