Petrobank Energy and Resources Ltd.
TSX : PBG

Petrobank Energy and Resources Ltd.

November 11, 2009 22:26 ET

Petrobank Records Third Quarter Net Income of $54.8 Million

CALGARY, ALBERTA--(Marketwire - Nov. 11, 2009) - Petrobank Energy and Resources Ltd. ("Petrobank" or the "Company") (TSX:PBG) is pleased to announce our third quarter 2009 financial and operating results, highlighted by production of 39,427 barrels of oil equivalent per day ("boepd"), funds flow from operations of $142.9 million ($0.56 per diluted share), and net income of $54.8 million ($1.42 per diluted share).

All references to $ are Canadian dollars unless otherwise noted.

HIGHLIGHTS (excluding financial and operating results from the TriStar acquisition completed on October 1, 2009)

(Comparisons are third quarter of 2009 compared to the third quarter of 2008.)

- Petrobank's production increased by 28% to 39,427 boepd in the third quarter of 2009.

- Despite a sharp 42% drop in world oil prices, Petrobank funds flow from operations only decreased by 34% to $142.9 million ($1.42 per diluted share).

- Petrobank achieved net income of $54.8 million ($0.56 per diluted share) in the third quarter compared to net income of $123.2 million ($1.35 per diluted share) in the same 2008 period.

- On July 10, 2009, Petrobank issued US$400 million of convertible debentures.

- Our 67% owned subsidiary, Petrominerales Ltd. ("Petrominerales") increased production by 73% to 21,546 barrels of oil per day ("bopd").

- Petrominerales operating netbacks averaged US$42.75 per barrel, with operating costs of US$8.02 per barrel.

- Our Heavy Oil Business Unit ("HBU") commenced air injection at our Kerrobert Project in October, combustion was confirmed and wells placed on production in November.

- Our subsidiary PetroBakken Energy Ltd. ("PetroBakken") was wholly-owned until acquiring TriStar Oil and Gas Ltd. ("TriStar") on October 1, 2009. Upon completion of the acquisition, Petrobank's ownership interest in PetroBakken decreased to 64%.

- PetroBakken's production expenses decreased by 23% to $6.83/boe in the third quarter (excluding TriStar).

- PetroBakken operating netbacks averaged $44.21/boe excluding hedging gains of $2.50/boe (excluding TriStar).



FINANCIAL & OPERATING HIGHLIGHTS (excluding TriStar)

Three months ended
September 30, %
2009 2008 Change
----------------------------------------------------------------------------
Financial ($000s, except where noted)
Oil and natural gas revenue 232,471 317,137 (27)
Funds flow from operations (1) 142,927 216,709 (34)
Per share - basic ($) 1.55 2.62 (41)
- diluted ($) 1.42 2.36 (40)
Net income 54,846 123,226 (55)
Per share - basic ($) 0.59 1.49 (60)
- diluted ($) 0.56 1.35 (59)
Capital expenditures 194,043 257,305 (25)
PetroBakken (2) 107,820 165,447 (35)
Petrominerales (3) 59,486 76,040 (22)
Heavy Oil Business Unit 26,737 15,818 69
Total assets 2,590,943 2,044,996 27
Net debt (working capital) (1) (13,228) 230,585 -
Common shares outstanding,
end of period (000s)
Basic 92,978 82,474 13
Diluted (4) 109,830 98,173 12
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Operations
PetroBakken operating netback
($/boe except where noted) (1)(5)
Oil and NGL revenue ($/bbl) (6) 67.65 115.11 (41)
Natural gas revenue ($/mcf) (6) 3.55 7.94 (55)
Oil, NGL and natural gas revenue (6) 60.66 106.51 (43)
Royalties 9.62 12.72 (24)
Production expenses 6.83 8.84 (23)
----------------------------------------------------------------------------
Operating netback (7) 44.21 84.95 (48)

Petrominerales operating netback
($/bbl) (1)
Oil revenue (6) 61.96 110.53 (44)
Royalties 6.06 11.71 (48)
Production expenses 8.81 8.38 5
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Operating netback (7) 47.09 90.44 (48)

Average daily production (5)
PetroBakken - oil and NGL (bbls) 15,185 16,024 (5)
PetroBakken - natural gas (mcf) 16,177 14,047 15
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Total PetroBakken (boe) 17,881 18,365 (3)
Petrominerales - oil (bbls) (8) 21,546 12,485 73
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Total Company conventional (boe) 39,427 30,850 28
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Nine months ended
September 30, %
2009 2008 Change
----------------------------------------------------------------------------
Financial ($000s, except where noted)
Oil and natural gas revenue 647,653 743,907 (13)
Funds flow from operations (1) 418,433 518,120 (19)
Per share - basic ($) 4.82 6.32 (24)
- diluted ($) 4.44 5.65 (21)
Net income 87,971 216,399 (59)
Per share - basic ($) 1.01 2.64 (62)
- diluted ($) 0.96 2.39 (60)
Capital expenditures 511,459 629,931 (19)
PetroBakken (2) 216,745 345,647 (37)
Petrominerales (3) 234,249 225,423 4
Heavy Oil Business Unit 60,465 58,861 3
Total assets 2,590,943 2,044,996 27
Net debt (working capital) (1) (13,228) 230,585 -
Common shares outstanding,
end of period (000s)
Basic 92,978 82,474 13
Diluted (4) 109,830 98,173 12
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Operations
PetroBakken operating netback
($/boe except where noted) (1)(5)
Oil and NGL revenue ($/bbl) (6) 58.67 109.65 (46)
Natural gas revenue ($/mcf) (6) 4.21 8.47 (50)
Oil, NGL and natural gas revenue (6) 54.25 100.98 (46)
Royalties 7.31 10.68 (32)
Production expenses 6.72 8.99 (25)
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Operating netback (7) 40.22 81.31 (51)

Petrominerales operating netback
($/bbl) (1)
Oil revenue (6) 53.35 104.63 (49)
Royalties 5.23 10.52 (50)
Production expenses 8.03 9.76 (18)
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Operating netback (7) 40.09 84.35 (52)

Average daily production (5)
PetroBakken - oil and NGL (bbls) 17,206 13,868 24
PetroBakken - natural gas (mcf) 15,761 14,381 10
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Total PetroBakken (boe) 19,833 16,265 22
Petrominerales - oil (bbls) (8) 21,621 9,497 128
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Total Company conventional (boe) 41,454 25,762 61
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(1) Non-GAAP measure. See "Non-GAAP Measures" below.
(2) PetroBakken was referred to in prior quarters as the Canadian Business
Unit ("CBU") and does not include any operational results from the
TriStar acquisition completed on October 1, 2009.
(3) Petrominerales was referred to in prior quarters as the Latin American
Business Unit ("LABU").
(4) Assumes 10.7 million shares will be issued upon conversion of the
Petrobank's convertible debentures.
(5) Six mcf of natural gas is equivalent to one barrel of oil equivalent
("boe"). HBU bitumen volumes are excluded from average daily production
as Conklin pilot operations are considered to be in the pre-operating
stage and accordingly are capitalized.
(6) Net of transportation expenses.
(7) Excludes hedging activities. In the third quarter of 2009 PetroBakken
realized gains of $2.50/boe (2008 - realized loss of $1.90/boe) and no
gain or loss was recognized by Petrominerales (2008 - realized loss of
$3.36/bbl). In the first nine months of 2009 PetroBakken realized gains
of $3.85/boe (2008 - realized loss of $2.08/boe) and no gain or loss was
recognized by Petrominerales (2008 - realized loss of $3.84/bbl).
(8) Actual production sold for the three and nine months ended September 30,
2009 was 21,239 barrels of oil per day ("bopd") and 21,345 bopd,
respectively (2008 - 12,485 bopd and 9,497 bopd).


PETROBAKKEN ENERGY LTD.

A full operational update of our 64% owned subsidiary, PetroBakken Energy Ltd. (TSX:PBN), was published on November 10, 2009 and can be found at www.petrobakken.com and www.sedar.com.

PRO FORMA PETROBAKKEN HIGHLIGHTS (including financial and operating results from the TriStar acquisition completed on October 1, 2009)

- PetroBakken production averaged 41,526 boepd in the third quarter of 2009.

- Non-Alberta production averaged 32,448 boepd in the third quarter, 94% weighted to light oil.

- Current PetroBakken production is approximately 44,500 boepd, of which 35,500 boepd is non-Alberta production.

- Strong non-Alberta operating netbacks (excluding hedging gains) of $46.55/boe with operating costs of $7.60/boe.

- PetroBakken operating netbacks (excluding hedging gains) of $40.52/boe with operating costs of $8.81/boe.

- PetroBakken drilled 89 (67.3 net) wells in the third quarter; including 71 (51.4 net) in the Bakken.

- PetroBakken's forecast 2009 exit production, excluding the anticipated Alberta asset sales, is expected to be above 37,000 boepd (more than 95% light oil).



THIRD QUARTER PETROBAKKEN PRO FORMA FINANCIAL & OPERATING HIGHLIGHTS
(unaudited)

Operations Pro forma(1)
----------------------------------------------------------------------------
Average daily production
Non-Alberta - oil and NGL (bbls) 30,442
Non-Alberta - natural gas (mcf) 12,030
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Total Non-Alberta (boe) 32,448

Alberta - oil and NGL (bbls) 4,063
Alberta - natural gas (mcf) 30,089
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Total Alberta (boe) 9,078
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Total Company (boe) 41,526
----------------------------------------------------------------------------
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Financial ($000's, except where noted)
----------------------------------------------------------------------------
Net debt (7) 1,035,715
Shares outstanding (000's) 171,856
Capital expenditures 190,250

Non-Alberta operating netback (2)(3)
Oil and NGL revenue ($/bbl) (4) 67.46
Natural gas revenue (3) (4) 2.92
Oil, NGL and natural gas revenue (3)(4) 64.37
Royalties (5) 10.22
Production expenses 7.60
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Operating netback (6) 46.55
Royalties as a % of revenue 16%

Total Company operating netback (2)(3)
Oil and NGL revenue ($/bbl) (4) 65.93
Natural gas revenue (3) (4) 3.34
Oil, NGL and natural gas revenue (3)(4) 58.30
Royalties (5) 8.97
Production expenses 8.81
----------------------------------------------------------------------------
Operating netback (6) 40.52
Royalties as a % of revenue 15%

(1) Combines the third quarter results of PetroBakken (Petrobank's Canadian
Business Unit) and TriStar Oil & Gas Ltd.
(2) Non-GAAP measure. See "Non-GAAP Measures" in this press release.
(3) Six mcf of natural gas is equivalent to one barrel of oil equivalent
("boe").
(4) Net of transportation expenses.
(5) Includes Saskatchewan Resource Surcharge.
(6) Excludes hedging activities.
(7) Pro forma net debt includes PetroBakken and TriStar net debt at
September 30, 2009, plus cash consideration paid to TriStar shareholders
and transaction costs associated with the TriStar acquisition.


HEAVY OIL BUSINESS UNIT OPERATIONAL UPDATE

Conklin (Whitesands Project)

- P1B and P2B wells drilled and completed.

- P1B on early production.

- P2B production anticipated by November.

The Heavy Oil Business Unit entered the third quarter with production averaging 189 bopd in July. As previously reported, at Conklin (Whitesands Project), P1 was shut in on March 31st and P2 on July 24th to drill P1B and P2B. In August and September, P3B air injection was reduced and production stabilized at 95 bopd during the drilling and completion of the P1B and P2B wells. Produced oil quality remains consistent.

P1B was drilled and completed as planned in 17 days as a THAI™ well with a FacsRite™ liner utilizing cartridge screens designed for superior downhole sand control, liner integrity and increased flow area. P2B was planned as our second CAPRI™ well. Drilling operations started on July 24th with expected completion time similar to P1B. However, during the drilling operations we encountered several mechanical challenges that eventually resulted in extended milling and fishing operations. We ultimately sidetracked the well and completed it with a FacsRite™ liner. The CAPRI™ liner remains available for a future well. The rig was released on October 1st, at which time we proceeded to complete and tie in the new wells. Restart of the new wells began on October 19th with re-initiation of air injection and heating of the production liner. The extended drilling operations on P2B caused significant delays in the start-up of the new wells and our ability to ramp up P3B. We expect both P1B and P2B to be on production by the end of November and plan to ramp up all three wells to their maximum capacity by the end of the first quarter of 2010.

During the quarter we also performed fifteen mandatory regulatory inspections of our plant pressure vessels. We have found no signs of corrosion and very little erosion in the vessels and piping, with no increase in erosion since the last inspections. This further confirms the operational integrity of the THAI™ process.

Kerrobert Project

- Facilities constructed and commissioned in just six weeks.

- Air injection initiated on October 23rd.

- Combustion confirmed and wells placed on production.

At Kerrobert, we received regulatory approval on July 9, 2009, only 54 working days after filing our application with the Saskatchewan regulatory authorities. All drilling was completed on September 7th, plant construction began on September 8th and we were operational six weeks later. Since the reservoir contains mobile heavy oil, the pre-ignition heating cycle ("PIHC") was confined to the vertical injection wells for approximately one month prior to initiating air injection on October 23rd. The simplicity of the plant design, combined with timely regulatory approval, enabled the project to be on-stream in less than six months from filing our initial application.

Our start-up process was successful, air injection initiated and combustion has now been confirmed. Air injection rate is currently at approximately 10% of design rate. Wellbore temperatures have risen to approximately 190 degrees Celsius from an ambient reservoir temperature of 27 degrees Celsius. Produced gas rates are increasing and gas analyses indicate high temperature combustion. We are currently producing back condensed steam from the pre-heat process (which totaled 35,000 barrels of water), as well as THAI™ oil and reservoir water. Early liquid production volumes were tested at 180 to 300 barrels per day per well, with oil cuts ranging from zero to 40%. We have seen only trace amounts of solids. The horizontal FacsRite™ production wells have hydraulic pumps which create a slight drawdown pressure across the horizontal well. As combustion gas production increases and is continuous, we will cease pumping, ramp up air injection, and flow the wells by produced gas lift.

The newly designed surface facilities incorporate several innovations and are a step-change from the original Conklin (Whitesands Project) facilities design. The facilities started up without any issues and continue to operate without incident. The design can be easily expanded when we initiate our plans to completely exploit this heavy oil reservoir.

The Kerrobert THAI™ project is a 50/50 joint venture with Baytex Energy Trust. This joint venture project highlights the global applicability of THAI™ technology in conventional heavy oil resources. We believe that a significant portion of the estimated 20 billion of barrels of unrecovered conventional heavy oil resource in Saskatchewan can be commercialized using THAI™.

May River Project

The May River Project is our first large-scale commercial THAI™ application on Petrobank's oil sands leases west of Conklin, Alberta. The May River design builds on the experience gained from the Conklin facility, and incorporates many of the simplifications that have been successfully implemented in Kerrobert. The project will be built in phases, with initial production capacity of 10,000 barrels of THAI™ oil per day, and an ultimate capacity of up to 100,000 bopd.

The regulatory application for May River's first phase was filed with the Energy Resources and Conservation Board ("ERCB") and Alberta Environment in December 2008. The application has been deemed complete and is now moving through the regulatory process. We have received the supplemental information requests ("SIRs") from Alberta Environment on March 31st and from the ERCB on July 17th. The responses to the SIRs are expected to be filed by the end of November, with approval anticipated in early 2010. To provide investors with more insight into the Alberta regulatory process, our application with the SIRs and all related documents, are available on the ERCB website at www.ercb.ca.

Front-end engineering and design for the May River Project began in the fourth quarter of 2008, and we expect to have completed this phase of engineering in the fourth quarter of 2009. The design incorporates self sufficient power generation utilizing low-BTU produced gas, produced gas sweetening, and future add-on capability for carbon dioxide capture. Unlike other existing oil sands projects, our project will be a net water producer, rather than a water consumer. These design elements combine to make the May River Project an environmentally sustainable process for oil sands and heavy oil development. The project is also designed to utilize a modular approach with direct and immediate applicability to heavy oil projects world-wide.

Dawson Project

The Dawson Project is located near Peace River, Alberta and will be developed in the Bluesky formation. In August 2008, a stratigraphic well was drilled on the project site, which will be used as a thermal observation well during the project's operating phase. The regulatory application for the project was filed on April 2, 2009. We received Alberta Environment's conditional approval on June 26th and ERCB's SIRs remain outstanding. This project will be substantially identical to the Kerrobert project and will demonstrate the THAI™ technology in a mobile Peace River oil sands reservoir.

Archon Technologies Ltd. - Business Development

Archon Technologies remains at the forefront of in-situ combustion research. Archon is pursuing two new patents relating to the THAI™ process in addition to our five previous successful patent applications. These patents will serve to maximize production and reduce overall environmental impact of bitumen and heavy oil recovery and to secure the intellectual property rights of Petrobank. The recent introduction of the FacsRite™ liner to the new wells at the Conklin and Kerrobert projects demonstrates the value inherent in Archon's ability to evaluate and subsequently deploy new technologies.

Several companies approached Petrobank in the third quarter to enquire about the possibility of licensing THAI™ and CAPRI™. We have signed several Technology Evaluation Agreements and Confidentiality Agreements with third parties which are the first steps to developing a licensing agreement. Ongoing discussion and negotiations with other potential partners remain a priority within the business unit. There are a number of jurisdictions around the world with significant heavy oil deposits that are seeking new recovery methods to help unlock the full potential of their resources. With superior economic and environmental characteristics, the THAI™ process remains more attractive than other in-situ recovery methods.

We continue to monitor certain third party activities in the area of in-situ combustion with the purpose of vigorously enforcing our current and future intellectual property rights and patents.

PETROMINERALES LTD.

A full operational update of our 67% owned subsidiary, Petrominerales Ltd. (TSX:PMG), was published on November 4, 2009 and can be found at www.petrominerales.com and www.sedar.com.

Highlights of that release included:

- Crude oil production increased 73% to 21,546 bopd due mainly to drilling successes in Corcel, Neiva and Mapache.

- October average production increased further to 27,047 bopd, driven by production from our A2 side-track; our highest rate oil well in Colombia to-date.

- Operating netbacks averaged US$42.75 per barrel, with operating costs of US$8.02 per barrel.

- Petrominerales recorded funds flow from operations of US$71.7 million (US$0.71 per diluted Petrominerales share).

- Petrominerales recorded net income of US$26.2 million (US$0.26 per diluted Petrominerales share).

- Monterrey crude oil offloading facility was commissioned and deliveries commenced in the third quarter.

- We cased our first exploration well on the Guatiquia Block, Percheron-1, as a potential oil well.

- We tested 16 degree API oil at Rio Ariari-1, our third exploration well on our 818,650 acre land position in the Llanos Basin heavy oil belt.

Appointment of Director

We are pleased to announce the appointment of Gregg Smith to the Board of Directors of Petrobank. Gregg served as Petrobank's Senior Vice President and Chief Operating Officer of the Canadian Business Unit before assuming the role of President and Chief Operating Officer of PetroBakken.

Investor Conference Call

Management will be holding a conference call for investors, financial analysts, media and any interested persons on Thursday, November 12, 2009 at 9:00 a.m. (Mountain Time) to discuss third quarter 2009 financial and operating results. The conference call details are as follows:

Live audio webcast: http://events.digitalmedia.telus.com/petrobank/111209/index.php

Live call dial-in numbers: 416-340-2216 / 866-226-1792

Replay dial-in numbers: 416-695-5800 / 800-408-3053

Replay pass code: 5271156

Petrobank Energy and Resources Ltd. is a Calgary-based oil and natural gas exploration and production company with operations in western Canada and Latin America. The Company operates high-impact projects through three business units and a technology subsidiary. The Canadian Business Unit, operated by Petrobank's 64% owned TSX-listed subsidiary, PetroBakken Energy Ltd. (TSX:PBN), is a premier light oil production company combining high growth, long-life Bakken reserves and production with legacy conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. The Latin American Business Unit, operated by Petrobank's 67% owned TSX-listed subsidiary, Petrominerales Ltd. (TSX: PMG), is a Latin American-based exploration and production company producing oil in Colombia with 16 exploration blocks covering a total of 1.9 million acres in the Llanos and Putumayo Basins of Colombia and 2.6 million acres in the Ucayali Basin of Peru. Whitesands Insitu Partnership, a partnership between Petrobank and its wholly-owned subsidiary Whitesands Insitu Inc., owns 75 net sections of oil sands leases in Alberta, 36 sections of oil sands licenses in Saskatchewan 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™ and CAPRI™ are registered trademarks of Archon Technologies Ltd., a wholly-owned subsidiary of Petrobank.

Forward Looking Statements. Certain information provided in this press release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Specifically, this press release contains forward-looking statements relating to financial results, results of operations and the timing of certain projects. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. You can find a discussion of those risks and uncertainties in our Canadian securities filings. Such factors include, but are not limited to: general economic, market and business conditions; fluctuations in oil prices; the results of exploration and development drilling, recompletions and related activities; timing and rig availability, outcome of exploration contract negotiations; fluctuation in foreign currency exchange rates; the uncertainty of reserve estimates; changes in environmental and other regulations; risks associated with oil and gas operations; and other factors, many of which are beyond the control of the Company. There is no representation by Petrobank that actual results achieved during the forecast period will be the same in whole or in part as those forecast. 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.

Non-GAAP Measures. This press release contains financial terms that are not considered measures under Canadian generally accepted accounting principles ("GAAP"), such as funds flow from operations, funds flow per share, net debt and operating netback. These measures are commonly utilized in the oil and gas industry and are considered informative for management and shareholders. Specifically, funds flow from operations and funds flow per share reflect cash generated from operating activities before changes in non-cash working capital. Management considers funds flow from operations and funds flow per share important as they help evaluate performance and demonstrate the Company's ability to generate sufficient cash to fund future growth opportunities and repay debt. Net debt includes bank debt plus accounts payable and accrued liabilities less current assets (excluding future income tax asset) and is used to evaluate the Company's financial leverage. Profitability relative to commodity prices per unit of production is demonstrated by an operating netback. Funds flow from operations, funds flow per share, net debt and operating netbacks may not be comparable to those reported by other companies nor should they be viewed as an alternative to cash flow from operations, net income or other measures of financial performance calculated in accordance with GAAP. The following table shows the reconciliation of funds flow from operations to cash flow from operating activities for the periods noted:



Three months ended Nine months ended
Sept. 30, Sept. 30,
2009 2008 Change 2009 2008 Change
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Funds flow from
operations: Non-GAAP 142,927 216,709 (34%) 418,433 518,120 (19%)
Changes in non-cash
working capital (8,900) (11,770) (24%) (52,008) (88,176) (41%)
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Cash flow from
operating activities:
GAAP 134,027 204,939 (35%) 366,425 429,944 (15%)
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Resources and Contingent Resources. In this press release, Petrobank has disclosed estimated volumes of "contingent resources" or "resource" estimates. "Resources" are oil and gas volumes that are estimated to have originally existed in the earth's crust as naturally occurring accumulations but are not capable of being classified as "reserves". The following are excerpts from the definition of "contingent resources" as contained in Section 5 of the COGE Handbook, which is referenced by the Canadian Securities Administrators in "National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities". "Contingent resources" are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. It is also appropriate to classify as "contingent resources" the estimated discovered recoverable quantities associated with a project in the early evaluation stage. "Contingent resources" are further classified in accordance with the level of certainty associated with the estimates and may be subclassified based on project maturity and/or characterized by their economic status. "Resources" and "contingent resources" do not constitute, and should not be confused with, reserves.

Barrels of Oil Equivalent. Disclosure provided in this press release in respect of barrels of oil equivalent ("boe") units may be misleading, particularly if used in isolation. A boe conversion relationship of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

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
    Senior Vice President and Chief Operating Officer, Heavy Oil
    (403) 750-4400
    or
    Petrobank Energy and Resources Ltd.
    Corey C. Ruttan
    Senior Vice President and Chief Financial Officer
    (403) 750-4400
    ir@petrobank.com
    www.petrobank.com