Petrobank Energy and Resources Ltd.

Petrobank Energy and Resources Ltd.

June 15, 2011 20:11 ET

Petrobank Re-Files Q1 2011 Financial Statements

CALGARY, ALBERTA--(Marketwire - June 15, 2011) - Petrobank Energy and Resources Ltd. ("Petrobank" or the "Company") (TSX:PBG) has re-filed its Unaudited Condensed Interim Consolidated Financial Statements for the interim period ended March 31, 2011 (the "Amended Q1 2011 Financials").

The Unaudited Condensed Interim Consolidated Financial Statements for the interim period ended March 31, 2011, as filed on SEDAR May 17, 2011, did not include a reconciliation of the Company's equity in accordance with previous Canadian Generally Accepted Accounting Principles compared to its equity under International Financial Reporting Standards ("IFRS") at the end of the comparable interim period (March 31, 2010) as required by IFRS 1, paragraph 32(a)(i).

Note 26 of the Amended Q1 2011 Financials includes this required reconciliation in the table "Reconciliation of Equity". This and other related disclosures were the only changes made to the Amended Q1 2011 Financials. There were no changes to Petrobank's financial results as previously reported for the period ended March 31, 2011 and the comparable period March 31, 2010. The Amended Q1 2011 Financials have been filed on our website at and under our profile on SEDAR at

Petrobank Energy and Resources a Calgary-based oil and natural gas exploration and production company with operations in western Canada. The Company operates high-impact projects through two business units and a technology subsidiary. Petrobank's 59% owned TSX-listed subsidiary, PetroBakken Energy Ltd. (TSX:PBN), is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. PetroBakken is applying leading edge technology to a multiyear inventory of Bakken and Cardium light oil development locations, along with a significant inventory of opportunities in the Horn River and Montney gas resource plays in northeast BC. PetroBakken's strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield. Whitesands Insitu Partnership, a partnership between Petrobank and its wholly-owned subsidiary Whitesands Insitu Inc., owns 104 net sections of oil sands leases in Alberta, 36 sections of oil sands licenses in Saskatchewan and 14 sections of petroleum and natural gas rights in Kerrobert, Saskatchewan, and operates the Kerrobert and Conklin projects which are 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 Energy and Resources Ltd., for specialized methods for recovery of oil from subterranean formations through in-situ combustion techniques and methodologies with or without upgrading catalysts. Used under license by Petrobank Energy and Resources Ltd.

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