Vista Projects Limited

Vista Projects Limited
Petrobank Energy and Resources Ltd.

Petrobank Energy and Resources Ltd.

February 23, 2009 09:00 ET

Vista Projects Wins Contract for Major Petrobank Project

Engineering Firm to Work on Petrobank/Whitesands May River Development

CALGARY, ALBERTA--(Marketwire - Feb. 23, 2009) - Calgary-based engineering firm, Vista Projects Limited, announced today that it has been awarded the contract to provide Front End Engineering Design (FEED) services to Petrobank Energy and Resources Ltd. ("Petrobank") for the well pad and pipeline package of Petrobank's May River project. The northern Alberta venture will be a commercial application of Petrobank's patented THAI™ (toe to heel air injection) technology, aiming to produce 10,000 barrels of oil per day with no net water use.

"We are delighted to be working with Petrobank for the May River Whitesand project," said Alex Campbell, founder and principal of Vista Projects. "Vista's long history in heavy oil and bitumen processing and its expertise in providing innovative solutions is a good fit for Petrobank's flagship technology and development."

"Vista Projects was selected because we value their track record for solving complex problems in a cost-efficient manner," said Greg Deuchar, Whitesands Project Manager for Petrobank.

Petrobank's THAI™ technology is an innovative process in the extraction of bitumen and production of heavy oil. It utilizes an in-situ combustion technique that injects high-pressure air into the structure that ignites the bitumen causing the air to pressure the thermally cracked oil towards the producing well. Water usage is minimal. The revolutionary system offers substantial environmental and operational cost benefits as compared to competing in-situ SAGD or CSS processes due to the minimal usage of energy and water. The process also requires lower capital investment than steam assisted production of bitumen and produces higher quality produced oil.

The Vista Projects well pad design will be the first of its kind to utilize the THAI™ technology on a commercial scale. The project will be constructed in three phases and is scheduled for completion in 2010.

About Vista Projects Limited

Vista Projects Limited is a multi-discipline, technical engineering firm providing solutions to energy firms in Western Canada. While Vista has been active in all aspects of the oil and gas market, it has grown to become a leading engineering firm for thermal energy projects, working on some of the most successful SAGD projects in the Alberta Oil Sands.

THAI™ is a registered trademark of Archon Technologies Ltd., a wholly owned subsidiary of Petrobank.

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