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Petrobank Announces Correction to Year End Results
CALGARY, ALBERTA - (CCNMatthews - March 13, 2007) - Petrobank Energy and Resources Ltd. ("Petrobank")(TSX:PBG)(OSLO:PBG) would like to announce a correction to the financial and operating highlights table contained in our news release issued earlier today. Net income of $2,400,000 ($0.03 per share on a diluted basis) reported for the three months ended December 31, 2006 should have read $2,620,000 ($0.04 per share on a diluted basis), a decrease of 49% (50% on a per diluted share basis) from the fourth quarter of 2005. Basic net income per share and net income for the year ended December 31, 2006 are unchanged. Net income for the year increased 80% from $12.8 million in 2005 to $23.1 million in 2006.
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 along with light oil resource plays in southeast Saskatchewan, complemented by new exploration projects and a large undeveloped land base. The Latin American Business Unit is operated by Petrobank's 80.7% owned, TSX-listed subsidiary, Petrominerales Ltd. (trading symbol: PMG), which produces oil through two Incremental Production Contracts in Colombia and has exploration contracts covering 1.5 million acres in the Llanos and Putumayo Basins. WHITESANDS Insitu Ltd., Petrobank's 84% owned subsidiary, owns 39,680 acres of oil sands leases with an estimated 2.2 billion barrels of gross bitumen-in-place and operates the WHITESANDS project which is field-demonstrating Petrobank's patented THAI(TM) heavy oil recovery process. THAI(TM) is an evolutionary in-situ combustion technology for the recovery of bitumen and heavy oil that combines a vertical air injection well with a horizontal production well. THAI(TM) integrates existing proven technologies and provides the opportunity to create a step change in the development of heavy oil resources globally.
Website: www.petrobank.com
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