Petrobank Energy and Resources, Ltd. expected to Report Fiscal Year 2009 Results on March 1, 2010. This event was calculated by Capital IQ (Created on November 13, 2009).

Petrobank Energy and Resources Ltd. reported earnings results for the third quarter and nine months ended September 30, 2009. The company achieved net income of CAD 54.8 million or CAD 0.56 per diluted share in the third quarter compared to net income of CAD 123.2 million or CAD 1.35 per diluted share in the same 2008 period. Oil and natural gas revenue was CAD 232.471 million against CAD 317.137 million of previous year period. Funds flow from operations were CAD 142.927 million or CAD 1.42 diluted per share compared to funds flow from operations of CAD 216.709 million or CAD 2.36 diluted per share for the same period last year. Capital expenditures were CAD 194.043 million against CAD 257.305 million for the comparable period last year. Net debt (working capital) was CAD 13.228 million compared to CAD 230.585 million of previous year period. Cash flow from operating activities: GAAP were CAD 134.027 million against CAD 204.939 million for the same period a year ago. For the nine months ended September 30, 2009, net income was CAD 87.971 million or CAD 0.96 per diluted share compared to net income of CAD 216.399 million or CAD 2.39 per diluted share for the same period a year ago. Oil and natural gas revenue was CAD 647.653 million against CAD 743.907 million of previous year period. Funds flow from operations were CAD 418.433 million or CAD 4.44 diluted per share compared to funds flow from operations of CAD 518.120 million or CAD 5.65 diluted per share for the same period last year. Capital expenditures were CAD 511.459 million against CAD 629.931 million for the comparable period last year. Cash flow from operating activities: GAAP were CAD 366.425 million against CAD 429.944 million for the same period a year ago. The company announced 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.

Petrobank Energy and Resources Ltd. announced the commissioning and commencement of air injection at its Kerrobert THAI(TM) heavy oil project. This project applies the THAI(TM) technology in a conventional heavy oil reservoir at Kerrobert, Saskatchewan. Initially a two-well project, Kerrobert is a 50/50 joint venture with Baytex Energy Trust. The PIHC performed as expected, allowing us to achieve the necessary injectivity into the reservoir zone. The horizontal wells have temporary downhole pumps which were turned on at low rates to achieve a slight drawdown pressure across the horizontal well prior to air injection. Air injection has been initiated at a rate less than 10% of designed volumes to establish the in-situ combustion zone. This project will highlight the applicability of the THAI(TM) technology in Saskatchewan's conventional heavy oil resource base.