Petrobank Announces 2010 Reserves, Including First THAI® Reserves, and Heavy Oil Operational Update

Petrobank Energy and Resources Ltd. (TSX:PBG) reports the year end 2010 reserves evaluation and provides an operational update on its Heavy Oil Business Unit.

The press release is quoted as saying:

HBU 2P reserves increased 36% to 95.4 million barrels with NPV, before tax, discounted at 8% increasing 50% to $724 million at December 31, 2010. HBU best estimate contingent bitumen resources totalled 560 million barrels with NPV, before tax, discounted at 8% of $3.0 billion.

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