Petrobank:Heavy Oil Business Unit Reserves

Petrobank Energy and Resources (TSX:PBG) reported year end reserves and an operational update of our Heavy Oil Business Unit.

The press release is quoted as saying:

Total Company share of proved plus probable (“2P”) reserves increased by 26% to 197.0 million barrels of oil equivalent (“boe”) (2P + best estimate contingent resources – 796.1 million boe). Total Company share of 2P NPV, before tax, increased by 40% to $4.3 billion (2P + best estimate contingent resources – $7.1 billion). HBU 2P reserves plus best estimate contingent recoverable bitumen resources totaled 669.1 million barrels with NPV, before tax, discounted at 8% of $3.3 billion.

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