Petrobank Energy and Resources

• In May 2009 the parent company reduced its ownership in petrominerales from 76.9% to 66.8%. • In August 2009 Petrobank purchased tristar oil and gas ltd in a 2.24 billion dollar deal. It then formed PetroBakken by combining its Canadian operations with the tri star oil and gas division. • In the third quarter of 2010 the company purchased the 50% interest Baytex Energy Ltd.’s and Shell Canada had in Kerrobert and Dawson's heavy oil projects and advanced operations at Kerrobert (phase 1 expansion was started, phase 1 production grew to 380 bpd in November, phase 2 construction began). Petrobank's advanced and patented (holds multiple THAI technology related patents abroad) heavy oil extraction technology gives it a strong interest in enlarging its heavy oil asset base. • As of December 31, 2010 Petrobank's spinoff of its 65% Petrominerales stake will be completed. The new independent company will be called New Petrominerales. Rather than being compensated with cash Petrobank shareholders will each receive 0.614 shares of New Petrominerales for each Petrobank share they own while each shareholder of Petrominerales (before the reorganization) will receive 1 share of the new company. ==THAI technology==

As compared to Steam assisted gravity drainage Petrobank's Toe to Heel Air Injection process uses no water, has a smaller environmental impact and should hypothetically recover more oil by being more effective in bringing deep heavy oil bitumen deposits to the surface. Most of the estimated 8.9 trillion barrels in bitumen and heavy oil in places like Russia, Venezuela and Colombia can't be recovered using current technology. The technology has either already been applied or is being experimented with at locations in Kerrobert, Sutton, Saskatchewan, White Sands, May River, Dawson, Conklin, Alberta. The process uses air that is injected deep underground to initiate combustion in the reservoir. The heat from the advancing combustion front warms the oil, making it easier to recover up a horizontal production well. According to engineering firm McDaniel and Associates Consultants Ltd. the THAI technology developed by Petrobank has the potential to exploit 17% more bitumen than SAGD. ==Operations==

• PetroBakken (operates Bakken and Cardium light oil developments) • Montney and the Horn River Basin, B.C. - Shale gas • Southeast Saskatchewan - Light crude oil • HBU heavy oil • Dawson, Alberta - Oil sands bitumen • Petrominerales (total proved reserves to 36.0 and 53.1 million barrels of oil, 2P (Proved + Probable) reserves are 2.7 times smaller than Petrobakken) Petrominerales became independent of Petrobank on December 31, 2010 • Colombia (15 exploration blocks covering 2 million acres) • Corcel and Guatiquia deep in the Llanos Basin - oil • Llanos Basin plains region - oil • Southern and eastern edges of the Llanos Basin heavy oil belt - heavy oil • Neiva in cooperation with Ecopetrol - Magdalena Valley Basin • Orito - largest oil discovery in the Putumayo basin • Peru (5 exploration blocks with a gross acreage of 9.5 million, 5.4 million net) • Ucayali Basin - last drill in 1988 was shut down because of security concerns. • Titicaca Basin ==References==