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Friday, April 20, 2012

Petrobank Provides Kerrobert Update

Was that a tingle I felt?

I've been invested in Petrobank because I believe that the shares Petrobank owns of Petrobakken make it an attractive investment.

I've always viewed THAI as being beyond my ability with respect to trying to determine what it is worth.  All I know is that I will happily take it as a free option, since Mr. Market actually assigns a negative value to it.

Update today showing a continued pattern of Kerrobert wells ramping up has got me a little more interested:


CALGARY, ALBERTA--(Marketwire - April 20, 2012) - Petrobank Energy and Resources Ltd. (TSX:PBG) is pleased to provide a production update for our Kerrobert project. In early March, we reported that January and February 2012 production averaged 155 barrels of oil per day ("bopd"). March 2012 production averaged 264 bopd and Q1 2012 production averaged 193 bopd. These production volumes represent actual sale volumes for each period reported. Petrobank has updated our corporate presentation with additional production information and a copy is now available at www.petrobank.com.
                Production continues to improve and, based on field estimates, April production to-date is trending higher than previous months. Recent production continues to average 13 to 14 degrees API, providing evidence that upgraded THAI(R) oil is being produced.
                Since the full Kerrobert field was placed on production in September 2011, we have maintained a consistent and patient operating philosophy to rateably increase sustained production of upgraded THAI(R) oil. This philosophy includes managing air injection rates in order to gradually build out the combustion front and optimizing the type, configuration and placement of the production pumps to extend their useful life and reduce downtime and maintenance costs. Our optimization strategy also includes reducing downtime of our surface facilities.
                Petrobank continues to focus on increasing sustained production levels at Kerrobert and reducing per unit costs. A further operational update will be provided with the release of our Q1 2012 financial information scheduled for May 14, 2012.

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