Archon
means Archon Technologies Ltd., a wholly-owned subsidiary of Petrobank, incorporated under the laws of the Province of Alberta

CAPRI®
means the Company's CAPRI® technology, which is an enhancement to the Company's THAI® technology offering the potential for further in-situ upgrading through the use of a well-bore integrated catalyst

Conklin Demonstration Project
means Petrobank's first THAI® pilot project near Conklin, Alberta

Dawson Property
means Petrobank's 100% interest in 20,160 acres of heavy oil lands and related assets in the Peace River region of northwest Alberta

ERCB
means Energy Resources and Conservation Board

Heavy Oil Business Unit or HBU
means all of the operations, properties and assets of Petrobank, other than its interest in PetroBakken, which are held through Whitesands

Kerrobert Project
means the Company's two THAI® well-pair pilot project and ten well-pair expansion project on the Kerrobert Property

May River Property
means, collectively, the oil sands and heavy oil leases held by Whitesands in respect of 62 sections (39,680 net acres) of land located in Townships 76-78, Ranges 8-10W4, within the Province of Alberta and includes the Conklin Demonstration Project

McDaniel
means McDaniel and Associates Consultants Ltd., independent petroleum engineers, of Calgary, Alberta, Canada;

McDaniel Report
means the evaluation of the Heavy Oil Business Unit's heavy oil and bitumen reserves and contingent resources (excluding the Glover Property, the Dawson Property and the Sutton Creek Property) based on forecast prices and costs dated March 9, 2011, with an effective date of December 31, 2010;

Net
means (a) in relation to the Company's interest in production and reserves, its working interest (operating and non-operating) share of reserves or production after deduction of royalty obligations, plus 3 the Company's royalty interest in production or reserves; (b) in relation to wells, the number of wells obtained by aggregating the Company's working interest in each of its gross wells; and (c) in relation to the Company's interest in a property, the total area in which the Company has an interest multiplied by the working interest owned by the Company

PetroBakken
means PetroBakken Energy Ltd., a subsidiary of Petrobank, in which Petrobank had a 59% interest as at December 31, 2010, and is also referred to herein as the Canadian Business Unit

Petrobank
means Petrobank Energy and Resources Ltd.

Petrominerales
means Petrominerales Ltd., in which Petrobank had a 65% interest as at December 31, 2010 which was transferred directly to the Petrobank shareholders on December 31, 2010 pursuant to the Petrominerales Reorganization;

Petrominerales Reorganization
means the series of transactions completed December 31, 2010 pursuant to which, among other things, Petrobank effectively distributed its 65% ownership of Petrominerales directly to its shareholder

SAGD
means steam assisted gravity drainage

THAI®
means Petrobank's patented Toe-to-Heel-Air-Injection in-situ heavy oil recovery technology, which combines a vertical air injection well with a horizontal production well, indirectly owned through Archon

TSX
means the Toronto Stock Exchange

Whitesands
means Whitesands Insitu Partnership, a partnership between Petrobank and our wholly-owned subsidiary, Whitesands Insitu Inc. Whitesands is the entity which owns and operates Petrobank's heavy oil and oil sands properties

WTI
means West Texas Intermediate