Petrobank Energy - Heavy Oil - Whitesands Resource Base

WHITESANDS reserves/resources and net present values

	Gross Reserves/Resources			NPV 8% - Before Tax
	Dec 31, 2006 [mbbl]	Mar 1, 2007 [mbbl]	Increase [mbbl]	Dec 31, 2006 ($ millions)	Mar 1, 2007 ($ millions)	Increase ($ millions)
Probable Reserves (2P)	25,290	25,290	-	(24.7)	(24.7)	-
Probable plus Possible Reserves (3P)	70,323	70,323	-	163.1	176.1	12.8
Low Estimate Contingent Resources	335,689	405,263	69,574	120.0	225.6	105.6
Best Estimate Contingent Resources	468,009	574,060	106,051	605.2	831.9	226.7
High Estimate Contingent Resources	590,064	728,491	138,427	1,047.3	1,384.5	337.2
2P + Best Estimate Contingent Resources	493,299	599,350	106,051	580.5	807.2	226.7
3P + High Estimate Contingent Resources	660,387	798,814	138,427	1,210.0	1,560.6	350.6

To date, our reserve and resource estimates are still based on SAGD technology as it is the presently recognized technology used to define in-situ oil sands reserves. This does not in any way reflect the technical merits of the THAI™ process. It is simply the industry standard to recognize a portion of our reserve and resource potential on the WHITESANDS leases. Once our independent engineers can certify reserves associated with the THAI™ process, this SAGD-based analysis will be phased out.

Petrobank has a world-class heavy oil resource on our 73 sections of oil sands leases. Delineation drilling continues to add significant new recoverable bitumen resources. In 2006, five wells were completed and in the first quarter of 2007 an additional eight wells were completed to further delineate our land base and expand the estimated recoverable resource.

These delineation wells extended our significant McMurray channel and, when incorporated into the independent reserve evaluation effective March 1, 2007, resulted in a 48 percent or 210 million barrel increase in the best estimate of recoverable gross working interest bitumen resources on the lands when compared to our initial May 1, 2006 evaluation.