Petrobank Drills CBG Test Well

Calgary, AB – November 9, 2004: Petrobank Energy and Resources Ltd. (Petrobank) announces it will begin drilling an exploratory test well 4.5 km southwest of Princeton.

Drilling activities should require less than 10 days to drill and are scheduled to take place between Wednesday, November 10 and November 17, 2004.

“Drilling this test well will help us determine the natural gas potential of this basin and decide if the reserves are sufficient to warrant further development,” said Gregg Smith, Vice-President, Canada, Petrobank Energy and Resources Limited.

Drilling this well will determine the productivity of the coals. During initial production testing, gas will be flared from the test well. This is a normal procedure that will adhere to strict government regulations and is comparable to the natural gas a homeowner burns to heat their residence.

Vehicular traffic in the vicinity of the well will range from intermittently busy to infrequent. A staff member will act as a flagman, when necessary, to ensure the safety of passers-by. Slow traffic signage will also be used in the area while drilling operations are underway.

“We are utilizing the best available technology to develop these resources responsibly and safely and feel optimistic about results from this initial test well,” said Smith.

During the testing phase on this well, water will be disposed of in a deep, subsurface well that is government approved for disposal.

Community members concerns will be addressed throughout this project. The company encourages area residents who may have specific questions, suggestions or concerns to call them immediately at 1.866.764.4571.

Petrobank Energy and Resources Ltd. (Petrobank) is a Calgary-based oil and natural gas production company with operations in western Canada and Colombia, South America. Petrobank pursues new strategic domestic and international opportunities, which complement its existing operating base, where risk factors can be managed and significant return on investment may be achieved. Petrobank is publicly traded on the Toronto Stock Exchange under the symbols PBG and PBG.NT.A. Additional corporate information can be found at www.petrobank.com.