Petrobank Well Hits Bottom

Calgary, AB – November 30, 2004: Petrobank has completed the drilling portion of its natural gas from coal well. Total depth was achieved about midnight on Wednesday, November 24, 2004.

The company has logged (systematic recording of data) and cased the well. During the casing the of the well steel pipe is threaded together and cemented into the well to prevent the wall of the hole caving in and to provide a means to extract gas if the well is productive. The completion of the well will start in December when some preliminary pressure data will be recovered from the well. Finally, the well will see further completion and evaluation activity early in 2005.

“We are optimistic the testing of this well will provide sufficient information to determine to what extent we will seek approvals for our ongoing operations,” said Gregg Smith, Vice President-Canada, Petrobank Energy and Resources Ltd.

The company encountered no unusual circumstances and drilling operations progressed unhindered. During drilling, members of the community and media toured the site and observed first hand the nature of the operations.