Petrobank postpones community open house and adjusts activity timelines

Calgary, AB – October 19, 2007: Petrobank Energy and Resources Ltd has decided to postpone its community open house. The company’s two planned coalbed gas (CBG) exploration wells are now scheduled for drilling in early 2008 and the associated open house will be moved to be closer to periods of activity.

“We’ve always worked to carefully manage this project and our communication with the community,” said Gregg Smith, Vice President Canada, Petrobank. “Our decision to postpone the open house reflects our interest to ensure we share accurate, up-to-date information near the times we intend to be more active in the community.”

Petrobank’s plans for two new coalbed gas (CBG) exploration wells near the Town of Princeton are behind schedule do to the timing of approvals for our drilling activity and the availability of drilling equipment.

“We continue to be proud of our track record in this community,” says Smith. “In all our operations, we have always said what we were going to do and then done exactly that. Changing our timelines is a fact of life in this industry, and we feel it makes sense to share our plans near periods of activity.”

The open house was originally scheduled for the afternoon of Tuesday, October 30. Petrobank will run ads in 2008 to announce the new date for an open house about its continued CBG exploration plans. In the meantime, the company will continue to share information with the community about CBG through advertising, news releases and meetings with local community leaders.

The company maintains a dedicated toll-free line (1-866-764-4571) for Princeton residents to ask questions about CBG and the company’s role in the community. The company also posts information about the project on its website at www.petrobank.com/princeton.

Further information about CBG can be found through the Canadian Society for Unconventional Gas at www.csug.ca. Petrobank operates under the British Columbia Coalbed Gas Code of Practice which can be found on the Ministry of Environment website through www.gov.bc.ca.