Petrobank and PetroBakken Announce Completion of

Petrobank and PetroBakken Announce Completion of Reorganization 
CALGARY, ALBERTA -- (Marketwire) -- 12/31/12 -- Petrobank Energy and
Resources Ltd. (TSX:PBG) and PetroBakken Energy Ltd. (TSX:PBN) are
pleased to announce that our previously proposed reorganization,
which will result in Petrobank shareholders effectively receiving
Petrobank's share holdings in PetroBakken while maintaining their
interest in the remaining Petrobank assets (the "Reorganization"),
was completed on December 31, 2012 (the "Effective Date").  
The Reorganization resulted in a newly incorporated company ("New
Petrobank") acquiring all of the assets and liabilities of Petrobank,
other than its PetroBakken common shares. Through the Reorganization,
each share of Petrobank outstanding on the Effective Date was
effectively exchanged for 1.1051 shares of PetroBakken and one share
of New Petrobank, which will own and operate Petrobank's existing
heavy oil business, its THAI(R) and related technologies and will
have no debt and over $100 million of cash and marketable securities
(pro-forma the receipt of PetroBakken's December dividend in
mid-January).  
The TSX determined that due bill trading procedures were used in
connection with the distribution of the PetroBakken shares to the
Petrobank shareholders pursuant to the Reorganization. As a result of
the use of due bills, purchasers of Petrobank Shares on the TSX in
the period from December 27, 2012 to December 31, 2012 (the "Due Bill
Period") will be entitled to receive the PetroBakken shares
notwithstanding that such purchases will not settle until after
December 31, 2012. Any trades that were executed during the Due Bill
Period will be automatically flagged to ensure that such purchasers
receive the entitlement to the PetroBakken shares and the sellers do
not. The due bills will be redeemed on January 4, 2013 once all
trades with attached due bills entered into up to the end of the Due
Bill Period have settled.  
The ex-distribution date for the entitlement to receive the
PetroBakken shares pursuant to the Reorganization will be January 2,
2013. Accordingly, any trades in New Petrobank shares made on or
after January 2, 2013 will not include the right to receive the
PetroBakken shares to be distributed pursuant to the Reorganization.
The New Petrobank shares will trade under Petrobank's existing share
symbol, "PBG" and PetroBakken will continue to trade under its
existing share symbol, "PBN". 
Tax information has been published on the websites of both Petrobank
and PetroBakken and further information regarding the estimated fair
market value of the New Petrobank shares will be posted in January;
however shareholders are encouraged to seek the advice of their own
tax professionals. 
Petrobank Energy and Resources Ltd. is a Calgary-based oil and
natural gas exploration and production company with operations in
western Canada. Petrobank' is applying its patented THAI(R) heavy oil
recovery process in the field. THAI(R) is an evolutionary in-situ
combustion technology for the recovery of bitumen and heavy oil.
THAI(R) and CAPRI(R) are registered trademarks of Archon Technologies
Ltd., a wholly-owned subsidiary of Petrobank Energy and Resources
Ltd., for specialized methods for recovery of oil from subterranean
formations through in-situ combustion techniques and methodologies
with or without upgrading catalysts. Used under license by Petrobank
Energy and Resources Ltd. 
PetroBakken Energy Ltd. is an oil and gas exploration and production
company combining light oil Bakken and Cardium resource plays with
conventional light oil assets, delivering industry leading operating
netbacks, strong cash flows and production growth. PetroBakken is
applying leading edge technology to a multi-year inventory of Bakken
and Cardium light oil development locations. Our strategy is to
deliver accretive production and reserves growth, along with an
attractive dividend yield.
Contacts:
Petrobank Energy & Resources Ltd.
John D. Wright
Chairman, President and Chief Executive Officer
(403) 750-4400 
Petrobank Energy & Resources Ltd.
Chris J. Bloomer
Senior Vice President and Chief Operating Officer, Heavy Oil
(403) 750-4400 
Petrobank Energy & Resources Ltd.
Peter Cheung
Vice President Finance and Chief Financial Officer
(403) 750-4400
ir@petrobank.com
www.petrobank.com
Contacts:
PetroBakken Energy Ltd.
John D. Wright
President and Chief Executive Officer
(403) 268-7800 
PetroBakken Energy Ltd.
Peter D. Scott
Senior Vice President and Chief Financial Officer
(403) 268-7800 
PetroBakken Energy Ltd.
Bill A. Kanters
Vice President Capital Markets
(403) 268-7800
ir@petrobakken.com
www.petrobakken.com
 
 
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