2009-08-11-2008-01-01

To buy co., gaining 4,250 BOE/d (36% gas) from Bakken in SK, gas from AB, BC. Also 100,000 net acres (156 sections) undeveloped land.

Petrobank Energy and Resources Ltd., Calgary, (Toronto: PBG) plans to acquire Peerless Energy Inc., Calgary, (Toronto: PRY) for approximately C$334 million in stock and debt. Assets include production of approximately 4,250 barrels of oil equivalent per day (36% gas) primarily from the Bakken play in Saskatchewan and gas from Alberta and British Columbia. Other assets include more than 100,000 net acres (156 sections) of undeveloped land. Pro forma, Petrobank will have a Bakken drilling inventory of 600 well locations (565 net). The company plans to operate seven rigs within the Bakken play and to drill more than 110 horizontal wells during 2008 with 100% interest. Tristone Capital Inc. is financial advisor and Clarus Securities Inc. was strategic advisor to Peerless. Haywood Securities Inc. and TD Securities Inc. were financial advisors to Petrobank.