Unconventional Oil

[johnlw]

Some sloppy reporting on their part:

There has been an additional increase in the McDaniel and Associates Consultants Ltd. estimated gross discovered resources of bitumen in place on Petrobank Energy & Resources Ltd.'s oil sands leases to 2.6 billion barrels. This represents a 400-million-barrel increase over the preliminary estimate announced in Stockwatch on March 13, 2007, and a 1.0-billion-barrel increase from the 1.6 billion barrels announced in May, 2006. This increase does not change the reserves and contingent resource estimates, summarized below, but does indicate the significant potential to add additional recoverable volumes through exploitation using the THAI process.

Petrobank Energy & Resources Ltd (C-PBG) - News Release

Petrobank Energy corrects financial highlights table

2007-03-13 12:32 ET - News Release
Shares issued 72,125,274
PBG Close 2007-03-12 C$ 24.28

Mr. John Wright reports

PETROBANK ANNOUNCES CORRECTION TO YEAR END RESULTS

Petrobank Energy & Resources Ltd. would like to correct the financial and operating highlights table contained in its news release issued earlier today. Net income of $2.4-million (three cents per share on a diluted basis) reported for the three months ended Dec. 31, 2006, should have read $2.62-million (four cents per share on a diluted basis), a decrease of 49 per cent (50 per cent on a per diluted share basis) from the fourth quarter of 2005. Basic net income per share and net income for the year ended Dec. 31, 2006, are unchanged. Net income for the year increased 80 per cent from $12.8-million in 2005 to $23.1-million in 2006.

And then throw in a new financing to boot.