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Gold/Mining/Energy : KERM'S KORNER
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To: Herb Duncan who wrote (8577)1/22/1998 1:55:00 AM
From: Kerm Yerman   of 15196
 
FIELD ACTIVITIES / Petrobank Announces Joint Venture With
Pinnacle Resources

PETROBANK ENERGY AND RESOURCES LTD.
TSE SYMBOL: PBG

JANUARY 21, 1998

Petrobank Blood Magrath Exploration Agreement Reached

CALGARY, ALBERTA--Petrobank announces today that it has signed an
agreement with Pinnacle Resources Ltd. whereby Petrobank will fund
75 percent of an initial two well Wabamun exploration program to
earn an incremental 25 percent working interest in 44,000 hectares
of largely contiguous exploration acreage on its Blood Magrath
property. The earning provisions of the agreement also call for
Petrobank to fund 75 percent of 72 kilometers of new 2-D seismic
which will be gathered over the next few weeks. Currently
Petrobank and Pinnacle share the acreage 25 percent and 75
percent, respectively and Pinnacle operates. Following the
earning wells, the exploration rights will be owned on a 50/50
basis. Petrobank will also have the right to operate exploration
and development prospects it brings forward.

The Blood Magrath land block lies within the Blood Indian Reserve
offsetting the city of Lethbridge along the southern Alberta
foothills. Deep exploration horizons are relatively unexplored
compared to other areas of the Western Canadian Sedimentary Basin.
Petrobank has several drill-ready prospects identified on the
block and expects to drill six (gross) wells in the first half of
1998.

Petrobank's management expects its Blood Magrath asset to play a
very significant role in the company's continued growth.
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