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Gold/Mining/Energy : Post Practice For KK - Temporary
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To: Kerm Yerman who wrote (27)1/2/1998 7:18:00 AM
From: Kerm Yerman  Read Replies (1) of 122
 
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS

FOR: PETROBANK ENERGY AND RESOURCES LTD.

TSE SYMBOL: PBG

DECEMBER 31, 1997

Petrobank Energy Alder Flats Exploration and Development
Update

CALGARY, ALBERTA--Petrobank announces today that continued
successful exploration and development of its Alder Flats property
has resulted in year-end 1997 production levels exceeding 2,000
BOE per day up from approximately 400 BOE per day in December
1996. The pipeline tie-in of Petrobank's recently announced 1-27
well was completed in December. Petrobank has a 100 percent
working interest in the 1-27 well, which has an extended AOF of
over 15 million cubic feet per day plus associated liquids and is
producing at over 1,000 BOE per day. Petrobank's total Alder
Flats productive capacity currently exceeds producing rates due to
gas plant capacity constraints. Petrobank is in the process of
obtaining EUB approval for a capacity expansion, which should be
completed in the first half of 1998. The expansion is expected to
more than double Petrobank's current sustainable processing
capability.

Petrobank's medium-depth drilling program is continuing with the
first of two wells cased and awaiting completion and evaluation.
The second well was spud on December 31 and is expected to take
approximately three weeks to reach total depth. Flow results from
the two wells will be released following completion and
evaluation.

Petrobank advises that its deep exploration well (100 percent WI)
at Alder Flats has encountered over 100 metres of porous dolomite
section in the Nisku primary target horizon. The Nisku top came
in as per Petrobank's prognosis confirming the company's seismic
model of the feature. Drill cuttings, mud gas, and well logs
indicate significant gas-bearing intervals. Petrobank expects to
finish drilling operations in the next several days and completion
and evaluation of the discovery will follow immediately.
Petrobank will release flow results following evaluation. Of the
four possible follow-up locations on the prospect, Petrobank
anticipates drilling at least one additional well (100 percent WI)
in the first quarter.

Petrobank's management expects that these exciting developments
will continue to fuel the company's rapid growth.
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