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To: TobagoJack who wrote (9580)	5/8/2006 5:56:11 AM
From: Condor	Respond to of 25575

Petrobank's Petrominerales begins IPO Petrobank Energy & Resources Ltd (C:PBG) Shares Issued 66,612,649 Last Close 5/5/2006 $15.63 Monday May 08 2006 - News Release Mr. John Wright reports PETROBANK ANNOUNCES PETROMINERALES INITIAL PUBLIC OFFERING Petrobank Energy and Resources Ltd.'s wholly owned subsidiary, Petrominerales Ltd., has filed a preliminary prospectus in connection with a public offering of its common shares in each of the provinces of Canada other than Quebec. The offering will consist of a combination of an initial public offering of common shares by Petrominerales from treasury and a secondary offering of Petrominerales shares indirectly held by Petrobank. Haywood Securities Inc. and TD Securities Inc. are acting as lead agents and joint bookrunners in a syndicate of agents that also includes Fraser MacKenzie Ltd. in connection with the offering. DnB NOR Bank ASA will also assist in marketing a portion of the offering in Norway and elsewhere in Europe. The exact number of common shares to be issued and the price per common share will be set at a later date, following marketing of the offering, with closing anticipated on or around June 16, 2006. Of the net proceeds to be received by Petrominerales from the treasury portion of the offering, Petrominerales expects to use $31.5-million (U.S.) for development drilling and recompletions on current producing properties, $25-million (U.S.) for drilling on exploration properties, $7-million (U.S.) for repayment of debt to Petrobank, and the remainder for general and administrative expenses including working capital. Petrominerales will not receive any proceeds from the common shares sold by Petrobank. © 2006 Canjex Publishing Ltd.