Date Closed

January 28, 2008

Lead Office

Calgary

Value

337.00 Million CAD

On January 28, 2008, Calgary-based Petrobank Energy & Resources Ltd., an oil and natural gas explorer and producer, exchanged C$1.00 in cash and 0.095 common shares of Petrobank for each Class A share of Peerless Energy Inc., a Calgary-based oil and gas producer and explorer. For each Class B share, the cash portion was C$10.00. Approximately 4 million Petrobank shares were issued and the total acquisition cost was approximately C$337 million.

McCarthy Tétrault LLP advised Petrobank with a team led by Andrew Grasby.