Petrobank Energy and Resources Ltd. and PetroBakken Energy Ltd. report that our previously proposed reorganization, which will result in Petrobank shareholders effectively receiving Petrobank's share holdings in PetroBakken while maintaining their interest in the remaining Petrobank assets (the "Reorganization"), was completed on December 31, 2012 (the "Effective Date").

The Reorganization resulted in a newly incorporated company ("New Petrobank") acquiring all of the assets and liabilities of Petrobank, other than its PetroBakken common shares. Through the Reorganization, each share of Petrobank outstanding on the Effective Date was effectively exchanged for 1.1051 shares of PetroBakken and one share of New Petrobank, which will own and operate Petrobank's existing heavy oil business, its THAI® and related technologies and will have no debt and over $100 million of cash and marketable securities (pro-forma the receipt of PetroBakken's December dividend in mid-January).

Tags: PetroBakken Energy, Petrobank Energy and Resources Ltd.