Lake Shore Gold Announces 2009 Year End Results, Continued Exploration and Development Success, Timmins Mine to Achieve Commercial Production in 2010

TORONTO, ONTARIO–(Marketwire – Mar 10, 2010) – Lake Shore Gold Corp. (TSX:LSG) (”Lake Shore Gold” or “the Company”) right away reported monetary and handling formula for the mercantile year and fourth entertain finished Dec 31, 2009. Key handling highlights of 2009 and to date 2010 have been supposing below.

- Completed merger of West Timmins Mining (”West Timmins”), consolidating Thunder Creek and adding an one some-more 120 block kilometers along horse opera prolongation of Timmins mining camp, as good as tasteful properties in Mexico. Also, acquired twenty-eight block kilometers of rarely impending land around Bell Creek property.

- Sinking of the Timmins Mine missile was finished to a abyss of 710 metres in Mar 2010. Initial enlargement in to the Ultramafic Zone mineralization from the 650 Level was finished in 2009. Work to date together with solid drilling, sampling and flapping shows widths and grades of mineralization to be unchanging with apparatus estimates successive from prior aspect drilling. On Feb 18, 2010, solid training reliable the prolongation of the Timmins Mine mineralization 130 metres down thrust and 100 metres to the west inside of a newly rising overlay nose.

- Thunder Creek modernized subterraneous scrutiny module commenced in Oct 2009. As of Mar 9, 2010, the deposit to Thunder Creek from Timmins Mine 200 Level was driven we guess 560 metres, and the deposit from 650 Level was driven 280 metres. The Company expects the drifts to strech the Thunder Creek mineralization in Jun and Sep 2010, respectively.

- Bell Creek Mill stretched to 1,500 tonnes per day genius by finish of third entertain 2009. A sum of 7,700 ounces of bullion was constructed from 2009 modernized scrutiny activities at the Timmins Mine.

- Underground modernized scrutiny module commenced at the Bell Creek Complex. As of Mar 9, 2010, the Bell Creek missile and cave workings were de-watered to a abyss of 255 metres, and the Bell Creek ramp from aspect was modernized to a straight abyss of 180 metres.

- Encouraging scrutiny formula from aspect solid training reported from both Thunder Creek and Bell Creek Complex.

— At Thunder Creek, formula enclosed 12.75 gpt over 83.40 metres in TC09-68b. On Jan 26, 2010, mineralization lengthened a serve 110 metres to depth, participation of high-grade core reliable and brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new westerly plunging territory discovered. On Feb 18, 2010, Rusk Horizon intersected 1,700 metres successive surface, 700 metres successive prior deepest intercept.

— Surface solid training at Bell Creek in 2009 detected a large brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new bullion complement at depth, and the intensity to enhance the existent mineralization along strike. On Jan 18, 2010, the brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new bullion complement was lengthened to successive 1,300 metres down thrust and by 70 metres to the west.

Project spending in 2009, together with scrutiny expenditures of $18.7 million, was $95.2 million (net of $6.1 million bullion sales in 2009 and $2.8 million bullion sales in 2010 compared to 2009 modernized scrutiny activity, and incompatible non-cash charges and changes in operative capital), compared to the bill of $89.0 million. At Dec 31, 2009, Lake Shore Gold had money and money equivalents of $132.9 million, incompatible $4.8 million posted in letters of credit.

OUTLOOK

In 2010, Lake Shore Gold will go on to lift out modernized scrutiny programs at the Company’s 100% owned Timmins Mine, Thunder Creek and Bell Creek Complex properties, with skeleton to grasp blurb prolongation at the Timmins Mine during the fourth entertain and to entrance mineralization subterraneous at the Thunder Creek and Bell Creek projects in the second quarter.

The Company right away expects to furnish we guess 50,000 ounces at the Timmins Mine, with an one some-more 15,000 ounces approaching to come from the Thunder Creek and Bell Creek modernized scrutiny projects. The Company anticipates finale 2010 at a monthly prolongation rate of 10,000 ounces with serve prolongation enlargement via 2011.

The revised 2010 guess for ounces successive from subterraneous modernized scrutiny reflects a shift in priorities emphasizing increasing subterraneous rubbish development, solid training and infrastructure skeleton compulsory to await the credentials of 43-101 agreeable apparatus estimates at both Thunder Creek and Bell Creek. At Bell Creek, the Company reliable the participation of a large brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new bullion complement at abyss and will commence an research of the devise to conclude the resources and pattern a cave devise to simulate the incomparable scale devise together with the intensity to rise a brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new missile to depth. The one some-more enlargement and infrastructure work will on all sides the Company to show off and means annual bullion prolongation at both Thunder Creek and Bell Creek.

Gold prolongation during 2010 will be weighted to the second half of the year as work at Timmins Mine is right away focused on flapping to Thunder Creek and completing the missile shift over. Work at Thunder Creek continues to allege on inform with high-grade mineralization at the 295 Level approaching to be intersected by the finish of Jun 2010 and mineralization at the 680 Level approaching to be reached by the finish of the third entertain of 2010. Refurbishing of the Bell Creek cave workings will be finished and the ramp driven to the 400 metre turn by year end, with scrutiny enlargement along the main “North A” capillary programmed in the fourth quarter. The Company has completed substantial scrutiny success at Bell Creek, which is ensuing in a re-evaluation of the devise to potentially turn a larger-scale operation from which formerly envisioned.

Exploration spending in 2010 is right away approaching to sum $31.0 million, involving some-more than 250,000 metres of aspect and subterraneous training and an one some-more module for Mexican exploration. Project spending in 2010, incompatible exploration, is forecasted at $115.0 million (before net deduction from approaching bullion sales). The collateral module has been marked down from $134 million as the Company undertakes a staged enlarge in logging genius at Bell Creek to 2,000 tonnes per day and shortening collateral at Vogel to concentration on maximizing prolongation at Bell Creek.

Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: “We have been vehement about bringing the Timmins Mine in to blurb prolongation in 2010. The revised devise to concentration the subterraneous scrutiny module on completing vegetable apparatus estimates for Thunder Creek and Bell Creek will result in reduction bullion constructed in 2010 than formerly anticipated. However, this establishes the substructure for maximizing worth and helps to quick lane these projects to blurb production.”

“On the scrutiny front, we go on to be really encouraged, carrying not long ago lengthened the Timmins Mine mineralization at abyss and to the west, and additionally detected a newly rising overlay nose system. The Thunder Creek Rusk Horizon has been intersected at a 1,700 metre abyss and a brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new westerly plunging mineralized complement has been detected at Thunder Creek. We additionally go on to enhance the brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new bullion complement at Bell Creek, and have started training along the Gold River Trend, which represents the southern prolongation of the Timmins West Complex. At Casa Berardi, we will consequence the 50% seductiveness in the optioned skill this year, and right away devise to lift out rough scrutiny on the rarely impending Mexican projects performed by the West Timmins transaction.”

Operations Review - 2009

                                                        Year finished DecemberProject and Exploration Spending ($'000)                         31, 2009(i)---------------------------------------------------------------------------

 Resource skill and paid in instalments exploration Timmins Mine                                                       $53,888 Bell Creek Mill                                                     11,634 Bell Creek cave and scrutiny properties                          22,355 Thunder Creek (including modernized exploration)                       4,501 Casa Berardi net                                                     1,049 Other projects                                                         354                                                        -------------------                                                                    $93,781                                                        -------------------                                                        ------------------- Property, Plant and equipment Timmins Mine                                                         6,017 Bell Creek Mill                                                      1,220 Bell Creek Mine                                                      3,086                                                        -------------------                                                                    $10,323                                                        -------------------                                                        -------------------

---------------------------------------------------------------------------Project and Exploration Spending                                   $104,104------------------------------------------------------------------------------------------------------------------------------------------------------

 2009 bullion sales                                                    ($6,095) 2010 bullion sales, compared to 2009 mining activities                  (2,813)

------------------------------------------------------------------------------------------------------------------------------------------------------Net Project and Exploration Spending                                $95,196------------------------------------------------------------------------------------------------------------------------------------------------------

(i) Net Project and Exploration Spending reported bar values allocated    to apparatus properties on merger of West Timmins ($563.6 million)    and Bell Creek West properties ($21.9 million), noncash charges of    $4.1 million for apparatus skill and paid in instalments scrutiny and net    $7.1 million for property, plant and apparatus and changes in working    capital.

Timmins Mine Project

During the year finished Dec 31, 2009, the Company outlayed $53.8 million (net of $6.1 million in bullion sales in 2009) on the Timmins Mine devise (including modernized exploration, ramp and ore enlargement and scrutiny training expenditures as good as $6.0 million on property, plant and equipment) or $51.0 million factoring in 2010 bullion sales compared to 2009 mining activities have been included.

During 2009, the Company’s net spending on modernized scrutiny at Timmins totaled $22.6 million (including $3.5 million for property, plant and equipment). Work on the Timmins Mine 650 Level at the finish of 2009 enclosed ramp enlargement to the 630 level, flapping to Thunder Creek, clarification solid drilling, thinly slice and plod sampling of enlargement faces and geologic mapping. Results from solid drilling, sampling, mapping and enlargement have been still ongoing, but indicate which the altogether direction for grades and widths of the mineralization in this area is identical to which likely by the Resource and Reserve indication which supports the many brand brand brand brand brand brand brand brand brand brand new National Instrument 43-101 report.

The Timmins ramp modernized to a straight abyss of 200 metres, as of the finish of 2009, in line with the Company’s aim for the year. So far in 2010, the ramp has modernized to a straight abyss of 230 metres (1,600 metres of advance). Work in the ramp during 2009 focused on stope enlargement and modernized scrutiny work to conclude and display the capillary systems in the capillary zones. Drilling in the ramp on top of 170 metres in 2009 indicated which altogether shapes for the zones have been not as successive as approaching formed on the strange aspect training ensuing in reduce tonnes and grades. Project net spending compared to the ramp during 2009 totalled $22.7 million (including $2.5 million for property, plant and equipment).

Bell Creek Mill

The Bell Creek Mill was done operational in Dec 2008 at a genius of 800 tonnes per day and stretched to 1,500 tonnes per day in the third entertain of 2009. Processing of low-grade element from enlargement and modernized scrutiny work in the Timmins Mine ramp commenced at the Bell Creek Mill nearby the finish of the initial entertain of 2009. The Mill was essentially operated in campaigns by estimate ore as stockpiles were established. The Mill is right away handling on a some-more successive basement as deliveries from the Timmins Mine increase, both from the ramp and shaft.

Spending at the Bell Creek Mill in the year finished Dec 31, 2009 totaled $12.9 million (including $1.2 million on property, plant and equipment) together with capitalized estimate costs as good as brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new aspect buildings, the building a whole of a cyanide drop plant and alternative indent improvements and repairs.

Bell Creek Mine, Vogel and Schumacher

The Company’s devise spending at the 100% owned Bell Creek Mine and constant Vogel and Schumacher properties for 2009 were $25.4 million, of which $17.3 million is compared to the Bell Creek Complex modernized scrutiny module (including $3.1 million for property, plant and equipment) and $8.1 million to exploration.

In May 2009, the Company commenced an modernized scrutiny module at the Bell Creek Complex. As of the finish of Feb 2010, the Bell Creek missile and workings from prior mining had been de-watered to a abyss of 255 meters with the superfluous 37 meters to missile bottom being used as a sump. The ramp at Bell Creek had modernized a sum of 1,200 metres, to a straight abyss of 200 metres, and had accessed cave workings at Bell Creek at the 180 metre Level.

Exploration Expenditures

Exploration spending for the year finished Dec 31, 2009 totaled $18.7 million (representing 128,016 metres of drilling) and enclosed $5.7 million at the Timmins Mine project, $3.5 million at Thunder Creek, $8.1 million at the Bell Creek Complex, and $1.0 million at Casa Berardi, with the residue at alternative projects.

During 2009, the Company voiced formula for a sum of 124 cavalcade holes, together with crowd and prolongation holes, for a sum of 58,388 metres.

At Thunder Creek, the many enlivening formula were expelled on Jun 24, 2009 and enclosed Hole TC09-68b, which intersected 12.75 gpt over 83.40 metres. Results expelled on Aug 25, 2009 enclosed 12.17 gpt over 9.00 metres in TC09-68d with TC09-73 successfully fluctuating the main porphyry structure, with bullion mineralization, to a 1,125 metre straight abyss with intensity existent for one some-more high-grade zones at this abyss and below.

Subsequent to year end, one some-more cavalcade formula were expelled for Thunder Creek on Jan 26, 2010 which lengthened the mineralization at abyss and down plunge, reliable the participation of a high-grade core to the mineralization nearby the 650 Level and enclosed the find of a brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new westerly trending zone. On Feb 18, 2010, the Company voiced which Hole TM08-178f had intersected the Thunder Creek Rusk Horizon on the Timmins Mine skill at a abyss of 1,700 metres successive surface, 700 metres successive the prior deepest intercept.

At Bell Creek, formula in 2009 enclosed acknowledgment of a brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new bullion complement at abyss and the poignant intensity along strike. Among formula during the year were 5.13 gpt over 26.40 metres on Nov 5, 3009; 12.67 gpt over 14.5 metres, together with 16.73 gpt over 10.00 metres on Oct 1, 2009; and 12.63 gpt over 11.65 metres on Jul 21, 2009. On Jan 18, 2010, brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new intersections were reported which stretched the large brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new bullion complement at Bell Creek to a abyss successive 1,300 m down thrust and by 70 metres to the west.

Also critical to the Company’s 2009 training module was the execution of 31,053 metres of subterraneous training at the Timmins Mine. Results of this training were expelled on Aug 24, 2009 and Oct 29, 2009 and reliable prior drilling, identified high-grade lenses outward the existent resource, and indicated which the altogether distance and figure of the main Ultramafic Zone at Timmins Mine is identical to the existent apparatus model, with intensity existent to supplement tonnes and ounces.

On Feb 18, 2010, formula from aspect training at Timmins Mine lengthened mineralization inside of a newly rising overlay nose by 130 metres down thrust and 100 metres to the west of prior extent for training on the property, suggesting poignant intensity exists to supplement brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new resources at Timmins Mine.

In further to ongoing training at Timmins Mine, Thunder Creek and the Bell Creek Complex, the Company additionally not long ago instituted a cavalcade module at the Thorne skill along the Gold River Trend, representing the Company’s successive poignant scrutiny aim in the Timmins Camp.

On Feb 16, 2010, the Company voiced enlivening scrutiny formula on the Casa Berardi optioned property, where it is earning a 50% seductiveness from Aurizon Mines Ltd. Significant training formula on the East Block enclosed 2.33 gpt over 7.30 metres, which tested the easterly apportionment of the G Zone at a abyss of 280 metres and 45 metres successive the formerly reported worth of 8.58 gpt over 10.40 metres. Drilling on the West Block enclosed 3.44 gpt over 3.91 metres at a straight abyss of 375 metres successive surface. This brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new intersection is the many poignant result from the singular training west of the Casa Berardi Mine Claim range and highlights the scrutiny intensity for brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new discoveries along the Casa Berardi Fault trend.

More report about Lake Shore Gold’s full year 2009 and fourth entertain formula and monetary condition and liquidity is accessible in the Company’s combined monetary statements and management’s contention and analysis, which have been filed on sedar at www.sedar.com and posted to the Company’s website at www.lsgold.com.

Lake Shore Gold will additionally host a discussion call and webcast on Thursday, Mar 11, 2010 at 9:00 am EST to plead the Company’s 2009 opening and operating, enlargement and scrutiny activities in 2010. Those wishing to entrance the call can do so regulating the write numbers listed below. The call will additionally be webcast and accessible on the Company’s website.

             Participant call-in: 416-340-2216 or 866-226-1792             Replay number: 416-695-5800 or 800-408-3053             Replay ID: 4013424             Available until: 11:59pm, Mar 25, 2010

About Lake Shore Gold

Lake Shore Gold is a fast flourishing mining association with large land positions on the west and easterly sides of the Timmins Gold Camp. The Company is carrying out an subterraneous modernized scrutiny module at the 100%-owned Timmins Mine project, where it has both a missile and a ramp, and is right away commencing modernized scrutiny work at the diagonally opposite Thunder Creek property. The Bell Creek Mill, located on the easterly side of Timmins, has been refurbished to a genius of 1,500 tonnes per day. The Company is additionally creation swell with an subterraneous modernized scrutiny module at the Bell Creek Complex, together with the Bell Creek Mine, Schumacher and Vogel properties, which is relocating brazen to turn the Company’s second mining operation in the Timmins Camp. The Company continues to deposit aggressively in scrutiny essentially in Timmins and in name alternative areas of Northern Ontario and Quebec, and owns a large land on all sides in Mexico. The Company’s usual shares traffic on the TSX underneath the pitch LSG.

Forward-looking Statements

All statements, alternative than statements of chronological fact, contained or incorporated by anxiety in this Press Release including, but not singular to, any report as to the destiny monetary or handling opening of Lake Shore Gold Corp., consecrate “forward-looking information” or “forward-looking statements” inside of the definition of sure bonds laws, together with the haven of the Securities Act (Ontario) and the haven for “safe harbour” underneath the United States Private Securities Litigation Reform Act of 1995, and have been formed on expectations, estimates and projections as of the date of this Press Release or, in the box of papers incorporated by anxiety herein, as of the date of such documents. Forward-looking statements have been supposing for the role of on condition which report about management’s expectations and skeleton relating to the future. All of the forward-looking statements done in this Press Release have been competent by these cautionary statements and those done in the alternative filings with the bonds regulators of Canada.

Other than as privately compulsory by law, the Company does not intend, and does not pretence any obligation, to insist any element disproportion in in between successive tangible events and such forward-looking statements, or to refurbish any forward-looking matter to simulate events or resources after the date on which such matter is done or to simulate the feeling of amazing events, either as a result of brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new information, destiny events or formula or otherwise. These forward-looking statements paint management’s many appropriate visualisation formed on contribution and assumptions which supervision considers reasonable, together with that: there have been no poignant disruptions inspiring operations, either due to work disruptions, supply disruptions, energy disruptions, repairs to apparatus or otherwise; permitting, development, operations, enlargement and acquisitions at the Timmins Gold Complex go on on a basement unchanging with the Company’s stream expectations; permitting, enlargement and operations at the Bell Creek Complex go on on a basement unchanging with the Company’s stream expectations; the sell rate in in between the Canadian dollar and the U.S. dollar stays we guess unchanging with stream levels; sure cost assumptions for bullion and china reason true; prices for fuel, physical phenomenon and alternative key haven stays unchanging with stream levels; prolongation and cost of sales forecasts encounter expectations; the correctness of the Company’s stream vegetable haven and vegetable apparatus estimates reason true; and work and materials costs enlarge on a basement unchanging with the Company’s stream expectations. The Company creates no illustration which in accord with commercial operation people in receive of the same report would strech the same conclusions.

Forward-looking statements include, but have been not singular to, probable events, statements with apply oneself to probable events, statements with apply oneself to the destiny cost of bullion and alternative metals, the determination of vegetable resources and reserves, the fulfilment of vegetable haven and apparatus estimates, the timing and volume of estimated destiny production, costs of production, approaching collateral expenditures, costs and timing of the enlargement of brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand brand new deposits, success of scrutiny and enlargement activities, needing time lines, banking fluctuations, mandate for one some-more capital, supervision law of scrutiny and mining operations, environmental risks, amazing reclamation expenses, pretension disputes or claims, execution of acquisitions and their intensity stroke on the Company and the operations, stipulations on word coverage and the timing and probable result of tentative litigation. In sure cases, forward-looking statements can be identified by the make use of of difference such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such difference and phrases or statements which sure actions, events or formula “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.

Forward-looking statements engage good well known and opposite risks, uncertainties and alternative factors which might means the tangible results, opening or achievements of the Company to be materially opposite from any destiny results, opening or achievements voiced or pragmatic by the forward-looking statements. As good as those factors discussed in the territory entitled “Risk Factors” in the Company’s MD&A and the Company’s many not long ago filed AIF, good well known and opposite risks which could means tangible formula to talk about materially from projections in forward-looking statements include, between others: fluctuations in the banking markets; fluctuations in the mark and brazen cost of bullion or sure alternative line (such as motor fuel fuel and electricity); changes in seductiveness rates; changes in inhabitant and internal supervision legislation, taxation, controls, regulations and domestic or mercantile developments in Canada and Mexico or alternative countries in which the Company might lift on commercial operation in the future; commercial operation opportunities which might be presented to, or pursued by, the Company; the Company’s capability to successfully confederate acquisitions; handling or technical difficulties in tie with mining or enlargement activities; worker relations; the suppositional inlet of bullion scrutiny and development, together with the risks of obtaining compulsory licenses and permits; abating quantities or grades of reserves; and contests over pretension to properties, quite pretension to underdeveloped properties. In addition, there have been risks and hazards compared with the commercial operation of bullion exploration, enlargement and mining, together with environmental hazards, industrial accidents, surprising or astonishing formations, pressures, cave-ins, flooding and bullion bullion waste (and the risk of unsound insurance, or the incapacity to acquire insurance, to cover these risks).

Although the Company has attempted to brand critical factors (which it believes have been reasonable) which could means tangible actions, events or formula to talk about materially from those described in forward-looking statements, there might be alternative factors which means actions, events or formula not to be as anticipated, estimated or intended. There can be no declaration which forward-looking statements will infer to be accurate, as tangible formula and destiny events could talk about materially from those approaching in such statements. Accordingly, readers should not place unjustified faith on forward-looking statements.

Except where National Instrument 43-101 pot have been established, there can be no pledge which cavalcade formula reported in this headlines recover will lead to the marker of deposits which can be mined economically.

Petrobank Announces Heavy Oil Business Unit Reserves and Operational Update

CALGARY, ALBERTA–(Marketwire – Mar 10, 2010) – Petrobank Energy and Resources Ltd. (”Petrobank” or the “Company”) (TSX:PBG) is gratified to make good good well known year finish pot and an operational refurbish of the Heavy Oil Business Unit (”HBU”).

All references to $ have been Canadian dollars unless differently noted. Total Company share usually includes Petrobank’s 64% share of PetroBakken pot and net benefaction values (”NPV”) and 66% share of Petrominerales pot and NPV.

HIGHLIGHTS

- Total Company share of valid and illusive (”2P”) pot increasing by 26% to 197.0 million barrels of oil homogeneous (”boe”) (2P + most suitable guess fortuitous resources – 796.1 million boe).

- Total Company share of 2P NPV, prior to tax, increasing by 40% to $4.3 billion (2P + most suitable guess fortuitous resources – $7.1 billion).

- HBU 2P pot and most suitable guess fortuitous recoverable bitumen resources totaled 669.1 million barrels with NPV, prior to tax, ignored at 8% of $3.3 billion.

- McDaniel and Associates Consultants Ltd. (”McDaniel”) finished the primary extensive research (the “Transition Report”) of THAI^TM at the Conklin devise as the primary step for assigning pot and resources, final that the Conklin Project is successfully proof the THAI^TM process. The Transition Report assigns a most suitable guess THAI^TM exploitable bitumen-in-place of 1.8 billion barrels on the Whitesands leases, surpassing the SAGD exploitable bitumen-in-place by 17% or 259 million barrels.

- PetroBakken 2P pot increasing by 141% to 143.6 million boe at Dec 31, 2009.

- PetroBakken 2009 operative seductiveness prolongation was transposed 9.9 times as a outcome of increases in pot from operations and acquisitions.

- PetroBakken NPV (before tax, ignored at 10%) of 2P pot increasing by 145% to $3.7 billion.

- Petrominerales total valid pot increasing by 43% to 36.0 million barrels of oil and 2P pot increasing by 44% to 53.1 million barrels of oil.

- Petrominerales total valid haven additions transposed 2009 prolongation by 232% and 2P haven additions transposed 299% of 2009 production.

- Petrominerales NPV (before tax, ignored at 10%) of 2P pot increasing by 69% to US$2.1 billion.

CORPORATE RESERVES / RESOURCES SUMMARY BY BUSINESS UNIT

Working Interest, Forecast Prices

                                                                      Total                        PetroBakken   Petrominerales       HBU    Company(1)                              (mboe)          (mbbls)   (mbbls)       (mboe)----------------------------------------------------------------------------Developed Producing          59,412           18,533         -       50,255Total Proved                 89,470           35,987         -       81,012Proved + Probable (2P)      143,638           53,107    70,013      196,992Best Estimate Contingent Resources                        -                -   599,081      599,0812P + Best Estimate Contingent Resources       143,638           53,107   669,094      796,073

(1) Total Company includes usually Petrobank's 64% share of PetroBakken    pot and 66% share of Petrominerales reserves, as at Dec 31,    2009.

Net Present Value, Before Tax, Forecast Prices (millions) (1)

                                                                      Total                        PetroBakken   Petrominerales       HBU    Company(2)                                 ($)            (US$)       ($)          ($)----------------------------------------------------------------------------Developed Producing           1,921              844         -        1,812Total Proved                  2,456            1,458         -        2,579Proved + Probable (2P)        3,651            2,082       482        4,257Best Estimate Contingent Resources                        -                -     2,828        2,8282P + Best Estimate Contingent Resources         3,651            2,082     3,310        7,085

Net Present Value, After Tax, Forecast Prices (millions) (1)

                                                                      Total                        PetroBakken   Petrominerales       HBU    Company(2)                                 ($)            (US$)       ($)          ($)----------------------------------------------------------------------------Developed Producing           1,719              715         -        1,594Total Proved                  2,090            1,134         -        2,121Proved + Probable (2P)        2,969            1,555       370        3,344Best Estimate Contingent Resources                        -                -     1,958        1,9582P + Best Estimate Contingent Resources         2,969            1,555     2,329        5,303

(1) Net benefaction values have been ignored at 10% for PetroBakken and    Petrominerales, and at 8% for the HBU.(2) Total Company includes usually Petrobank's 64% share of PetroBakken    pot and 66% share of Petrominerales reserves, as at Dec 31,    2009 converted regulating a US$/$ sell rate of 1.0466.

Price Forecasts

                          PBN         PBN         PMG         HBU       HBU----------------------------------------------------------------------------                                WTI Crude   WTI Crude   WTI Crude  Hardisty                 AECO Natural       Oil(1)      Oil(1)      Oil(1) DilBit(1)Year             Gas(1)($/mcf)   (US$/bbl)   (US$/bbl)   (US$/bbl)   ($/bbl)----------------------------------------------------------------------------2010                     5.36       79.17       80.00       80.00     70.602011                     6.21       84.46       82.88       83.60     72.002012                     6.44       86.89       85.83       87.40     72.602013                     7.23       90.20       88.88       91.30     73.902014                     7.98       92.01       92.01       95.30     77.202015                     8.16       93.85       93.85       99.40     80.50Thereafter inflation % shift                   2%          2%          2%          2%        2%--------------------------------------------------------------------------------------------------------------------------------------------------------

(1) Actual prices used were practiced for wanton oil and bitumen quality    differentials, healthy gas feverishness content, travel and marketing    costs specific to the Company's operations. Price forecasts were    supposing by McDaniel in apply oneself of HBU, Sproule Associates Ltd.    ("Sproule") in apply oneself of PetroBakken and DeGoyler and MacNaughton    ("D&M") in apply oneself of Petrominerales.

The full haven avowal tables, as compulsory underneath National Instrument 51-101, will be contained in the Company’s Annual Information Form that will be filed on the SEDAR website at www.sedar.com after in March.

HBU HIGHLIGHTS

- HBU SAGD 2P pot on the Whitesands leases, that includes lands encompassing the Conklin commander devise and May River blurb project, increasing by 1.5% to 70.0 million barrels with net benefaction value, prior to tax, ignored at 8% of $482 million.

- HBU 3P pot and tall guess fortuitous recoverable bitumen resources totalled 817.7 million barrels with net benefaction value, prior to tax, ignored at 8% of $4.3 billion.

- McDaniel has finished the Transition Report, final that the THAI^TM routine is margin proven. The Transition Report assigns a most suitable guess THAI^TM exploitable bitumen-in-place of 1.8 billion barrels on the Whitesands leases, surpassing the SAGD exploitable bitumen-in-place by 17% or 259 million barrels.

- First oil sales from Kerrobert began on Jan 23, 2010.

HBU RESERVES / RESOURCES SUMMARY

The following tables promulgate the McDaniel Whitesands leases pot inform as at Dec 31, 2009. Reserves and fortuitous resources were reserved to the Whitesands leases (62 sections) nearby Conklin Alberta and the inform does not embody any pot or recoverable resources compared with the Glover franchise (10 sections), the Sutton Creek franchise (36 sections), the 50% seductiveness in the Dawson skill (4 sections), or the 50% seductiveness in the Kerrobert skill (4.1 sections).

Reserves and Resources (1) as of Dec 31,      2009      2008    Change                                                 (MMbbl)   (MMbbl)        %----------------------------------------------------------------------------Probable Reserves (2P)                             70.0      69.0         1Probable and Possible Reserves (3P) (2)           78.8      77.7         1Low Estimate Contingent Resources (3) (4)         483.2     485.0         -Best Estimate Contingent Resources (3) (4)        599.1     599.0         -High Estimate Contingent Resources (3) (4)        738.9     737.0         -

2P + Best Estimate Contingent Resources           669.1     668.2         -3P + High Estimate Contingent Resources           817.7     814.7         -

(1) Gross pot and/or resources embody the operative interest    reserves/resources prior to deductions of royalties on credit to others.(2) Possible pot have been those one some-more pot that have been reduction certain    to be recovered than illusive reserves.(3) Contingent resources, as evaluated by McDaniel, have been those quantities of    bitumen estimated to be potentially recoverable regulating SAGD technology    from good good well known accumulations but have been personal as a apparatus rsther than than    a haven essentially due to the deficiency of regulatory approvals,    minute pattern estimates and nearby tenure expansion skeleton and have been in    serve to 3P reserves.(4) A low guess equates to aloft faith (P90), a most suitable guess (P50)    equates to most approaching and a tall guess equates to reduce faith (P10).

Whitesands Leases Before Tax Net Present Value - Dec 31, 2009 -$ Millions (1) (2) (3)

Net Present Value Discounted at:                 0%      5%      8%      10%----------------------------------------------------------------------------Probable Reserves (2P)                       1,475     725     482      367Probable and Possible Reserves (3P)         1,912     918     613      474Low Estimate Contingent Resources            9,833   3,672   1,996    1,286Best Estimate Contingent Resources          14,236   5,102   2,828    1,904High Estimate Contingent Resources          20,947   6,745   3,669    2,491

2P + Best Estimate Contingent Resources     15,711   5,826   3,310    2,2723P + High Estimate Contingent Resources     22,859   7,663   4,283    2,965

(1) Based on McDaniel foresee bitumen netback prices.(2) Interest losses and corporate overhead, etc. were not included.(3) The net benefaction values might not indispensably paint the satisfactory market    worth of the pot and/or resources.

Whitesands After Tax Net Present Value - Dec 31, 2009 -$ Millions (1) (2) (3)

Net Present Value Discounted at:                 0%      5%      8%      10%----------------------------------------------------------------------------Probable Reserves (2P)                       1,150     562     370      279Probable and Possible Reserves (3P)         1,477     710     473      363Low Estimate Contingent Resources            7,329   2,591   1,309      769Best Estimate Contingent Resources          10,619   3,678   1,958    1,263High Estimate Contingent Resources          15,639   4,914   2,601    1,718

2P + Best Estimate Contingent Resources     11,768   4,240   2,329    1,5423P + High Estimate Contingent Resources     17,116   5,623   3,074    2,081

(1) Based on McDaniel foresee bitumen netback prices.(2) Interest losses and corporate overhead, etc. were not included.(3) The net benefaction values might not indispensably paint the satisfactory market    worth of the pot and/or resources.

McDaniel Price Forecasts as of Jan 1, 2010

                                       Hardisty                                            WTI Crude Oil (1)     DilBit (1)      AECO (1)             Year                    (US$/bbl)       (C$/bbl)      (C$/mcf)       US$/C$----------------------------------------------------------------------------2010                       80.00          70.60          6.05          0.952011                       83.60          72.00          6.75          0.952012                       87.40          72.60          7.15          0.952013                       91.30          73.90          7.45          0.952014                       95.30          77.20          7.80          0.952015                       99.40          80.50          8.15          0.95Thereafter inflation % shift                      2%             2%            2%          nil--------------------------------------------------------------------------------------------------------------------------------------------------------

(1) Actual prices used were practiced for wanton oil and bitumen quality    differentials, healthy gas feverishness content, travel and    selling costs specific to the Company's operations.

McDaniel & Associates Consultants Ltd. (McDaniel THAI^TM Transition Report)

The McDaniel estimates have been formed on SAGD record as it is the right away famous record used to conclude in-situ oil sands pot and resources. This does not in any proceed simulate the technical merits of the THAI^TM process. To be means to settle the technical basement to allot pot and resources formed on THAI^TM, McDaniel conducted a severe research of the Conklin THAI^TM devise in and with the haven evaluation. This research encompassed all of the operational and observational understand from the pregnancy of the Conklin devise to obviously settle the efficacy and sustainability of THAI^TM as an mercantile liberation process. The primary step of the research was to conclude the exploitable apparatus bottom on the lands regulating THAI^TM and to afterwards set out the parameters to allot pot and resources. The Transition Report concludes that, “It is the perspective of McDaniel & Associates that the commander devise is successfully proof the THAI^TM process”. In addition, THAI^TM is an in outcome liberation routine that is means to furnish bitumen from a larger apportionment of the fountainhead than SAGD, privately the thinner and reduction homogenous regions. The SAGD exploitable bitumen on the lands is estimated by McDaniel to be 1.3 billion barrels in the low box and 1.7 billion barrels in the tall case. The Transition Report assigns exploitable bitumen-in-place for THAI^TM of 1.6 billion barrels in the low box and 2.0 billion barrels in the tall case, or twenty-one and fifteen percent aloft than SAGD respectively. Now that a THAI^TM exploitable bitumen-in-place has been defined, McDaniel has reliable that they will emanate a THAI^TM formed pot and apparatus guess at Conklin once blurb prolongation rates ( larger than 250 bbls/day per well) has been postulated for a duration of at slightest 3 months.

The finish from the Transition Report confirms that the THAI^TM routine is an in outcome prolongation technology. The research is additionally germane to Kerrobert, Dawson, and pick identical reservoirs. Now that we have determined the technical baseline for THAI^TM, we will feature the efforts to means blurb prolongation rates, enabling the choice of THAI^TM pot and resources to the stream and destiny projects.

               Exploitable Bitumen-In-Place, (MMbbls)                                    --------------------------------------- Difference DifferenceClassification        THAITM               SAGD        (MMbbls)        (%)----------------------------------------------------------------------------High Estimate           1,963               1,710            253         15Best Estimate           1,785               1,526            259         17Low Estimate            1,570               1,296            275         21

THAI^TM BENEFITS

THAI^TM has most intensity benefits over SAGD together with approaching aloft apparatus liberation (70%-80% contra 30%-50% for SAGD), reduce prolongation and collateral costs, minimal use of healthy gas and uninformed water, a to a little extent upgraded wanton oil product, marked down diluent mandate for transportation, and reduce hothouse gas emissions. The THAI^TM routine additionally has the intensity to work in reduce pressure, reduce quality, thinner and deeper reservoirs than stream steam-based liberation processes. The one after an one more margin proof of THAI^TM will have an huge stroke on apparatus liberation and estimates of haven volumes.

Petrobank has combined an tutorial video to yield meddlesome viewers the event to see THAI^TM in action, where we’ve been, and where we’re going. We inspire you to perspective this newly constructed video at www.petrobank.com/heavy-oil/thai-video.

HEAVY OIL BUSINESS UNIT OPERATIONAL UPDATE

Kerrobert Project

At Kerrobert, during the months of Jan and February, we practiced the siphon pattern and were means to grasp some-more unchanging good operations; however, these pumps have been still not means to entirely pull down the wells. Production rates in early March, formed on margin measurements, have averaged 123 barrels of oil per day (”bopd”), with an on-stream cause of 81%. Well gimlet temperatures have been right away consistently in the 250 to 350 degrees Celsius range, and constructed gas combination confirms tall heat combustion. We have right away proposed to see an alleviation in the API and flexibility of the constructed oil.

Surface comforts have been handling regularly with usually teenager cold go on compared issues. In operations to date we have not had any solids or constructed sand. The subsequent enlargement of the air focus genius will be commissioned at the commencement of April. We have been finalizing the skeleton for the expansion of the primary warranted lands that would ring 9 one some-more prolongation wells in this apportionment of the pool. We have been formulation to have the one some-more wells handling in the third entertain of 2010.

We have been right away move with the deputy the stream hydraulic siphon pattern creatively recognised to usually work during startup. As formerly reported, we have resolved that permanent pumps will be some-more in outcome than relying on constructed gas-lift alone. After clever research for this prolongation proviso in the good life, we have specified and systematic a brand brand brand brand new pumping resolution that should assistance us encounter the prolongation targets but relying on gas-lift. New wellheads, instrumentation, and pumps have been ordered, and will be commissioned by the finish of March.

Conklin Pilot Project

At Conklin, we have right away identified an pick execution and prolongation pattern for the stream wells formed on believe gained not prolonged ago from the operations at Kerrobert. This pick pattern will engage the serve of pumps and a revised prolongation gas fibre in any of the wells. We have not prolonged ago tighten in the P2B and P3B wells to hope for these wells for the reconfiguration, that will take place over the subsequent 3 months and will engage recompleting any of the stream wells. The revised execution pattern is approaching to urge the prolongation characteristics of the wells enabling them to upsurge some-more regularly by shortening the goods of swings in gas prolongation fundamental with the stream constructed gas-lift mechanism. This is a poignant optimization step that is approaching to urge and stabilise prolongation over the prolonged tenure and that we intend to implement in all destiny projects. The P1B good is right away producing at we guess 135 bopd and will additionally be reconfigured after the P2B and P3B recompletions. Once the good workovers have been completed, we pattern to ramp up Conklin devise prolongation to the 1,500 bopd aim during the second half of 2010.

May River Project

We devise to have twelve one some-more OSE stratigraphic exam wells and 3D seismic over the May River devise area finished by the finish of March. This work will serve delineate the fountainhead over the devise area and concede us to finalize good chain and areas for destiny expansion. The 3D seismic will additionally be acquired over the stream Conklin devise to yield a brand brand brand brand new 4D perspective of the swell of the explosion zone. Processing and understand will be carried out during the second entertain of 2010.

The regulatory focus for May River’s primary proviso was filed with the Energy Resources and Conservation Board (”ERCB”) and Alberta Environment in Dec 2008. The primary turn of supplemental inform requests (”SIRs”) from Alberta Environment and the ERCB were responded to in mid-December 2009. A second turn of SIRs were perceived from Alberta Environment early in 2010 and we have submitted the responses. Typically the ERCB additionally submits a second turn of SIRs but nothing have been perceived to-date.

Front finish engineering and pattern for the devise was finished in the fourth entertain of 2009, and we have been right away building the cost guess and initiating buying for a little of the prolonged lead time equipment. The pattern incorporates appetite era utilizing low appetite constructed gas, sulphur recovery, is CO2 constraint ready, and will be a net H2O writer rsther than than a H2O user, creation the May River devise a heading environmentally tolerable benchmark for oil sands and complicated oil development. The devise utilizes a modular proceed that is written to be commissioned and operated on complicated oil projects world-wide.

Dawson Project

Dawson is a corner try devise located nearby Peace River, Alberta with a poignant complicated oil apparatus in the Bluesky formation. The regulatory focus for this devise was filed on Apr 2, 2009 considering a devise of identical operation and scale to the Kerrobert project. We perceived Alberta Environment’s redeeming capitulation on Jun 26, 2009. The ERCB’s SIRs were perceived at the finish of Nov and we have submitted the responses.

Archon Technologies

Our wholly-owned subsidiary, Archon Technologies Ltd., has tested multiform innovative and step-change technologies on a lab scale. These could significantly urge THAI^TM opening by mending altogether liberation and peculiarity of constructed complicated oil. Small scale margin pilots for these technologies have been programmed to be implemented at Conklin. We not prolonged ago filed an one more brand brand brand brand new encouragement obvious involving a novel good pattern bringing the portfolio of patents to eight.

We go on to embrace world-wide seductiveness in the record since of the higher mercantile and environmental benefits. Our corner try plan is to denote and commercialize THAI^TM and CAPRI^TM in a far-reaching operation of large tellurian apparatus opportunities.

PETROBAKKEN (64% OWNED BY PETROBANK)

PetroBakken voiced year finish pot on Mar 4, 2010, highlighted as follows:

- 2P pot increasing by 141% to 143.6 million boe at Dec 31, 2009.

- 2009 operative seductiveness prolongation was transposed 9.9 times as a outcome of increases in pot from operations and acquisitions.

- NPV (before tax, ignored at 10%) of 2P pot increasing by 145% to $3.7 billion.

- 2P FD&A costs of $32.48 per boe, together with the TriStar Oil & Gas Ltd. (”TriStar”) merger and changes in destiny expansion costs. Excluding net acquisitions, the 2P anticipating and expansion (”F&D”) costs were $33.02 per boe.

PetroBakken Working Interest Reserves(1)Forecast Prices(2)

                               Total Oil        NGL   Natural Gas     Total                                   (mbbl)     (mbbl)        (mmcf)    (mboe)----------------------------------------------------------------------------Proved Developed Producing        48,196      2,256        53,757    59,412Total Proved                      71,629      3,125        88,299    89,470Proved + Probable (2P)           116,085      5,047       135,035   143,638

(1) Company operative seductiveness pot incompatible kingship income reserves    and prior to reduction of royalties payable.(2) Based on the Sproule cost foresee in outcome Dec 31, 2009.

Royalty income volumes have been released from Company total pot remarkable on top of but have been enclosed in working out Company net pot and net benefaction values. Production in 2009 enclosed 540 barrels of oil homogeneous per day (”boepd”) of kingship income production.

PetroBakken Net Present Value - Before Tax ($ millions)Forecast PricesAs at Dec 31, 2009                                      0%       5%       8%      10%      15%----------------------------------------------------------------------------Proved Developed Producing      3,029.6  2,321.7  2,059.0  1,921.1  1,659.3Total Proved                    4,103.5  3,056.4  2,663.0  2,455.9  2,062.2Proved + Probable (2P)          7,000.7  4,794.0  4,035.0  3,651.2  2,951.9

PetroBakken Net Present Value - After Tax ($ millions)Forecast PricesAs at Dec 31, 2008                                      0%       5%       8%      10%      15%----------------------------------------------------------------------------Proved Developed Producing      2,675.2  2,064.4  1,837.8  1,718.8  1,493.0Total Proved                    3,450.4  2,586.4  2,261.2  2,089.8  1,763.7Proved + Probable (2P)          5,552.3  3,859.3  3,269.4  2,969.4  2,419.7

Reserve Reconciliation - Forecast Prices (mboe)                                                Developed   Total   Proved+                                                Producing  Proved  Probable----------------------------------------------------------------------------PetroBakken pot at Dec 31, 2008          26,501  40,465    59,5362009 prolongation net of kingship seductiveness            (9,414) (9,414)   (9,414)Acquisitions                                       35,319  49,768    78,187Net additions and revisions                         7,006   8,651    15,329----------------------------------------------------------------------------PetroBakken pot at Dec 31, 2009          59,412  89,470   143,638

PetroBakken year-over-year enlarge in pot       124%    121%      141%PetroBakken prolongation deputy                    450%    621%      993%

PetroBakken FD&A Costs(1)                           Finding & Development  Acquisitions(2)      FD&A----------------------------------------------------------------------------Capital expenditures ($000s) Capital expenditures                    385,911           8,112    394,023 Corporate acquisition  collateral (3)                                  -       1,986,728  1,986,728---------------------------------------------------------------------------- Total collateral                           385,911       1,994,840  2,380,751Change in destiny expansion costs($000s) Total Proved                              5,302         349,998    355,300  Proved + Probable (2P)                 120,322         536,678    657,000Total costs ($000s) Total Proved                            391,213       2,344,838  2,736,051  Proved + Probable (2P)                 506,233       2,531,518  3,037,751Net haven additions (mboe) Total Proved                              8,651          49,768     58,419  Proved + Probable (2P)                  15,329        78,187(4)    93,516----------------------------------------------------------------------------FD&A costs ($/boe) Total Proved                              45.22           47.12      46.83 Proved + Probable (2P)                    33.02           32.38      32.48----------------------------------------------------------------------------

(1) The total of the scrutiny and expansion costs incurred in the    most brand new monetary year and the shift during that year in estimated    destiny expansion costs in all will not simulate total anticipating and    expansion costs compared to haven additions for that year.(2) Includes the merger of TriStar Oil & Gas Ltd. and pick assets,    and the showing of we guess 2,000 boepd of assets.(3) Portion of squeeze cost allocated to property, plant & apparatus and    reflects TriStar net benefaction worth as at Oct 1, 2009 formed on    2P NPV10%, prior to tax.(4) 2P merger haven volumes net of dispositions at Dec 31, 2009    embody the outcome of the Ante Creek showing of 7.5 mmboe.

PETROMINERALES (66% OWNED BY PETROBANK)

Petrominerales voiced year finish pot on Feb 22, 2010, highlighted as follows:

- Total valid pot increasing by 43% to 36.0 million barrels of oil and valid and illusive pot increasing by 44% to 53.1 million barrels of oil.

- Total valid haven additions transposed prolongation by 232% and valid and illusive haven additions transposed 299% of production.

- Total valid and illusive NPV 10% (before tax) is US$2.1 billion.

- Total valid and illusive forecasted prolongation for 2010 is 37,923 bopd.

- Based on collateral expenditures of US$281 million, total valid and valid and illusive F&D costs have been US$18.51/bbl and US$13.98/bbl in 2009, respectively, together with changes in destiny expansion costs.

D&M finished an research in outcome as at Dec 31, 2009 of the Company’s Orito and Neiva properties and portions of the Corcel, Guatiquia, Mapache and Rio Ariari blocks. D&M’s inform did not embody any research of the Company’s superfluous 1.7 million acres of scrutiny land in Colombia or 2.6 million acres in Peru. All pot settled herein have been formed on foresee prices and costs and have been Company seductiveness pot prior to royalties.

Company Gross Reserves Reconciliation (MBBL)--------------------------------------------------------------------------------------------------------------------------------------------------------                                Proved Developed                Proved Plus                                       Producing  Total Proved     Probable----------------------------------------------------------------------------December 31, 2008 Reserves                14,229        25,174       36,8492009 Production                           (8,162)       (8,162)      (8,162)Net Additions                             12,466        18,975       24,420----------------------------------------------------------------------------December 31, 2009 Reserves                18,533        35,987       53,107Year over year enlarge in pot           30%           43%          44%Production deputy                       153%          232%         299%

Net Present Value of Future Net Revenue Before Tax (US$ Millions)(1)--------------------------------------------------------------------------------------------------------------------------------------------------------                                        0%      5%      8%      10%      15%----------------------------------------------------------------------------Proved Developed Producing          1,085     949     898      844      760Total Proved                        2,018   1,696   1,588    1,458    1,277Proved Plus Probable                2,930   2,442   2,353    2,082    1,810

(1) Using foresee prices and costs.

Net Present Value of Future Net Revenue After Tax (US$ Millions)(1)--------------------------------------------------------------------------------------------------------------------------------------------------------                                        0%      5%      8%      10%      15%----------------------------------------------------------------------------Proved Developed Producing            922     806     749      715      642Total Proved                        1,557   1,316   1,201    1,134      994Proved Plus Probable                2,173   1,819   1,652    1,555    1,353

(1) Using foresee prices and costs.

RESERVES INFORMATION BY PROPERTY

Company Gross Reserves By Block (MBBL)--------------------------------------------------------------------------------------------------------------------------------------------------------                            Corcel   Orito  Neiva  Guatiquia  Other   Total----------------------------------------------------------------------------Proved Developed             7,136   4,250  3,436      3,414    297  18,533Total Proved                10,612  10,612  8,152      6,314    297  35,987 Probable                    6,540   4,676  1,841      4,063      -  17,120----------------------------------------------------------------------------Proved Plus Probable        17,152  15,288  9,993     10,377    297  53,107

The valid underdeveloped pot embody the following:

- Three wells at Corcel (E-2, Boa-2 and C-2);

- One good at Guatiquia (Candelilla-2);

- twenty-one wells at Neiva; and

- twenty wells at Orito.

The illusive underdeveloped pot embody the following:

- Corcel A-3 side-track;

- Candelilla-3;

- seventeen wells at Neiva; and

- 6 wells at Orito.

Finding and Development Costs(1)(2)

Petrominerales’ all-in 2009 F&D costs of US$13.98/bbl for total valid pot and US18.51/bbl for total valid and illusive pot embody US$53 million (2008 – US$57 million) of scrutiny costs incurred on scrutiny acreage not evaluated by D&M. In addition, Petrominerales outlayed US$78 million (2008 – US$50 million) on comforts and infrastructure in the year.

                                                                 Three-Year                                                  2009    2008      Average----------------------------------------------------------------------------Capital expenditures (US$ Millions)                281     268          231

Change in destiny costs to rise (US$ Millions)  Total Proved                                      70     (54)          33  Proved Plus Probable                              60    (149)          26Total costs (US$ Millions)  Total Proved                                     351     214          263  Proved Plus Probable                             341     119          256Net haven additions (MBBL)  Total Proved                                  18,975   8,591       12,113  Proved Plus Probable                          24,420   3,886       14,164----------------------------------------------------------------------------F&D costs (US$ per BBL)  Total Proved                                   18.51   24.95        21.75  Proved Plus Probable                           13.98   30.66        18.10----------------------------------------------------------------------------

(1) The total of the scrutiny and expansion costs incurred in the    most brand new monetary year and the shift during that year in estimated    destiny expansion costs in all will not simulate total anticipating and    expansion costs compared to haven additions for that year.(2) The total undiscounted destiny expansion costs enclosed in the December    31, 2009 D&M inform was US$204.3 million (2008 - US$133.9 million) for    total valid pot and US$294.8 million (2008 - US$234.4 million)    for valid and illusive reserves.

INVESTOR PRESENTATION

Petrobank is gratified to experience in the FirstEnergy Conference in New York City on Thursday Mar 11, 2010 at 4:00 p.m. Eastern Time (2:00 p.m. Mountain Time). Interested parties might attend to the live webcast display by following the couple below:

http://remotecontrol.jetstreammedia.com/17009

FINANCIAL STATEMENT RELEASE DATE AND INVESTOR CONFERENCE CALL

Petrobank skeleton to recover fourth entertain 2009 monetary formula after markets tighten on Tuesday, Mar 16, 2010. Management of Petrobank will be land a contention call for investors, monetary analysts, media and any meddlesome persons on Wednesday, Mar 17, 2010 at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) to plead Petrobank fourth entertain monetary and handling results. The financier contention call total have been as follows:

Live call dial-in numbers: 416-340-2216 / 866-226-1792

Replay dial-in numbers: 416-695-5800 / 800-408-3053

Replay pass code: 7306464

The live audio webcast couple is: http://events.digitalmedia.telus.com/petrobank/031710/index.php and is additionally accessible on the website at: http://www.petrobank.com/investors/.

CORPORATE PRESENTATIONS

The Petrobank, PetroBakken and Petrominerales corporate presentations have been updated and can be found at www.petrobank.com, www.petrobakken.com, and www.petrominerales.com.

Petrobank Energy and Resources Ltd. is a Calgary-based oil and healthy gas scrutiny and prolongation association with operations in horse opera Canada and Latin America. The Company operates high-impact projects by 3 commercial operation units and a record subsidiary. The Canadian Business Unit, operated by Petrobank’s 64% owned TSX-listed subsidiary, PetroBakken Energy Ltd. (TSX:PBN), is a premier light oil prolongation association mixing tall growth, long-life Bakken pot and prolongation with bequest compulsory light oil assets, delivering courtesy heading handling netbacks, clever money flows and prolongation growth. The Latin American Business Unit, operated by Petrobank’s 66% owned TSX listed subsidiary, Petrominerales Ltd. (TSX:PMG), is a Latin America-based scrutiny and prolongation association producing oil in Colombia with fourteen scrutiny blocks covering a total of 1.8 million acres in the Llanos and Putumayo Basins and 2.6 million total acres in the Ucayali Basin of Peru. Whitesands Insitu Partnership, a partnership in between Petrobank and the wholly-owned auxiliary Whitesands Insitu Inc., owns 75 net sections of oil sands leases in Alberta, 36 sections of oil sands licenses in Saskatchewan and operates the Whitesands devise that is field-demonstrating Petrobank’s law THAI^TM complicated oil liberation process. THAI^TM is an evolutionary in-situ explosion record for the liberation of bitumen and complicated oil that integrates existent proven technologies and provides the event to emanate a step shift in the expansion of complicated oil resources globally. THAI^TM and CAPRI^TM have been purebred trademarks of Archon Technologies Ltd., a wholly-owned auxiliary of Petrobank.

Forward-Looking Statements: Certain inform supposing in this press recover constitutes forward-looking statements. The difference “anticipate”, “expect”, “project”, “estimate”, “forecast” and identical expressions have been dictated to brand such forward-looking statements. Specifically, this press recover contains forward-looking statements relating to monetary results, formula from operations and the timing of sure projects. The reader is cautioned that assumptions used in the credentials of such information, nonetheless deliberate in accord with at the time of preparation, might infer to be incorrect. Actual formula completed during the foresee duration will change from the inform supposing herein as a outcome of countless good good well known and different risks and uncertainties and pick factors. You can find a contention of those risks and uncertainties in the Canadian bonds filings. Such factors include, but have been not singular to: ubiquitous economic, marketplace and commercial operation conditions; fluctuations in oil prices; the formula of scrutiny and expansion drilling, recompletions and compared activities; timing and supply availability, outcome of scrutiny stipulate negotiations; oscillation in unfamiliar banking sell rates; the doubt of haven estimates; changes in environmental and pick regulations; risks compared with oil and gas operations; and pick factors, most of that have been over the carry out of the Company. There is no illustration by Petrobank that tangible formula completed during the foresee duration will be the same in total or in partial as those forecast. Except as might be compulsory by germane bonds laws, Petrobank assumes no requisite to publicly refurbish or correct any forward-looking statements done herein or otherwise, either as a outcome of brand brand brand brand new information, destiny events or otherwise.

Resources and Contingent Resources: In this press release, Petrobank has disclosed estimated volumes of “contingent resources” or “resource” estimates. “Resources” have been oil and gas volumes that have been estimated to have creatively existed in the earth’s membrane as of course occurring accumulations but have been not able of being personal as “reserves”. The following have been excerpts from the clarification of “contingent resources” as contained in Section 5 of the COGE Handbook, that is referenced by the Canadian Securities Administrators in “National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities”. “Contingent resources” have been those quantities of inorganic substance estimated, as of a since date, to be potentially recoverable from good good well known accumulations regulating determined record or record underneath development, but that have been not right away deliberate to be commercially recoverable due to one or some-more contingencies. Contingencies might embody factors such as economic, legal, environmental, political, and regulatory matters, or a miss of markets. It is additionally suitable to systematise as “contingent resources” the estimated detected recoverable quantities compared with a devise in the early research stage. “Contingent resources” have been serve personal in suitability with the turn of faith compared with the estimates and might be underling personal formed on devise majority and/or characterized by their mercantile status. “Resources” and “contingent resources” do not constitute, and should not be confused with, reserves.

Possible Reserves: Possible pot have been those one some-more pot that have been reduction sure to be recovered than illusive reserves. There is a 10% luck that the quantities essentially recovered will next to or surpass the total of valid and illusive and probable reserves.

Net Present Values: Estimated values of destiny net income disclosed in this press recover do not indispensably paint satisfactory marketplace values.

Aggregation of Reserves and Resources: Certain tables in this press recover enclose volumes that have been an mathematics total of mixed estimates of pot and resources, that statistical beliefs prove might be dubious as to volumes that might essentially be recovered. Readers should give courtesy to the estimates of particular classes of pot or resources and conclude the incompatible probabilities of liberation compared with any category of pot and resources, as discussed herein, and as discussed in the Annual Information Form that will be filed on the SEDAR website at www.sedar.com after in March.

Barrels of Oil Equivalent: Disclosure supposing in this press recover in apply oneself of barrels of oil homogeneous (”boe”) units might be misleading, quite if used in isolation. A boe acclimatisation attribute of 6 mcf to 1 bbl is formed on an appetite equivalency acclimatisation process essentially germane at the burner tip and does not paint a worth equivalency at the good head.

Brand
Product
Size
UPC
Code

Selection
Roasted BBQ Peanuts
400 g
0 59749 91026 2
All codes

Selection
Roasted BBQ Peanuts
700 g
0 59749 91027 9
All codes

These products might have been distributed nationally.
For the finish list of removed products, together with those listed above; greatfully revisit the Web site at: http://www.inspection.gc.ca/english/corpaffr/recarapp/2010/salmonellaprotbe.shtml.
There have been no reported illnesses in Canada compared with the expenditure of these products.
Food infested with Salmonella might not demeanour or smell spoiled. Consumption of food infested with these germ might means salmonellosis, a food borne illness. In immature children, the aged and people with enervated defence systems, salmonellosis might means critical and infrequently lethal infections. In differently full of health people, salmonellosis might means short-term symptoms such as tall fever, serious headache, vomiting, nausea, intestinal suffering and diarrhoea. Long-term complications might embody serious arthritis.
The manufacturers have been willingly recalling the influenced products from the marketplace. The CFIA is monitoring the efficacy of the recall.
For some-more report consumers and attention can call the CFIA at 1-800-442-2342 / TTY 1-800-465-7735 (8:00 a.m. to 8:00 p.m. Eastern time, Monday to Friday).
For report on Salmonella, revisit the Food Facts web page at: http://www.inspection.gc.ca/english/fssa/concen/cause/salmonellae.shtml.
For report on all food recalls, revisit the CFIA’s Food Recall Report at: http://active.inspection.gc.ca/eng/corp/recarapp_dbe.asp.
To find out some-more about reception recalls by e-mail, and alternative food reserve facts, revisit the web site at: www.inspection.gc.ca.

Annual prolongation of 1 million tonnes of tall worth 96% – 98% Fe iron nuggets.

Forecast sale worth of US $500 / tonne nugget, burden on house (”FOB”)
rise cost of US $750 / tonne gob (70% of 2008 rise prices)

Operating Expenditure (”OPEX”): US $176 / tonne gob
Net Present Value (”NPV”) prior to taxes at a 10% bonus rate:

US $1.16 billion at US $500 / tonne gob
US $2.76 billion at US $750 / tonne gob

Pre-tax Internal Rate of Return (”IRR”):

24.4 % at US $500 / tonne gob
39.5 % at US $750 / tonne gob

Capital Expenditure (”CAPEX”): US $1.11 billion.

A duplicate of the Preliminary Economic Analysis as formerly press expelled on Jun 10th, 2009 has been filed on SEDAR.
John Gingerich, President & CEO of AEI, commented:
“The metallurgical work was an critical step in confirming the routine upsurge piece will furnish a befitting combine to supply the due gob plant. The Company will right away go on to move brazen on the alternative aspects of the Definitive Feasibility Study, which we design to finish by early Q1/2011, and afterwards beginner pre-development plan financing. With the baseline environmental investigate already completed, the Company should be in to the Impact Benefits Agreement (IBA) negotiations and the cave needing routine by subsequent year. Despite the setbacks from the mercantile fall in 2008, we sojourn on lane to broach an critical growth event for AEI shareholders and Nunavut”.
ON BEHALF OF THE BOARD
John Gingerich, President & CEO
ABOUT Advanced Explorations Inc.
Advanced Explorations Inc., formed in Toronto, Ontario, is a apparatus growth association focused on building tall peculiarity iron ore opportunities. With the choice to consequence a 100% seductiveness in the Roche Bay Magnetite Project located on the Melville Peninsula in Nunavut, Canada, AEI skeleton to furnish tall peculiarity granulated pig iron (nuggets) from the 357 million tonnes unspoken apparatus of the project’s C-Zone. Led by an gifted government group with technical, scrutiny and mining imagination the association has the capabilities to fast allege the Roche Bay Project and try alternative internal and tellurian opportunities. Shares of the association traffic at the TSX Venture Exchange (AXI) and at the Frankfurt Stock Exchange (AE6). For some-more report greatfully revisit www.advanced-exploration.com.
This headlines recover additionally includes forward-looking statements which engage a series of risks and uncertainties. The report reflects countless assumptions as to attention performance, ubiquitous commercial operation and mercantile conditions, regulatory and authorised requirements, taxes and alternative matters, most of which have been over the carry out of the company. Similarly, this report assumes sure destiny commercial operation decisions which have been theme to change. There can be no declaration which the formula likely here will be realized. Actual formula might change from those represented, and those variations might be material.
This headlines recover does not consecrate an suggest to sell or a questionnaire of an suggest to sell any bonds in the United States. The bonds have not been and will not be purebred underneath the United States Securities Act of 1933, as nice (the “U.S. Securities Act”) or any state bonds laws and might not be offering or sole inside of the United States or to U.S. Persons unless purebred underneath the U.S. Securities Act and germane state bonds laws or an grant from such registration is available.

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Forward-looking Statements
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