Petrobank Energy and Resources Ltd. (Petrobank) is engaged in the exploration for and development and production of oil and natural gas in the Western Canadian Sedimentary Basin and the country of Colombia. It operates projects through three business units. The Canadian Business Unit has conventional oil and gas operations in the Western Canadian Sedimentary Basin focused in southeast Saskatchewan and central Alberta. The Latin American Business Unit operating in Colombia comprises of a public company, Petrominerales Ltd., 80.7% of which is owned by Petrobank. The Heavy Oil Business Unit holds 62 sections of oil sands leases near Conklin, Alberta and is operating the WHITESANDS project to field-demonstrate Petrobank’s THAI heavy oil recovery process. In October 2005, and February 2006, it acquired 15 sections of oil sands leases. In June 2007, Petrobank acquired the remaining interest in WHITESANDS Insitu Ltd. As a result, Petrobank’s interest in WHITESANDS increased from 84% to 100%.