CALGARY, ALBERTA–( EMWNews – March 31, 2008) – Petrobank Energy and Resources Ltd. (“Petrobank”) (TSX:PBG) (OSLO:PBG) has filed its 2007 Annual Information Form. The Annual Information Form includes Petrobank’s reserves data and other oil and gas information for the period ended December 31, 2007 as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators.

Copies of Petrobank’s 2007 Annual Information Form may be obtained from Petrobank’s website at www.petrobank.com, on the SEDAR website at www.sedar.com, or by emailing Petrobank at [email protected].

2007 Annual Report

Petrobank’s 2007 Annual Report is also now available on Petrobank’s website at www.petrobank.com and is in the process of being mailed to all shareholders.

Annual and Special Meeting

The annual and special meeting of the shareholders of Petrobank will be held on Wednesday, May 14, 2008 at 3:00 p.m. (Calgary time) in the Devonian Room of the Calgary Petroleum Club, 319 Fifth Avenue SW, Calgary, Alberta, Canada, T2P 0L5.

Petrobank Energy and Resources Ltd.

Petrobank Energy and Resources Ltd. is a Calgary-based oil and natural gas exploration and production company with operations in western Canada and Colombia. The Company operates high-impact projects through three business units and a technology subsidiary. The Canadian Business Unit is developing a solid production platform from low risk gas opportunities in central Alberta and an extensive inventory of Bakken light oil locations in southeast Saskatchewan, complemented by new exploration projects and a large undeveloped land base. The Latin American Business Unit, operated by Petrobank’s 76.5% owned TSX-listed subsidiary, Petrominerales Ltd. (trading symbol: PMG), is a Latin American-based exploration and production company producing oil from three blocks in Colombia and has contracts on 15 exploration blocks covering a total of 1.6 million acres in the Llanos and Putumayo Basins. Whitesands Insitu Partnership, a partnership between Petrobank and its wholly-owned subsidiary Whitesands Insitu Inc., owns 75 net sections of oil sands leases in Alberta and 36 sections of oil sands licenses in Saskatchewan and operates the Whitesands project which is field-demonstrating Petrobank’s patented THAI^TM heavy oil recovery process. THAI^TM is an evolutionary in-situ combustion technology for the recovery of bitumen and heavy oil that integrates existing proven technologies and provides the opportunity to create a step change in the development of heavy oil resources globally. THAI^TM and CAPRI^TM are registered trademarks of Archon Technologies Ltd., a wholly-owned subsidiary of Petrobank.