Alder

Calgary’s Petrobank Energy and Resources Ltd. has agreed to sellabout 85% of its entire production — petroleum and natural gasinterests in the Alder Flats and Cynthia areas of Alberta — forC$85 million to an unidentified “large independent oil and gasproducer.” Petrobank said the sale is effective Aug. 1, subject toregulatory and shareholder approvals. Closing is expected in earlyJanuary. Proceeds from the sale will be used to pay down debt andprovide capital for new projects.