Petrobank calls C$17,227,200 subordinated notes

By Caroline Salls

Pittsburgh, March 23 - Petrobank Energy and Resources Ltd. said it will redeem C$17,227,200 or 20% of its outstanding subordinated notes on April 22 at a price of C$100.5178 per C$100 principal amount of notes.

The redemption will result in an annualized interest savings of C$1.6 million and reduces the principal amount of notes outstanding to C$68.9 million.

Petrobank is a Calgary, Alta., oil and natural gas exploration and production company.

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