Petrobank Energy and Resources Ltd., the oil sands technology and oil and gas developer, agreed to buy Peerless Energy Inc. for C$334 million ($341 million) for its land and oil production in Saskatchewan, Canada.

The purchase price includes fees and debt, Petrobank said in a statement today on Canadian Newswire. Petrobank will give Peerless Class A shareholders 90 cents for each share, and 0.08 of Petrobank shares. Peerless Class B shareholders will receive C$10 cash for each share they hold, the statement said.

Peerless produces about 4,250 barrels of light oil a day and has more than 100,000 acres of undeveloped land, according to the statement. Cory Ruttan, Chief Financial Officer of Petrobank didn’t return a voice-mail message left after business hours seeking comment.

Petrobank fell 51 cents, or 1 percent, to C$53.40 in Toronto Stock Exchange trading today, before the statement was released. The stock has tripled this year.

To contact the reporter on this story: Ryan Flinn in San Francisco at rflinn@bloomberg.net