You're correct - I wrote fireclay, but should have said bentonite - my poor recollection.
You can temper Petrobond with oil that the same company sells for the purpose (so you don't have to discard the blackened portion adjacent the casting) or with Peanut oil. If you don't, your PB degrades a little each time as even the non-blackened parts dry some and the whole mix bonds a little less well. You can 'mull' green sand on the floor, with your feet and a shovel and it will work every bit as well as Petrobond - except that there is no smell and it's easier to maintain.
GsT