=======================================================================
      Bankers Petroleum Announces First Quarter Financial And
      Operational Results
=======================================================================

CALGARY, May 14, 2009 - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to provide its first quarter
2009 Financial and Operational Results.

During the retrenchment in commodity prices that persisted during the
first quarter of 2009, Bankers continued its initiative of capital
reduction by suspending its drilling program and reducing the number of
operating service rigs from seven to four. The active producing well
count was also reduced from 213 at the end of 2008 to 184 on March 31,
2009 by shutting down low productivity wells. Consequently, average
production was 5,864 bopd during the quarter as compared to 6,561
during the preceding quarter and 5,218 bopd for the same period in
2008. Current production exceeds 6,200 bopd.

The reduction in capital expenditures and the cost cutting measures
implemented during the last quarter of 2008 and the first quarter of
2009 succeeded in providing the Company with positive netbacks and the
ability to endure during a difficult economic period with minimal
balance sheet risk.

                                  Q1 -- 2009   Q4 - 2008   Q1 - 2008
Capital Expenditures ($000)            2,835      22,011      13,764
Brent Oil Price $/bbl                  44.40       54.91       96.90
Patos Marinza Oil Price$/bbl           24.73       29.63       51.96
Operating Costs $/bbl                  10.44       13.54       12.02
Transportation $/bbl                    2.70        3.63        3.50
Royalties $/bbl                         6.61        6.69        9.05
Netback $/bbl                           4.98        5.77       27.39



Some of the other highlights for the quarter ended March 31, 2009 are:

- Revenue from the first quarter was $13.1 million compared to $24.7
million for the same period in 2008.

- Net operating income (netbacks) for the three months ended March 31,
2009 was $2.6 million ($4.98/bbl) and $13.0 million ($27.39/bbl) for
the first quarter in 2008. With reduced netbacks during the first
quarter of 2009, cash used in continuing operations was $1.0 million as
compared to cash provided from continuing operations of $10.9 million
in the first quarter of 2008.

- Bank loans were reduced to $26.9 million at the end of the first
quarter 2009 from $30.2 million on March 31, 2008 and $28.1 million at
December 31, 2008.

- Working capital deficiency of $10.2 million inclusive of $21.0
million of current debt and $14.0 million in cash, as compared to a
deficiency of $7.4 million at December 31, 2008.


                                           Three months ended March 31
                                Results at a Glance     2009      2008
Financial ($000s, except as noted)   
Oil revenue                                            13,052   24,676
Net operating income                                    2,628   13,008
Net income (loss)                                      (2,492)     539
Basic and diluted earnings (loss) per share            (0.014)   0.003
Cash provided by (used in) operations                    (984)  10,852
Total assets                                          210,674  214,675
Bank loans                                             26,948   30,218
Other long-term liabilities                            33,503   21,467
Shareholders' equity                                  123,622  125,358

Other significant events during and subsequent to the quarter included:

- The Company received approval for an $8.0 million increase to its
existing credit facility with Raiffeisen Bank. The existing $16 million
operating loan facility will be increased by $4.0 million and a new
$4.0 million five-year term loan will be available, in conjuction with
the existing $9.7 million term loan.

- On May 7, 2009 the Company completed a CAD$40.0 million bought-deal
equity financing with a syndicate of underwriters by issuing 22,858,000
common shares of the Company at CAD$1.75 per common share.

- On May 8, 2009 the Company finalized agreements with the
International Finance Corporation, (a member of the World Bank Group)
and the European Bank for Reconstruction and Development, for provision
of a reserve-based long-term financing of up to $110.0 million to
supplement the Company's existing $33.7 million Raiffeisen facility.

- With completion of the new equity and debt financings, Bankers has
redeployed all seven service rigs to resume its reactivation and
workover plans and initiated the process of restarting its drilling
program in the Patos Marinza field by July 2009.

With the recent recovery of commodity prices (resulting in higher
netbacks), cash, equity proceeds and credit facilities available to the
Company, the 2009 capital expenditure program has been set at $55
million and will consist of 12 horizontal and vertical wells,
reactivation and workovers of 50 wells and other facilities
construction projects. The exit production rate for 2009 is estimated
to be approximately 8,000 bopd. The Company will continue to monitor
oil prices and is prepared to make adjustments to its capital program
if deemed necessary.

Further details of the 2009 work program and budget will be available
on the Company's corporate presentation to be posted on its website by
May 22, 2009.

For further information, contact:
Abby Badwi
President and Chief Executive Officer
(403) 513-2694

Doug Urch
VP, Finance and Chief Financial Officer
(403) 513-2691

Email: investorrelations@bankerspetroleum.com
Website: www.bankerspetroleum.com

AIM NOMAD:
Canaccord Adams Limited
Ryan Gaffney/ Henry Fitzgerald-O'Connor
+44 20 7050 6500

AIM JOINT BROKERS:
Canaccord Adams Limited
Ryan Gaffney/ Henry Fitzgerald-O'Connor
+44 20 7050 6500

Tristone Capital Ltd.
Nick Morgan
+44 20 7355 5800

Click to view the entire news release in PDF:
File:  http://www.bankerspete.com/i/pdf/Q1Bankers2009.pdf
  436 KB, approx. 1 minute, 22 seconds at 56.6Kbps

=======================================================================
Copyright (c) 2009 BANKERS PETROLEUM LTD. (BNK.H)  All rights reserved.
 For more information visit our website at http://www.bankerspete.com/
or send mailto:info@bankerspetroleum.com
=======================================================================
.
<