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Re: News - Thursday, March 29, 2007
Bankers Petroleum To Receive Centillion Units For Palo Duro Basin
Transaction
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Units Comprising One Share and One-Half Warrant
CALGARY, March 29, 2007 -- Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
announces that Centillion Industries Ltd. ("Centillion") and its
subsidiary Palo Duro Operating (US) Inc. have elected to satisfy US$4.5
million of the purchase price payable under their agreement to purchase
up to a 27% interest in the Company's leasehold lands in the Palo Duro
basin, by the issuance of units of Centillion, each unit comprising one
share and one-half warrant. As a result, upon completion of the
transaction Bankers will acquire ownership and control of 15,152,142
common shares (the "Shares") and 7,576,071 common share purchase
warrants (the "Warrants") of Centillion, each warrant entitling it to
acquire one additional common share of Centillion at CDN$0.50 per share
on or before the date that is 24 months following closing of the
transaction.
The Shares will represent 9.92% of the outstanding common shares of
Centillion post-transaction. Under applicable securities legislation
Bankers is also deemed to own and control the 7,576,071 common shares
which may be acquired upon exercise of the Warrants. Accordingly,
Bankers will be deemed to have acquired an additional 7,576,071 common
shares of Centillion, which, together with the Shares, and assuming no
exercise by any other holder of convertible securities of Centillion,
would represent 14.18% of the common shares of Centillion that will be
outstanding upon completion of the transaction.
Bankers does not presently intend to increase its shareholdings in
Centillion. The transaction with Centillion and its subsidiary remains
subject to conditions, which may or may not be satisfied.
A copy of the early warning report filed by Bankers in connection with
this news release may be obtained by contacting Susan J. Soprovich,
Vice President of Bankers, at (403) 513-2681.
Caution Regarding Forward-looking Information
Information in this news release respecting the transaction with
Centillion and its subsidiary constitutes forward-looking information.
Statements containing forward-looking information express, as at the
date of this news release, the Company's plans, expectations, or
beliefs as to future events or results and are believed to be
reasonable based on information currently available to the Company. The
transaction is subject to a number of conditions, including approval of
the TSX Venture Exchange. There is no assurance that it will complete
as planned, or at all.
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and
production company focused on opportunities in unconventional petroleum
assets. Bankers holds interests in four prospects in the Northern and
Central regions of the United States, where it is currently pursuing
the exploration of shale gas plays. It also operates in the
Patos-Marinza oilfield in Albania pursuant to a license agreement,
producing heavy oil. Bankers' shares are traded on the Toronto Stock
Exchange and the AIM Market in London, England under the ticker symbol
BNK.
For further information, contact:
Susan J. Soprovich VP
Investor Relations and Corporate Governance
403-513-2681
Email: investorrelations@bankerspetroleum.com
Website: www.bankerspetroleum.com
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Copyright (c) 2007 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
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