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Re:   News Release - Thursday, July 03, 2008
      Bankers Petroleum Acquires Remaining 50% Interest In Ku�ova Heavy
      Oil Field In Albania
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Vertical Drilling Commences in Patos Marinza Field

CALGARY, July 3, 2008 - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is
pleased to announce that it has elected to exercise its option to
acquire the remaining 50% interest in the Ku�ova oil field, located in
Albania, through the acquisition of the remaining 50% of the issued and
outstanding securities of an independent private company, Sherwood
International Petroleum Ltd. ("Sherwood"). The final closing was
completed for a payment of $1.5 million.

Sherwood is now a wholly-owned subsidiary of Bankers and holds the
exclusive right to evaluate and redevelop the Ku�ova heavy oil field
pursuant to a Petroleum Agreement with Albpetrol Sh.A., the stateowned
petroleum company, and a License Agreement with the National Agency of
National Resources (AKBN). The terms of the Petroleum Agreement are
substantially the same as those governing Bankers' Petroleum Agreement
for the Patos Marinza oil field in Albania.

Bankers is in the process of completing a work program and budget to
further develop the Ku�ova field, which has in excess of 490 million
barrels of original-oil-in-place and has only produced 5% or 25 million
barrels of the oil-in-place. Bankers' management believes that the use
of modern technologies and maintenance practices will make this field
an attractive candidate for further development given the low recovery
of oil to date. A revitalization program planned for this opportunity
would involve updating surface and downhole equipment, wellbore
stimulations, recompletions and the incorporation of secondary recovery
techniques, such as waterflood recovery.

An independent reserves evaluation to define the remaining reserves and
production potential of the Ku�ova oil field, compliant with Canadian
Security Administrators' National Instrument 51-101, is expected to be
completed in August 2008.

Vertical Drilling Commences in Patos Marinza

On June 21st, Bankers commenced drilling operations in Albania with the
spudding of its first vertical infill well. This activity occurs as
outlined in the Addendum to the Plan of Development for the Patos
Marinza oil field, which calls for 110 vertical and horizontal wells to
be drilled by the end of 2010. The first four wells are being drilled
from the same pad, targeting Gorani and Driza sandstone formations with
an anticipated total true vertical depth of approximately 1,350 meters.

Caution Regarding Forward-looking Information
Information in this news release respecting potential recoveries and
outcomes from the Company's plans for its Albanian operations
constitutes forward-looking information. Statements containing
forward-looking information express, as at the date of this news
release, the Company's plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are
believed to be reasonable based on information currently available to
the Company.

Information on the Kucova oil field available to the Company has not
been independently verified and may not be accurate. Exploration for
oil and natural gas is a speculative business that involves a high
degree of risk. There is no assurance that funding for work programs
required to be conducted to maintain the rights granted under the
Kucova Petroleum and License Agreements will be available to the
Company through funds from existing operations on reasonable terms. If
funds are not available the Company may lose its investment. Few wells
that are drilled are ultimately developed commercially. Attainment of
commercial production is dependent upon a number of factors and subject
to risks including, but not limited to the ability to establish
economic flow rates, ultimate hydrocarbon recoveries, future transport
capacity, and availability of the necessary equipment, personnel and
financial resources.

Oil recovery costs and plans, as well as acquisition opportunities, are
based on a number of assumptions including that success rates will be
similar to those rates experienced in similar primary extraction or
secondary and enhanced oil recovery projects; continued availability of
the necessary equipment, personnel and financial resources to sustain
the Company's plans; continued political and economic stability in
Albania; the existence of reserves as expected; availability of
financing in the amounts and time frame required; if Brent oil prices
fall, reduced returns and a change in the economics of the project
could result; the inherent uncertainty in estimation of reserves; the
ability of the Company to bring production to market; and general risks
inherent in oil and gas operations.

Forward-looking statements and information are based on assumptions
that financing, equipment and personnel will be available when required
and on reasonable terms, none of which are assured and are subject to a
number of other risks and uncertainties described under "Risk Factors"
in the Company's Annual Information Form and Management's Discussion
and Analysis, which are available on SEDAR under the Company's profile
at www.sedar.com.

There can be no assurance that forward-looking statements will prove to
be accurate. Actual results and future events could differ materially
from those anticipated in such statements. Readers should not place
undue reliance on forward-looking information.

Review by Qualified Person
This release was reviewed by Abdel F. (Abby) Badwi, CEO of Bankers
Petroleum Ltd., who is a "qualified person" under the rules and
policies of AIM in his role with the Company and due to his training as
a professional petroleum geologist (member of APEGGA) with over 39
years experience in domestic and international oil and gas operations.

About Bankers Petroleum Ltd.

Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and
production company focused on developing large oil and gas reserves. In
Albania, Bankers operates and has the full rights to develop the Patos
Marinza heavy oil field and the Kucova oil field. Bankers' shares are
traded on the Toronto Stock Exchange and the AIM Market in London,
England under the stock symbol BNK.

The Company also holds an average 50% interest in the Tishomingo gas
field in Oklahoma and varied interests in three other areas in the
Northern and Central regions of the United States, where it is
currently pursuing the exploration, development and production of shale
and tight sand gas plays. The U.S. assets and operations will soon
become a separate company, as approved at Bankers' Annual General and
Special Meeting held on June 27, 2008.

For further information, contact:
Abby Badwi Chief Executive Officer (403) 513-2694
Doug Urch VP, Finance and Chief Financial Officer (403) 513-2691
Susan J. Soprovich VP, Investor Relations and Corporate Governance
(403) 513-2681
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 Tristone Capital Ltd.
Ryan Gaffney/ Adam Janikowski Nick Morgan
+44 20 7050 6500 +44 20 7355 5800

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Copyright (c) 2008 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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