Bankers Petroleum Ltd. Announces 2008 Reserves Report by 24hgold

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Re: News Release - Friday, February 13, 2009
Title: Bankers Petroleum Announces 2008 Reserves Report

Proved Reserves Increase by 29% and Proved plus Probable by 24%

CALGARY, February 13, 2009 - Bankers Petroleum Ltd. (the "Company") (TSX: BNK, AIM: BNK) is pleased to provide the results of its December 31, 2008, independent reserves evaluation. Evaluations were conducted by RPS Energy Canada Ltd. ("RPS") for the Patos Marinza Field, Albania and by DeGolyer and McNaughton Canada Ltd. ("D&M") for the Ku�ova Field, Albania and were prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.

Total Albania Reserves Summary

Proved reserves ("1P") of 63 million barrels (29% increase from December 31, 2007 after production of 2.1 million barrels in 2008);
Proved plus probable reserves ("2P") of 179 million barrels (24% increase from December 31, 2007 after 2008 production) and
Proved, probable and possible reserves ("3P") of 302 million barrels (27% increase from December 31, 2007 after 2008 production).

Patos Marinza Field

1P reserves increased 24% to 60 million barrels of oil from 49 million barrels at December 31, 2007 after 2008 production, representing a 6 times proved reserves replacement ratio;
2P reserves increased 17% to 169 million barrels (December 31, 2007 - 145 million barrels)
3P reserves increased 12% to 267 million barrels (December 31, 2007 - 238 million barrels)
Mean original oil in place resource estimate increased 140% to 4.7 billion barrels
The reserves growth is primarily attributable to increased resource levels, improved well performance and the Company's 2008 vertical and horizontal development drilling success. This is reflected in the upgrade of 2P and 3P reserves into 1P and 2P reserves category, respectively, and the expansion of the 3P reserves; and
All of Patos Marinza's 2008 reserves estimates are from primary recovery methods.

Ku�ova Field

1P reserves 2.4 million barrels;
2P reserves 10.1 million barrels;
3P reserves 35.5 million barrels;
Original oil in place resource estimate is 297 million barrels;
Ku�ova reserves increased slightly from the interim September, 2008 report to reflect revised capital programs and D&M's January 1, 2009 pricing forecast. There was no Company production from the Ku�ova field in 2008 and only minor field activities were performed since the September, 2008 report; and
Full interest in the Ku�ova asset was acquired in 2008 and no reserves were quantified for Ku�ova in the 2007 year end reserves volumes reported by the Company.

Total Net Present Value of Total Albania Reserves (After Tax, discounted at 10%)

1P reserves US$233 million;
2P reserves US$1,008 million;
3P reserves US$1,541 million;
Values are based on RPS (Patos Marinza) and D&M (Ku�ova) January 1, 2009 price forecast tables summarized below; and
Basic number of shares outstanding of 182,540,181 as of December 31, 2008.

Finding and Development Costs ("F&D")

While overall capital expenditures numbers have not been finalized for 2008, current capital cost estimates at about US$62 million represent the following F&D costs for 2008 by category:

1P reserves US$4.46 per barrel;
2P reserves US$1.80 per barrel; and
3P reserves US$0.97 per barrel.

Summary of Oil and Gas Reserves

Forecast Prices and Costs - After Income Taxes

				NPV@10%	NPV@10%
PATOS MARINZA	Total 2008	Total 2007	% Change	Total 2008	Total 2007	% Change
	Gross (Mbbl)	Gross (Mbbl)		$ mm	$ mm
Proved
Developed Producing	19,500.0	13,986.0	39%	101.0	93.4	8%
Developed Non-Producing	0.0	0.0	-	0.0	0.0	-
Undeveloped	40,700.0	36,821.0	11%	116.0	137.2	-15%
Total Proved	60,200.0	50,807.0	18%	217.0	230.6	-6%
Probable	109,000.0	96,248.0	13%	672.0	489.5	37%
Total Proved Plus Probable	169,200.0	147,055.0	15%	889.0	720.1	23%
Possible	97,900.0	93,505.0	-	379.0	289.0	-
Total Proved, Probable & Possible	267,100.0	240,560.0	11%	1,268.0	1,009.2	26%


				NPV@10%	NPV@10%
KU�OVA	Total 2008	Total 2007	% Change	Total 2008	Total 2007	% Change
	Gross (Mbbl)	Gross (Mbbl)		$ mm	$ mm
Proved
Developed Producing	0.0	0.0	-	0.0	0.0	-
Developed Non-Producing	0.0	0.0	-	0.0	0.0	-
Undeveloped	2,400.0	0.0	-	16.4	0.0	-
Total Proved	2,400.0	0.0	-	16.4	0.0	-
Probable	7,683.0	0.0	-	102.3	0.0	-
Total Proved Plus Probable	10,083.0	0.0	-	118.7	0.0	-
Possible	25,443.0	0.0	-	153.9	0.0	-
Total Proved, Probable & Possible	35,526.0	0.0	-	272.6	0.0	-


				NPV@10%	NPV@10%
TOTAL ALBANIA	Total 2008	Total 2007	% Change	Total 2008	Total 2007	% Change
	Gross (Mbbl)	Gross (Mbbl)		$ mm	$ mm
Proved
Developed Producing	19,500.0	13,986.0	39%	101.0	93.4	8%
Developed Non-Producing	0.0	0.0	-	0.0	0.0	-
Undeveloped	43,100.0	36,821.0	17%	132.4	137.2	-3%
Total Proved	62,600.0	50,807.0	23%	233.4	230.6	1%
Probable	116,683.0	96,248.0	21%	774.3	489.5	58%
Total Proved Plus Probable	179,283.0	147,055.0	22%	1,007.7	720.1	40%
Possible	123,343.0	93,505.0	-	532.9	289.0	-
Total Proved, Probable & Possible	302,626.0	240,560.0	26%	1,540.6	1,009.1	53%

Price Forecasts

BRENT PRICE FORECAST	RPS Brent Price Forecast (January 1, 2009)	D&M Brent Price Forecast (January 1, 2009)
Year	US$/bbl	US$/bbl
2009	$55.00	$55.50
2010	$68.00	$68.03
2011	$78.00	$74.88
2012	$83.00	$85.49
2013	$86.00	$93.24
2014	$88.33	$95.61
2015	$90.09	$98.04
2016	$91.89	$100.53
2017	$93.73	$103.08
2018	$95.61	$105.69
2019	$97.52	$108.38
2020	$99.47	$111.12
2021	$101.46	$113.90
2022	$103.49	$116.75
2023	$105.56	$119.66
2024	$107.67	$122.66
2025	+ 2.0% per annum	+ 2.5% per annum

Field gate prices the Company is receiving in Albania are currently at a discount to Brent:

Patos Marinza field gate price is approximately 55% of Brent;
Ku�ova field gate price is approximately 60% of Brent

Shareholder Information

The reserve data in this release is subject to and should be read in conjunction with the entire Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information. The Form 51-101F1, Form 51-101F2 - Report of Independent Qualified Reserves Evaluator, and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure are expected to be filed with Canadian securities regulators on or before March 15, 2009. At which time these filings can be accessed electronically on Bankers website. On February 13 Bankers website will be updated to include the February Corporate Presentation at www.bankerspetroleum.com or on the SEDAR website at www.sedar.com.

---------

Caution Regarding Forward-looking Information

Information in this news release respecting matters such as the expected future production levels from wells, future prices and netback, work plans, anticipated total oil recovery of the Patos Marinza and Ku�ova oil fields constitute 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.

Exploration for oil is a speculative business that involves a high degree of risk. The Company's expectations for its Albanian operations and plans are subject to a number of risks in addition to those inherent in oil production operations, including: that Brent oil prices could fall resulting in reduced returns and a change in the economics of the project; availability of financing; delays associated with equipment procurement, equipment failure and the lack of suitably qualified personnel; the inherent uncertainty in the estimation of reserves; exports from Albania being disrupted due to unplanned disruptions; and changes in the political or economic environment.

Production and netback forecasts are based on a number of assumptions including that the rate and cost of well takeovers, well reactivations and well recompletions of the past will continue and success rates will be similar to those rates experienced for previous well recompletions/reactivations/development; that further wells taken over and recompleted will produce at rates similar to the average rate of production achieved from wells recompletions/reactivations/development in the past; continued availability of the necessary equipment, personnel and financial resources to sustain the Company's planned work program; continued political and economic stability in Albania; approval of the Addendum to the Plan of Development; the existence of reserves as expected; the continued release by Albpetrol of areas and wells pursuant to the Plan of Development and Addendum; the absence of unplanned disruptions; the ability of the Company to successfully drill new wells and 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 and forward looking statements.

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 both the Patos Marinza and the Ku�ova heavy oil fields. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.

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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

View News Release in PDF Format:
http://www.bankerspete.com/i/pdf/2009-02-13_NR.pdf: 51 KB in size, approx. 10 seconds to download at 56.6Kbps

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