Reserves Report

CALGARY, March 9, 2011 � Bankers Petroleum Ltd. (�Bankers� or the �Company�) (TSX: BNK, AIM: BNK) is pleased to provide the results of its December 31, 2010 independent reserves evaluation and reports the sixth consecutive year of reserves additions since Company inception in 2004.

Evaluations were conducted by RPS Energy Canada Ltd. (�RPS�) for the Patos-Marinza oilfield, Albania and by DeGolyer and McNaughton Canada Ltd. (�D&M�) for the Ku�ova oilfield, 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 120 million barrels (30% increase from December 31, 2009) representing over eleven times production replacement

�         Proved plus probable reserves (�2P�) of 238 million barrels (11% increase from December 31, 2009)

�         Proved, probable and possible reserves (�3P�) of 427 million barrels (1% increase from December 31, 2009)

�         Mean original oil in place resource estimate (�OOIP�) of 7.8 billion barrels (30% increase from December 31, 2009)

�         2010 production was approximately 3.5 million barrels

Patos-Marinza Field

�         1P reserves increased 30% to 117 million barrels of oil from 90 million barrels at December 31, 2009

�         2P reserves increased 11% to 226 million barrels (December 31, 2009 � 203 million barrels)

�         3P reserves increased 1% to 395 million barrels (December 31, 2009 � 390 million barrels)

�         Original oil in place estimate (P50) increased 32% to 7.5 billion barrels (December 31, 2009 -� 5.7 billion barrels)

�         All of Patos-Marinza�s 2010 recoverable reserves estimates are from primary recovery methods only

The 2010 reserves growth is primarily attributable to the expansion of the Company�s horizontal drilling program in new areas of the field and new zones within the field area. This is reflected in the upgrade of 2P and 3P reserves into 1P and 2P reserves category, respectively, and the expansion of 3P reserves and oil in place.

Patos-Marinza Contingent and Prospective Resources

RPS has also updated the Contingent and Prospective Resource oil estimates for the Patos-Marinza oilfield as at December 31, 2010. Contingent and Prospective resources are based on thermal development technologies to be applied to the Gorani and Driza formations and secondary water flood methods proposed for the Marinza formation and expansion of the development areas, primarily to the west of the current development.

The thermal pilot first steam injection is scheduled for the third quarter of 2011. There are no current water flood plans for the field.

Contingent resource for 2010 is 1.2 billion barrels, compared to 838 million barrels in 2009

Prospective resource for 2010 is 568 million barrels, compared to 384 million barrels in 2009

Ku�ova Field

There were no activities or Company production from the field in 2010; field reserves remain unchanged. Early stage development has begun with road-building and lease clearing.

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�         1P reserves 3 million barrels

�         2P reserves 11 million barrels

�         3P reserves 32 million barrels

�         Mean original oil in place resource estimate remains unchanged at� 297 million barrels

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

�         1P reserves US$949 million

�         2P reserves US$1.97 billion

�         3P reserves US$3.55 billion

�         Values are based on RPS (Patos-Marinza) and D&M (Ku�ova) January 1, 2011 price forecast tables summarized below

�         Basic shares outstanding of as of December 31, 2010 were approximately 245 million

Finding and Development Costs (�F&D�)

With successful results from the Company�s horizontal drilling activities in the northern part of Patos-Marinza oilfield, the Company is expanding the horizontal drilling program into the central, southern and western part of the field. Also, due to casing failures in old vertical wells, replacement of old vertical wells with new horizontal wells has been added to the capital program. Accordingly, in the 2P development case, the number of well re-activations has been reduced to 310 wells and new horizontal wells have increased from 260 wells in the previous year�s projected capital program to 624 wells in 2011 and beyond.

Future undiscounted capital costs for Patos-Marinza and Ku�ova are now projected to be US$1.5 billion, US$1.2 billion and US$1.0 billion on a 3P, 2P and 1P basis, respectively.� This represents the following F&D costs:

�         1P reserves US$10.06 per barrel

�         2P reserves US$5.80 per barrel

�         3P reserves US$3.85 per barrel

Gross Oil Reserves� Using Forecast Prices (MMbbls)