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Re: News Release - Monday, February 11, 2008
Bankers Petroleum Closes Transaction To Acquire 50% Interest In
Kucova Heavy Oilfield In Albania
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Implementing Oilfield Evaluation to Further Define Potential
CALGARY, February 11, 2008 -- Bankers Petroleum Ltd. (TSX: BNK, AIM:
BNK) is pleased to announce that it has successfully closed its
previously announced acquisition of a 50% interest in the Kucova
oilfield through the acquisition of 50% of the issued and outstanding
securities of an independent private company ("Privatco").
Privatco holds the exclusive right to evaluate and redevelop the Kucova
heavy oilfield located in Albania pursuant to a Petroleum Agreement
with Albpetrol Sh.A. of Albania, the state-owned petroleum company, and
a License Agreement with the National Agency of National Resources. The
consideration paid included cash and warrants. Application has been
made for admission of the shares underlying the warrants to the AIM
Market of the London Stock Exchange.
Bankers will undertake an evaluation of the oilfield to further define
its remaining reserves and production potential. The terms of the
transaction include an option to acquire the remaining 50% interest for
an aggregate 100%; the Company has until June 30, 2008 to exercise this
option.
Caution Regarding Forward-looking Information
Information in this news release respecting the Company's option and
the Kucova oilfield and its potential reserves and production potential
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. Should Bankers elect to not exercise the second option,
the Company would relinquish its 50% ownership in Privatco to the
vendors. There is no assurance that evaluation of the Kucova heavy
oilfield will prove to be favourable, that recovery of remaining
reserves will be economic, that there will be continued economic and
political stability on the region, or that the Company will exercise
the option to acquire the remaining 50% interest in the field. The
exploration for oil and oil recovery projects are subject to a number
of inherent risks, some of which are 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.
Forward-looking statements and information are based on assumptions
that financing, equipment 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 operations update was reviewed by Richard Wadsworth, President 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 engineer with over 16 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 opportunities in unconventional petroleum
assets. Bankers operates and has the full rights to develop the Patos-
Marinza heavy oilfield in Albania, which is a 2.0 billion barrel
resource. It also holds interests in four 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. 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:
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/ Adam Janikowski +44 20 7050 6500
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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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