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Bankers Petroleum Completes Construction Of Thermal Steam Project
In Albania
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Export Shipments Significantly Increase Revenue and Cash Flow

CALGARY, October 24, 2007 - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
is pleased to announce that the construction of its thermal steam
project has been completed in Albania and testing and steam injection
has commenced. The objective of these tests is twofold: to learn the
reservoir response in relation to the Company's modelling, and to
implement the steaming techniques under field conditions. The
completion of tests is expected to lead to a pilot project with newly
drilled wells on a pattern for cyclic steam injection in late 2008 and
subsequent steam flooding.

"This is an important first step in our drive beyond primary recovery
techniques towards capturing additional reserves and production," said
Richard Wadsworth, President. "Every one percent additional recovery on
this 2.0 billion barrel OOIP resource will be important in terms of
volumes and value to the Company and our shareholders."

In September, Bankers commenced sales to a third export refinery,
providing increased revenue and cash flows. Bankers has continued to
improve upon the export price of the Albanian crude, which has
significantly increased netback and offset the impact of lower than
anticipated production growth. Construction of the central treatment
facility was completed in October, providing additional storage and
treatment ability for the Company's heavy oil. It will assist in
streamlining the treatment and transportation process.

Production from the Patos Marinza oilfield averaged 5,000 bopd in
September. While new production has been brought on stream as
anticipated through ongoing well re-completions, unexpected decreases
have resulted in production remaining flat over the past quarter. This
is believed to be due to several factors that are mainly external to
reservoir performance including: the previously announced water
disposal constraints; unanticipated serious mechanical wellbore and
isolation failures; increased water production coming from shallower
and deeper water bearing zones; and a shortage of rig workover capacity
and specialised well servicing equipment.

As a result, Bankers does not anticipate it will be able to meet its
2007 average and exit production targets. The Company expects slower
growth in the fourth quarter and will not provide new guidance until
the situation is further analysed over the coming months.

Bankers is reviewing these factors in depth and undertaking several
initiatives to address the concerns, including:

- Adding water disposal capacity in November through the deepening
of several disposal wells;

- Improving its workover capabilities;

- Increasing service rig availability: a fourth service rig will be
arriving in October and a fifth is scheduled for December, which will
assist in accelerating well workovers;

- Reviewing its strategy around well re-completion practices; and

- Considering an infill drilling program in 2008.


While the existing production challenges are a concern and will require
more time and resources to correct, it is believed that the difference
between actual and target production may be re-captured through
implementation of the activities iterated above.

Q3 Conference Call:

A conference call to discuss the third quarter results will be held
Friday, November 9 at 9:00 a.m. MDT, 11:00 a.m. EDT, 4:00 p.m. BDT. To
participate in the conference call, please dial 1-800-594-3615 or 1-
416-644-3426 approximately 10 minutes prior to the call. A live and
archived audio webcast of the conference call will also be available on
Bankers' website at www.bankerspetroleum.com.

Caution Regarding Forward-looking Information

Information in this news release respecting potential recoveries and
outcomes from its 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.

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 enhanced oil recovery
projects; 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; the existence of
reserves as expected; the continued release by Albpetrol of areas and
wells required in these projects; availability of financing in the
amounts and time frame required; that Brent oil prices could fall
resulting in reduced returns and a change in the economics of the
project; the inherent uncertainty in estimation of reserves; exports
from Albania being disrupted due to unplanned disruptions; the absence
of unplanned disruptions; 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 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 14 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 holds interests in four prospects in the Northern and
Central regions of the United States, where it is currently pursuing
the exploration of shale and tight gas sand 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
Ph: (403) 513-2681

Email: investorrelations@bankerspetroleum.com
Website: www.bankerspetroleum.com

AIM NOMAD:
Ryan Gaffney
+44 20 7050 6777

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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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