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Re:   News Release - Wednesday, February 25, 2009
      Bankers Petroleum Expands Credit Facilities
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CALGARY, February 25, 2009 - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce that it has
formally entered into negotiations with the International Finance
Corporation ("IFC") (a member of the World Bank Group), and the
European Bank for Reconstruction and Development ("EBRD") for provision
of a reserve-based long-term financing of up to US$110 million to fund
upcoming capital requirements and working capital needs for the
Company's Albanian projects. Subject to ongoing discussions with
EBRD/IFC, completion of all required documentation for approval,
necessary regulatory and stock exchange approvals and receipt of final
approval from each of IFC, EBRD and Bankers Board of Directors, it is
expected that this facility will be in place during the second quarter
of 2009.

The credit facility is expected to consist of two six-year revolving
facilities, aggregating US$50 million each, and two eight-year term
loans, totalling US$10 million, to be used for environmental
remediation purposes. All of the facilities are expected to be funded
equally between EBRD and IFC, and involve Bankers' whollyowned
subsidiary, Bankers Petroleum Albania Ltd. Subject to all other
conditions precedent, the US$10 million term loan is expected to be
available immediately upon preparation and finalization of an
environmental remediation action plan by Bankers, amounts under the
first US$50 million tranche of the revolving facility will be fully
available when the Brent oil price stabilizes above US$55 per barrel,
and the second US$50 million tranche is subject to mutual agreement
among Bankers, EBRD and IFC when Bankers' production exceeds 10,000
bopd and the Brent oil price stabilizes above US$62 per barrel unless
another suitable oil price threshold is agreed among Bankers and
EBRD/IFC.

As part of the facility and subject to Toronto Stock Exchange ("TSX")
approval, Bankers has reserved for issuance sixteen million common
share purchase warrants (eight million for each of IFC and EBRD),
subject to completion of the loan documentation. When issued, each
warrant will entitle EBRD/IFC to purchase one common share of the
Company at a price of $1.50 per common share. The warrant price
represents a 25% premium to the five-day volume weighted average common
share trading. The warrants will be exercisable when the Brent oil
price stabilizes above US$55 per barrel until the earlier of, i) one
year from such date, or ii) 45 days after the date on which the Company
has notified the lenders that its common shares close at or above the
exercise price for twenty consecutive trading days.

Abby Badwi, President and CEO of Bankers stated that "this new credit
facility, in conjunction with the Company's existing US$35 million
credit facility, funds generated from operations, potential warrant
exercise proceeds and cash on hand, will provide the basis to expand
its capital development program when confidence returns to the energy
sector and higher oil prices are realized. Bankers' Albanian projects
have a flexible capital expenditure program that is currently focussed
on high-impact, low-cost, maintenance levels for the first half of
2009. Commencing in the second half of 2009, Bankers expects to
increase its activities when business conditions improve and the
IFC/EBRD revolving facility is expected to become available. In
addition, this strategic long-term investment by EBRD and IFC, as
lenders and potential equity partners, will allow the Company continued
access to competitive and sustainable financing arrangements to fund
currently planned and future growth opportunities in Albania".

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 forwardlooking information and forward looking
statements.

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.

- 30 -

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

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Copyright (c) 2009 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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