=======================================================================
      Bankers Petroleum Provides Operational Update
=======================================================================

Current Production 7,000 bopd
Agreement Reached for a Second Drilling Rig

CALGARY, October 6, 2009 -- Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce the following
operational update.

Production and Oil Price

Third quarter production averaged 6,258 bopd from the Patos Marinza oil
field in Albania compared to second quarter production of 6,383 bopd.
The slight drop in production was due to restricted production during
the month of July caused by water disposal infrastructure enhancements,
which have since been completed. Current production is 7,000 bopd with
300 bopd shut-in pending well servicing.

The Patos Marinza average oil price was US$40.70 per barrel
representing 60% of the Brent oil price, compared to second quarter's
average oil price of US$34.63 per barrel (59% of Brent).

The Company resumed oil delivery during the quarter to the two local
refineries at Fier and Ballsh, following receipt of several payments of
an agreed upon scheduled re-payment plan of outstanding invoices.

Drilling Update

Five horizontal wells have been drilled and completed during the
quarter; three oil wells, 5014, 5017 and 5018 are on production, one
well, 5020 (500 metre lateral in the D3 formation), was drilled and
completed as an oil well and will be placed on production this week,
and one well, 5016 (600 metre lateral oil pay in the D3), is awaiting
well repairs of adjacent wells causing water intrusion in this well
bore and is expected to be returned to production this month. Well 5014
(475 metre lateral in the D3) is producing at a rate of 200 bopd. Well
5017 (with only a 160 metre lateral in the D3) is producing at a rate
of 75 bopd and improving, Well 5018 (600 metre lateral in the D5) is
producing at a rate of 65 bopd and improving. The first horizontal
well, 5013 (375 metre lateral in the D3) drilled in December 2008, is
producing at a rate of 135 bopd and has produced in excess of 38,500
barrels since production commenced in January 2009.

Bankers has entered into an agreement for the provision of a drill rig
with Crosco, Integrated Drilling & Well Services Co., Ltd. of Croatia.
The 850 hp rig is depth-rated for 3,000 meter wells. The contract is
for one year with an option to extend for a second year. The rig will
be mobilized in October, arriving in Albania in late November, with an
anticipated spud date of January 2010. The additional rig will provide
Bankers with the capacity to drill another 20 to 24 horizontal and
vertical wells during 2010, which will help accelerate field
development plans and production. Details of the 2010 capital program
and budget will be disclosed in late November following receipt of
necessary approvals.

The present operating drilling rig, Simmons #51, is currently
undergoing upgrades to increase its drilling depth rating from 2,000
metres to 2,500 metres. The rig is scheduled to resume drilling
operations by October 15 with five additional horizontal and two
vertical wells planned for the fourth quarter 2009.

Well Re-activations and Re-completions

Twelve wells were reactivated and an additional five wells were
returned to production after recompletion activities during the
quarter. Recompletions in the Driza formation in the northern part of
the field proved to be successful; of particular significance is a well
that was completed in the Lower Driza 4 formation and is currently
producing at a rate of 105 bopd. The Company is planning an aggressive
horizontal drilling campaign in this deeper portion of the field which
shows essentially virgin reservoir pressure.

Liquidity

At September 30, 2009, Bankers held US$61 million of cash and working
capital was approximately US$72 million, exclusive of debt. No funds
were drawn from the US$110 million credit facility from the European
Bank for Reconstruction and Development and the International Finance
Corporation. The entire Raiffeisen credit facility of US$31 million,
continued to be utilized.

New Website

Bankers is pleased to announce that its new website will be unveiled on
October 8, 2009. The address continues to be www.bankerspetroleum.com.

Conference Call

The Management of Bankers will host a conference call on October 6,
2009 at 7:30am MST to discuss this operational update. Following
management's presentation, there will be a question and answer session
for analysts and investors.

To participate in the conference call, please contact the conference
operator ten minutes prior to the call at 1-800-731-5319 or
1-416-644-3426. A live audio web cast of the conference call will also
be available on Bankers's website at www.bankerspetroleum.com or by
entering the following URL into your web browser
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2833820

The web cast will be archived two hours after the presentation on the
web site, and posted on the web site for 90 days. A replay of the call
will be available until October 20, 2009 by dialing 1- 877-289-8525 or
1-416-640-1917 and entering access code 4168255#.

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 the
Patos-Marinza heavy oil field and has a 100% interest in the Kucova oil
field. Bankers' shares are traded on the Toronto Stock Exchange and the
AIM Market in London, England under the stock symbol BNK.

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

Macquarie Capital Advisors
Paul Connolly/Ben Colegrave
+44 (0) 20 3037 5639

=======================================================================
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
=======================================================================
.
<