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Re: News Release - Thursday, March 20, 2008
Bankers Petroleum Reports 54% Increase In Reserves
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Proved plus Probable Reserves of 147.1 Million Barrels for Albania &
9.5 Million Boe for Oklahoma, U.S.

CALGARY, March 20, 2008 - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
is pleased to provide the results of its December 31, 2007, independent
reserves evaluation. Evaluations were conducted by RPS Energy Canada
Ltd. (formerly APA Petroleum Engineering Inc.) for Bankers' Albanian
assets and MHA Petroleum Consultants, Inc. for Bankers' U.S. assets,
and were prepared in accordance with National Instrument 51-101 -
Standards of Disclosure for Oil and Gas Activities.

2007 Reserves SummaryProved reserves (1P) increased 19% to 54.0 million
barrels of oil equivalent (MMboe) from 45.3 MMboe in 2006, net of 2007
production of 1.7 MMboe (4,764 boepd) in 2007;

Proved plus Probable reserves (2P) increased 54% to 156.6 MMboe from
101.9 MMboe in 2006; and

Possible reserves of 96.7 MMboe were added to the evaluation for total
3P reserves of 253.3 MMboe.The majority of the increase in reserves is
attributable to the Patos Marinza oilfield in Albania that has 1,957
MMboe of recognized oil-in-place. The increase is attributable to the
continuation of well reactivations and a new well development program
associated with Bankers three-year plan, which will be announced
shortly. No reserves are included for the recent Kucova field
acquisition, announced in February 2008.

In Oklahoma, successful discoveries and development drilling in the
Tishomingo field established first commercial natural gas production
for the Company in September 2007. This resulted in 45.8 Bcfe of Proved
plus Probable reserves at December 31, 2007. Additional drilling in
this area will continue in 2008.

Summary of Oil and Gas Reserves
Forecast Prices and Costs

All amounts in the following table represent Bankers' working interest
before royalties.

------------------------------------------------------
Albania United States
-------------------------------------------
Heavy Oil Light & Natural Natural
Medium Oil Gas Gas Total
Liquids 2007
-------------------------------------------------------------------------
(Mbbl) (Mbbl) (MMcf) (Mbbl) (Mboe)
-------------------------------------------------------------------------
Proved
Developed
Producing 14,000 40 4,717 236 15,062
Undeveloped 36,800 102 9,416 471 38,942
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Total Proved 50,800 142 14,132 707 54,004
Probable 96,200 210 28,278 1,414 102,537
------------------------------------------------------
Total Proved
Plus Probable 147,100 352 42,411 2,121 156,641
Possible 93,500 - 14,810 740 96,709
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Total Proved,
Probable &
Possible 240,600 352 57,220 2,861 253,349
------------------------------------------------------


----------------------------- ----------
Total
2006* % Change
----------------------------- ----------
(Mboe)
----------------------------- ----------
Proved
Developed
Producing 10,439 44%
Undeveloped 34,855 12%
---------- ----------
Total Proved 45,294 19%
Probable 56,558 81%
---------- ----------
Total Proved
Plus Probable 101,852 54%
Possible - -
---------- ----------
Total Proved,
Probable &
Possible 101,852 149%
---------- ----------

Note: May not add due to rounding
Boe basis: 6,000 mcf to 1 boe

* All 2006 reserves relate to Albania



Net Present Value of Reserves
Forecast Prices and Costs - Before Income Taxes

------------------ ------------------ ------------------
2007 2006 % Change
------------------ ------------------ ------------------
Disc. at Disc. at Disc. at
(US$ Millions) Undisc. 10% Undisc. 10% Undisc. 10%
--------------------------------- ------------------ ------------------
Albania

Proved
Developed
Producing 176.0 132.0 115.0 89.1 52% 48%
Undeveloped 568.0 281.0 268.8 116.1 111% 142%
------------------ ------------------ ------------------
Total Proved 744.0 413.0 384.3 205.2 94% 101%
Probable 2,469.0 980.0 1,162.3 396.4 112% 147%
------------------ ------------------ ------------------
Total Proved
Plus
Probable 3,213.0 1,393.0 1,546.6 601.6 108% 132%
Possible 3,174.0 577.0 - - n/a n/a
------------------ ------------------ ------------------
Total Proved,
Probable &
Possible 6,387.0 1,970.0 1,546.6 601.6 313% 227%
--------------------------------- ------------------ ------------------

United States

Proved
Developed
Producing 53.1 13.4 - - n/a n/a
Undeveloped 72.7 17.0 - - n/a n/a
------------------ ------------------ ------------------
Total Proved 125.8 30.4 - - n/a n/a
Probable 235.9 60.6 - - n/a n/a
------------------ ------------------ ------------------
Total Proved
Plus
Probable 361.7 91.0 - - n/a n/a
Possible 153.5 36.6 - - n/a n/a
------------------ ------------------ ------------------
Total Proved,
Probable &
Possible 515.2 127.6 - - n/a n/a
--------------------------------- ------------------ ------------------

Total

Proved
Developed
Producing 229.1 145.4 115.5 89.1 98% 63%
Undeveloped 640.7 298.0 268.8 116.1 138% 157%
------------------ ------------------ ------------------
Total Proved 869.8 443.4 384.3 205.2 126% 116%
Probable 2,704.9 1,040.6 1,162.3 396.4 133% 163%
------------------ ------------------ ------------------
Total Proved
Plus
Probable 3,574.7 1,484.0 1,546.6 601.6 131% 147%
Possible 3,327.5 613.6 - - n/a n/a
------------------ ------------------ ------------------
Total Proved,
Probable &
Possible 6,902.2 2,097.6 1,546.6 601.6 346% 249%
--------------------------------- ------------------ ------------------

Note: May not add due to rounding



Net Present Value of Reserves
Forecast Prices and Costs - After Income Taxes

------------------ ------------------ ------------------
2007 2006 % Change
------------------ ------------------ ------------------
Disc. at Disc. at Disc. at
(US$ Millions) Undisc. 10% Undisc. 10% Undisc. 10%
--------------------------------- ------------------ ------------------
Albania

Proved
Developed
Producing 115.0 93.0 77.9 64.5 48% 44%
Undeveloped 278.0 137.0 128.1 53.3 117% 157%
------------------ ------------------ ------------------
Total Proved 392.0 231.0 206.0 117.9 90% 96%
Probable 1,209.0 490.0 574.9 200.8 110% 144%
------------------ ------------------ ------------------
Total Proved
Plus
Probable 1,601.0 720.0 780.9 318.7 105% 126%
Possible 1,576.0 289.0 - - n/a n/a
------------------ ------------------ ------------------
Total Proved,
Probable &
Possible 3,175.0 1,009.0 780.9 318.7 307% 217%
--------------------------------- ------------------ ------------------

United States

Proved
Developed
Producing 35.2 8.8 - - n/a n/a
Undeveloped 48.2 11.2 - - n/a n/a
------------------ ------------------ ------------------
Total Proved 83.4 20.1 - - n/a n/a
Probable 156.4 40.2 - - n/a n/a
------------------ ------------------ ------------------
Total Proved
Plus
Probable 239.8 60.2 - - n/a n/a
Possible 101.8 24.3 - - n/a n/a
------------------ ------------------ ------------------
Total Proved,
Probable &
Possible 341.6 84.5 - - n/a n/a
--------------------------------- ------------------ ------------------

Total

Proved
Developed
Producing 150.2 101.8 77.9 64.5 93% 58%
Undeveloped 326.2 148.2 128.1 53.3 155% 178%
------------------ ------------------ ------------------
Total Proved 475.4 251.1 206.0 117.9 131% 113%
Probable 1,365.4 530.2 574.9 200.8 138% 164%
------------------ ------------------ ------------------
Total Proved
Plus
Probable 1,840.8 780.2 780.9 318.7 136% 145%
Possible 1,675.8 313.3 - - n/a n/a
------------------ ------------------ ------------------
Total Proved,
Probable &
Possible 3,516.6 1,093.5 780.9 318.7 350% 243%
--------------------------------- ------------------ ------------------
Note: May not add due to rounding


Shareholder Information

The reserve data in this release is subject to and should be read in
conjunction with the entire Form 51- 101F1 - Statement of Reserves Data
and Other Oil and Gas Information. The Form 51-101F1, Form 51- 101F2 -
Report of Independent Qualified Reserves Evaluator and Form 51-101F3 -
Report of Management and Directors on Oil and Gas Disclosure are
expected to be filed with Canadian securities regulators by March 31,
2008. Upon filing, this information can be accessed electronically on
Bankers website at www.bankerspetroleum.com or on the SEDAR website at
www.sedar.com.

---------

Caution Regarding Forward-looking Information

Information in this news release respecting the reserves valuations,
expected future production levels, future prices and netback, work
plans, anticipated total oil recovery of the Patos Marinza oilfield and
the Tishomingo gasfield in Oklahoma, U.S., and potential opportunities
constitutes forward-looking information. Statements containing
forwardlooking 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 and natural gas is a speculative business that
involves a high degree of risk. Few wells that are drilled are
ultimately developed commercially, including shale natural gas wells.
There is no assurance that expenditures made by the Company on its US
properties will result in discovery of commercial qualities of natural
gas. 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; delays associated with equipment procurement, equipment
failure and the lack of suitably qualified personnel; the inherent
uncertainty in 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 and well
recompletions of the past will continue and success rates will be
similar to those rates experienced for previous well
recompletions/development; that further wells taken over and
recompleted will produce at rates similar to the average rate of
production achieved from wells recompleted/redeveloped 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; the existence
and volumes of reserves as expected; the continued release by Albpetrol
of areas and wells pursuant to the Plan of Development; the absence of
unplanned disruptions; the ability of the Company to bring production
to market; and other general risks inherent in oil and gas operations.

The Company's actual reserves and future production may be greater than
or less than the estimates provided. The estimated future net revenue
from the production of the Company's reserves does not represent the
fair market value of Bankers' reserves.

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 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 developing large oil and gas reserves. In
Albania, Bankers operates and has the full rights to develop the
Patos-Marinza heavy oilfield and has a 50% interest in the Kucova
oilfield. It also holds an average 50% interest in the Tishomingo
gasfield in Oklahoma and varied interests in three other 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.

- 30 -

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

View News Release in PDF Format:
http://www.bankerspete.com/i/pdf/2008-03-20_NR.pdf
58 KB in size, approx. 12 seconds to download at 56.6Kbps

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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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