Bankers Achieves Significant Gains in 2007; Files 2007 Annual Documents



    Production, Revenue, Net Operating Income and Funds from Operations
    Increased by 39%, 97%, 148% and 184%, Respectively

    CALGARY, March 28 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
today announced that it has filed its 2007 annual disclosure documents with
Canadian securities commissions.
    Bankers achieved strong results and continued growth in 2007. Revenue
increased 97% to $62.1 million compared to $31.6 million in 2006. Net
operating income grew to $32.5 million in year from $13.1 million in 2006.
Funds from operations were $24.1 million, compared to $8.5 million for the
year ended December 31, 2006. Net loss for 2007 increased to $2.3 million
largely due to the write down of the shares held in Palo Duro Energy Inc.

    
    Results at a Glance                               2007     2006     2005
    -------------------------------------------------------------------------
    Financial (US$000s, except as noted)

    Oil and gas revenue                             62,105   31,586   13,709

    Net operating income                            32,483   13,111    3,921

    Net loss                                        (2,342)  (1,561)  (3,498)

    Basic and diluted loss per share                (0.005)  (0.004)  (0.011)

    Funds from (used in) operations                 24,136    8,512     (171)

    Additions to property, plant and equipment      80,703   67,727   35,048

    Total assets                                   204,295  138,030   56,846

    Bank loans                                      30,805    6,772        -

    Other long-term liabilities                     16,010    4,719      282

    Shareholders' equity                           139,036  115,170   50,798


    Operating

    Albania - crude oil

      Average production (bopd)                      4,724    3,392    1,668

      Average price ($/barrel)                       35.54    25.51    22.52

      Netback ($/barrel)                             18.53    10.59     6.44

    U.S. - natural gas, natural gas liquids
     (NGL) and condensate(1)

      Average natural gas production (mcf/d)           154        -        -

      Average condensate & NGL production (bopd)        13        -        -

      Average natural gas price ($/mcf)               5.73        -        -

      Average condensate & NGL price ($/barrel)      69.67        -        -

    (1) U.S. production commenced in September 2007


    2007 Highlights:

    Bankers accomplished several key achievements in both Albania and the
United States in 2007 that advanced its plans to access additional reserves:

    -   In Albania, average production increased 39% to 4,724 bopd from
        3,392 bopd in 2006. Exit production at year-end 2007 was 5,337 bopd
        as compared to 4,406 bopd in 2006.

    -   In the U.S., the Company began selling natural gas and liquids in
        September from two of its shale gas wells located in Oklahoma.

    -   Revenue increased to $62.1 million from $31.6 million a year ago, an
        increase of 97%.

    -   Net operating income improved 148% to $32.5 million from
        $13.1 million in 2006.

    -   The debt facility increased by $10.0 million to $31.0 million; total
        bank loans drawn at year-end were $30.8 million. The total facility
        was further increased to $51.0 million in early 2008.

    -   Two equity financings were closed in March and November, representing
        36.0 million common shares on a bought deal basis and 4.4 million
        units (comprised of 4.4 million each of common shares and warrants)
        through a private placement. The net proceeds from these issuances
        were $22.4 million.

    Albania

    -   Total export volume and production increased in 2007, representing
        53% of production at an average price of $42.25 per barrel.

    -   Export to a second Italian refinery began in March, providing benefit
        from higher prices.

    -   The central treatment facilities were completed in October,
        increasing oil treatment capacity of the Company to approximately
        8,000 bopd.

    -   Construction of a thermal steam pilot was completed; testing and
        steam injection commenced in November.

    United States

    -   In Oklahoma, Bankers drilled its first wells in the Ardmore Basin
        with successful results. First natural gas production began in
        September from two wells drilled during 2007.

        -  A production facility was completed to handle 3.5 MMcf/d gross
           production from the Oklahoma Tishomingo gasfield; facility
           capacity can be increased to 7.0 MMcf/d with the addition of a
           compressor.

        -  In Texas, the Company sold a 27% interest in the Palo Duro Basin
           to Palo Duro Energy Inc.; available proceeds were utilized to
           provide funds for the U.S. exploration program.
    

    Banker's 2007 Financial Review contains the Company's audited
consolidated financial statements and notes for the year-ended December 31,
2007 and related management's discussion and analysis. The 2007 Annual
Information Form (AIF) contains information about Bankers' oil and gas
activities and Company management and directors; disclosure and reports
relating to reserves data and other oil and gas information according to
National Instrument 51-101, Standards for Disclosure for Oil and Gas
Activities, has been filed separately from the AIF. Bankers will file with
securities commissions its 2007 Management Information Circular at a later
date, providing governance and voting information for shareholders in advance
of the Company's June 27, 2008, annual general and special meeting.
    Copies of the documents are available on SEDAR at www.sedar.com and the
Company's website at www.bankerspetroleum.com.

    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 oil field. It also holds
an average 50% interest in the Tishomingo gas field 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.





For further information:

For further information: 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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