Bankers Petroleum Announces 2008 Reserves Report



    Proved Reserves Increase by 29% and Proved plus Probable by 24%

    CALGARY, Feb. 13 /CNW/ - Bankers Petroleum Ltd. (the "Company") (TSX:
BNK, AIM: BNK) is pleased to provide the results of its December 31, 2008,
independent reserves evaluation. Evaluations were conducted by RPS Energy
Canada Ltd. ("RPS") for the Patos Marinza Field, Albania and by DeGolyer and
McNaughton Canada Ltd. ("D&M") for the Kuçova Field, Albania and were prepared
in accordance with National Instrument 51-101 - Standards of Disclosure for
Oil and Gas Activities.

    
    Total Albania Reserves Summary

        -  Proved reserves ("1P") of 63 million barrels (29% increase from
           December 31, 2007 after production of 2.1 million barrels in
           2008);
        -  Proved plus probable reserves ("2P") of 179 million barrels (24%
           increase from December 31, 2007 after 2008 production) and
        -  Proved, probable and possible reserves ("3P") of 302 million
           barrels (27% increase from December 31, 2007 after 2008
           production).

    Patos Marinza Field

        -  1P reserves increased 24% to 60 million barrels of oil from 49
           million barrels at December 31, 2007 after 2008 production,
           representing a 6 times proved reserves replacement ratio;
        -  2P reserves increased 17% to 169 million barrels (December 31,
           2007 - 145 million barrels)
        -  3P reserves increased 12% to 267 million barrels (December 31,
           2007 - 238 million barrels)
        -  Mean original oil in place resource estimate increased 140% to 4.7
           billion barrels
        -  The reserves growth is primarily attributable to increased
           resource levels, improved well performance and the Company's 2008
           vertical and horizontal development drilling success. This is
           reflected in the upgrade of 2P and 3P reserves into 1P and 2P
           reserves category, respectively, and the expansion of the 3P
           reserves; and
        -  All of Patos Marinza's 2008 reserves estimates are from primary
           recovery methods.

    Kuçova Field

        -  1P reserves 2.4 million barrels;
        -  2P reserves 10.1 million barrels;
        -  3P reserves 35.5 million barrels;
        -  Original oil in place resource estimate is 297 million barrels;
        -  Kuçova reserves increased slightly from the interim September,
           2008 report to reflect revised capital programs and D&M's
           January 1, 2009 pricing forecast. There was no Company production
           from the Kuçova field in 2008 and only minor field activities were
           performed since the September, 2008 report; and
        -  Full interest in the Kuçova asset was acquired in 2008 and no
           reserves were quantified for Kuçova in the 2007 year end reserves
           volumes reported by the Company.

    Total Net Present Value of Total Albania Reserves (After Tax,
    discounted at 10%)

        -  1P reserves US$233 million;
        -  2P reserves US$1,008 million;
        -  3P reserves US$1,541 million;
        -  Values are based on RPS (Patos Marinza) and D&M (Kuçova)
           January 1, 2009 price forecast tables summarized below; and
        -  Basic number of shares outstanding of 182,540,181 as of
           December 31, 2008.

    Finding and Development Costs ("F&D")

    While overall capital expenditures numbers have not been finalized for
2008, current capital cost estimates at about US$62 million represent the
following F&D costs for 2008 by category:

        -  1P reserves US$4.46 per barrel;
        -  2P reserves US$1.80 per barrel; and
        -  3P reserves US$0.97 per barrel.

    Summary of Oil and Gas Reserves

    Forecast Prices and Costs - After Income Taxes



                                        -------------------------------------

                                             Total        Total
    PATOS MARINZA                             2008         2007     % Change
                                        -------------------------------------
                                        Gross(Mbbl)  Gross(Mbbl)

    -------------------------------------------------------------------------
      Proved
        Developed Producing               19,500.0     13,986.0          39%
        Developed Non-Producing                0.0          0.0           -
        Undeveloped                       40,700.0     36,821.0          11%
                                        -------------------------------------
      Total Proved                        60,200.0     50,807.0          18%
      Probable                           109,000.0     96,248.0          13%
                                        -------------------------------------
      Total Proved Plus Probable         169,200.0    147,055.0          15%
      Possible                            97,900.0     93,505.0           -
                                        -------------------------------------
    Total Proved, Probable & Possible    267,100.0    240,560.0          11%
    -------------------------------------------------------------------------


                                        -------------------------------------
                                         NPV@10%   NPV@10%

                                             Total        Total
    PATOS MARINZA                             2008         2007     % Change
                                        -------------------------------------
                                              $ mm         $ mm

    -------------------------------------------------------------------------
      Proved
        Developed Producing                  101.0         93.4           8%
        Developed Non-Producing                0.0          0.0           -
        Undeveloped                          116.0        137.2         -15%
                                        -------------------------------------
      Total Proved                           217.0        230.6          -6%
      Probable                               672.0        489.5          37%
                                        -------------------------------------
      Total Proved Plus Probable             889.0        720.1          23%
      Possible                               379.0        289.0           -
                                        -------------------------------------
    Total Proved, Probable & Possible      1,268.0      1,009.2          26%
    -------------------------------------------------------------------------



                                        -------------------------------------

                                             Total        Total
    KUCOVA                                    2008         2007     % Change
                                        -------------------------------------
                                        Gross(Mbbl)  Gross(Mbbl)

    -------------------------------------------------------------------------
      Proved
        Developed Producing                    0.0          0.0           -
        Developed Non-Producing                0.0          0.0           -
        Undeveloped                        2,400.0          0.0           -
                                        -------------------------------------
      Total Proved                         2,400.0          0.0           -
      Probable                             7,683.0          0.0           -
                                        -------------------------------------
      Total Proved Plus Probable          10,083.0          0.0           -
      Possible                            25,443.0          0.0           -
                                        -------------------------------------
    Total Proved, Probable & Possible     35,526.0          0.0           -
    -------------------------------------------------------------------------


                                        -------------------------------------
                                         NPV@10%   NPV@10%

                                             Total        Total
    KUCOVA                                    2008         2007     % Change
                                        -------------------------------------
                                              $ mm         $ mm

    -------------------------------------------------------------------------
      Proved
        Developed Producing                    0.0          0.0           -
        Developed Non-Producing                0.0          0.0           -
        Undeveloped                           16.4          0.0           -
                                        -------------------------------------
      Total Proved                            16.4          0.0           -
      Probable                               102.3          0.0           -
                                        -------------------------------------
      Total Proved Plus Probable             118.7          0.0           -
      Possible                               153.9          0.0           -
                                        -------------------------------------
    Total Proved, Probable & Possible        272.6          0.0           -
    -------------------------------------------------------------------------



                                        -------------------------------------

                                             Total        Total
    TOTAL ALBANIA                             2008         2007     % Change
                                        -------------------------------------
                                        Gross(Mbbl)  Gross(Mbbl)

    -------------------------------------------------------------------------
      Proved
        Developed Producing               19,500.0     13,986.0          39%
        Developed Non-Producing                0.0          0.0           -
        Undeveloped                       43,100.0     36,821.0          17%
                                        -------------------------------------
      Total Proved                        62,600.0     50,807.0          23%
      Probable                           116,683.0     96,248.0          21%
                                        -------------------------------------
      Total Proved Plus Probable         179,283.0    147,055.0          22%
      Possible                           123,343.0     93,505.0           -
                                        -------------------------------------
    Total Proved, Probable & Possible    302,626.0    240,560.0          26%
    -------------------------------------------------------------------------


                                        -------------------------------------
                                         NPV@10%   NPV@10%

                                             Total        Total
    TOTAL ALBANIA                             2008         2007     % Change
                                        -------------------------------------
                                              $ mm         $ mm

    -------------------------------------------------------------------------
      Proved
        Developed Producing                  101.0         93.4           8%
        Developed Non-Producing                0.0          0.0           -
        Undeveloped                          132.4        137.2          -3%
                                        -------------------------------------
      Total Proved                           233.4        230.6           1%
      Probable                               774.3        489.5          58%
                                        -------------------------------------
      Total Proved Plus Probable           1,007.7        720.1          40%
      Possible                               532.9        289.0           -
                                        -------------------------------------
    Total Proved, Probable & Possible      1,540.6      1,009.1          53%
    -------------------------------------------------------------------------



    Price Forecasts

                           --------------------------------------------------
                                     RPS                       D&M
    BRENT PRICE              Brent Price Forecast      Brent Price Forecast
    FORECAST                  (January 1st, 2009)       (January 1st, 2009)
                           --------------------------------------------------
                                    US$/bbl                   US$/bbl
                      Year
    -------------------------------------------------------------------------
                      2009                $55.00                    $55.50
                      2010                $68.00                    $68.03
                      2011                $78.00                    $74.88
                      2012                $83.00                    $85.49
                      2013                $86.00                    $93.24
                      2014                $88.33                    $95.61
                      2015                $90.09                    $98.04
                      2016                $91.89                   $100.53
                      2017                $93.73                   $103.08
                      2018                $95.61                   $105.69
                      2019                $97.52                   $108.38
                      2020                $99.47                   $111.12
                      2021               $101.46                   $113.90
                      2022               $103.49                   $116.75
                      2023               $105.56                   $119.66
                      2024               $107.67                   $122.66
                      2025      + 2.0% per annum          + 2.5% per annum
    -------------------------------------------------------------------------

    Field gate prices the Company is receiving in Albania are currently at a
    discount to Brent:

        -  Patos Marinza field gate price is approximately 55% of Brent;
        -  Kuçova field gate price is approximately 60% of Brent
    

    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 on or before March 15, 2009. At which time
these filings can be accessed electronically on Bankers website. On February
13 Bankers website will be updated to include the February Corporate
Presentation at www.bankerspetroleum.com or on the SEDAR website at
www.sedar.com.

    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 Kuçova 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 forward-looking information and forward looking statements.

    Review by Qualified Person

    This release was reviewed by Abdel F. (Abby) Badwi, CEO 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 geologist (member of APEGGA) with over 39 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 both the Patos
Marinza and the Kuçova heavy oil fields. Bankers' shares are traded on the
Toronto Stock Exchange and the AIM Market in London, England under the stock
symbol BNK.





For further information:

For further information: 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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