Bankers Petroleum Announces Bid Submission

CALGARY, Sept. 7, 2012 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK) (AIM: BNK) is pleased to announce its participation today in the bid submission for the privatization of Albpetrol Sh. A., the state oil company of Albania.

Bankers' bid consists of a combination of cash consideration and future work program funding commitments in the areas of field development, social programs and remediation of legacy environmental issues.

Should this bid be accepted by the Government, Bankers will fund the cash consideration through a combination of cash on hand and debt.

"We are excited to have participated in the process and feel that the combination of ongoing excellence in development of oil and gas resources in Albania, a continued focus on the social welfare of the communities we work among, plus a commitment to co-invest alongside the Government of Albania to address long-standing legacy environmental issues will all lead to serious consideration by the Government for our bid."

-Abby Badwi
Vice Chairman, President and CEO

---------

Review by Qualified Person

This release was reviewed by Suneel Gupta, Executive Vice President and Chief Operating Officer 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 engineer (member of APEGA) with over 20 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 100% interest in the Kuçova oilfield, and a 100% interest in Exploration Block "F". Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.


SOURCE: Bankers Petroleum Ltd.

For further information:

Abby Badwi  President and Chief Executive Officer (403) 513-2694
Doug Urch   Executive VP, Finance and Chief Financial Officer (403) 513-2691
Mark Hodgson   VP, Business Development (403) 513-2695
Email: investorrelations@bankerspetroleum.com
Website: www.bankerspetroleum.com

AIM NOMAD:
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor
+44 20 7523 8000

AIM JOINT BROKERS:
Canaccord Genuity Limited
Ryan Gaffney / Henry Fitzgerald-O'Connor
+44 20 7523 8000

Macquarie Capital Advisors
Paul Connolly
+44 20 3037 5639

Organization Profile

Bankers Petroleum Ltd.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890