Bankers Petroleum Closes Transaction to Acquire 50% Interest in Kucova Heavy Oilfield in Albania



    Implementing Oilfield Evaluation to Further Define Potential

    CALGARY, Feb. 11 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is
pleased to announce that it has successfully closed its previously announced
acquisition of a 50% interest in the Kucova oilfield through the acquisition
of 50% of the issued and outstanding securities of an independent private
company ("Privatco").
    Privatco holds the exclusive right to evaluate and redevelop the Kucova
heavy oilfield located in Albania pursuant to a Petroleum Agreement with
Albpetrol Sh.A. of Albania, the state-owned petroleum company, and a License
Agreement with the National Agency of National Resources. The consideration
paid included cash and warrants. Application has been made for admission of
the shares underlying the warrants to the AIM Market of the London Stock
Exchange.
    Bankers will undertake an evaluation of the oilfield to further define
its remaining reserves and production potential. The terms of the transaction
include an option to acquire the remaining 50% interest for an aggregate 100%;
the Company has until June 30, 2008 to exercise this option.

    Caution Regarding Forward-looking Information

    Information in this news release respecting the Company's option and the
Kucova oilfield and its potential reserves and production potential 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. Should Bankers elect to not exercise the second
option, the Company would relinquish its 50% ownership in Privatco to the
vendors. There is no assurance that evaluation of the Kucova heavy oilfield
will prove to be favourable, that recovery of remaining reserves will be
economic, that there will be continued economic and political stability on the
region, or that the Company will exercise the option to acquire the remaining
50% interest in the field. The exploration for oil and oil recovery projects
are subject to a number of inherent risks, some of which are 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.
    Forward-looking statements and information are based on assumptions that
financing, equipment 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 operations 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 opportunities in unconventional petroleum
assets. Bankers operates and has the full rights to develop the Patos-Marinza
heavy oilfield in Albania, which is a 2.0 billion barrel resource. It also
holds interests in four 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 or
Adam Janikowski, +44 20 7050 6500

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