CALGARY, Nov. 7 /CNW/ - At the request of Market Surveillance on behalf
of the Toronto Stock Exchange, Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
wishes to declare that there is nothing known at this time that could be
contributing to the Company's recent rise in share price.
On November 2, 2007, Bankers announced the appointment of Abdel F. (Abby)
Badwi in the role of Strategic Advisor, Doug Urch as Financial Advisor and Ian
McMurtrie as Technical Advisor to the Company. In addition, Mr. Badwi will be
appointed to the Board of Directors of Bankers upon completion of a private
placement by the new appointees and has agreed to assume the position of Chief
Executive Officer of Bankers on February 1, 2008. Richard Wadsworth will
continue as President and will become Chief Operating Officer at that time.
On October 24, 2007, Bankers' existing management team announced it had
achieved two critical milestones in the development of its assets: the
construction of its Albanian thermal steam project was completed and testing
and steam injection commenced; and the Company began selling its first natural
gas and liquids production from the Woodford shale in the Oklahoma, U.S.
Initiating enhanced oil recovery techniques in Albania is an important
first step beyond primary recovery techniques towards capturing additional
reserves and production. Every one percent additional recovery on this
2.0 billion barrel original-oil-in-place resource will be important in terms
of volumes and value.
The Woodford shale looks to be proving itself as a significant play for
the Company, generating good exploration results from the first horizontal
wells. Bankers is hopeful that it will soon be able to move the Ardmore basin
acreage into a development phase in 2008.
Q3 Results & Conference Call:
Bankers' third quarter results are expected to be released after market
close on Thursday, November 8, 2007. A conference call to discuss these
results will be held Friday, November 9 at 9:00 a.m. MDT, 11:00 a.m. EDT,
4:00 p.m. BDT. To participate in the conference call, please dial
1-800-594-3615 or 1-416-644-3426 approximately 10 minutes prior to the call. A
live and archived audio webcast of the conference call will also be available
on Bankers' 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 opportunities in unconventional petroleum
assets. Bankers holds interests in four prospects in the Northern and Central
regions of the United States, where it is currently pursuing the exploration
of shale and tight gas sand plays. It also operates in the Patos-Marinza
oilfield in Albania pursuant to a license agreement, producing heavy oil.
Bankers shares are traded on the Toronto Stock Exchange and the AIM Market in
London, England under the ticker symbol BNK.
Caution Regarding Forward-looking Information
Information in this news release respecting planned work programs on the
Company's US properties and anticipated results of such programs constitutes
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.
Oil recovery costs and plans are based on a number of assumptions
including that success rates will be similar to those rates experienced in
similar enhanced oil recovery projects; 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 of reserves as expected; the continued release by
Albpetrol of areas and wells required in these projects; availability of
financing in the amounts and time frame required; if Brent oil prices fall,
reduced returns and a change in the economics of the project could result; the
inherent uncertainty in estimation of reserves; exports from Albania are not
disrupted due to unforeseen events; the absence of unplanned disruptions; the
ability of the Company to bring production to market; and general risks
inherent in oil and gas operations.
Exploration for natural gas is a speculative business that involves a
high degree of risk. Few wells that are drilled are ultimately developed
commercially. There is no assurance that expenditures made by the Company on
its US properties will result in discovery of commercial qualities of natural
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 14 years experience in domestic and
international oil and gas operations.
For further information:
For further information: Susan J. Soprovich, VP, Investor Relations and
Corporate Governance, Ph: (403) 513-2681, Email:
firstname.lastname@example.org, Website: www.bankerspetroleum.com; AIM
NOMAD: Canaccord Adams Limited, Ryan Gaffney, Adam Janikowski, +44 20 7050