Bankers Petroleum Consolidates Shares & Warrants



    CALGARY, July 29 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is
pleased to announce that its common shares (Symbol: BNK), and both the common
share purchase warrants (Symbol: BNK.WT) expiring November 10, 2009 (the
"November 2009 Warrants") and the common share purchase warrants (Symbol:
BNK.WT.A) expiring March 1, 2012 (the "March 2012 Warrants") (collectively,
the "Warrants") of the Company will be posted for trading at the opening on
Wednesday, July 30, 2008 on a one (1) for three (3) consolidated basis under
the trading information set out below:

    
    Common Shares (TSX/AIM):
    -------------------------
    Stock Symbol: BNK              CUSIP: 066286 30 3    ISIN: CA 0662863038

    November 2009 Warrants (TSX/AIM):
    ---------------------------------
    Stock Symbol: BNK.WT/BNKW      CUSIP: 066286 13 9    ISIN: CA 0662861396

    March 2012 Warrants (TSX):
    --------------------------
    Stock Symbol: BNK.WT.A         CUSIP: 066286 14 7    ISIN: CA 0662861479
    

    As a result of the consolidation, the exercise price of the November 2009
Warrants has been adjusted so that each November 2009 Warrant will entitle the
holder to purchase one common share at price of $2.49 per share. The expiry
date of the November 2009 Warrants remains at 5:00 p.m. (Calgary time) on
November 10, 2009. In addition, the exercise price of the March 2012 Warrants
has been adjusted so that each March 2012 Warrant will entitle the holder to
purchase one common share at $2.37 per share. The expiry date of the March
2012 Warrants remains at 4:30 p.m. (Calgary time) on March 1, 2012.
    Post consolidation, the approximate share capital of the Company will be
as follows:

    
    Common shares                                                182,501,262
    November 2009 Warrants                                         3,573,041
    March 2012 Warrants                                            4,911,475
    Unlisted Warrants                                              1,226,667
    Options                                                        8,587,186
                                      ---------------------------------------
    Fully diluted                                                200,839,631
                                      ---------------------------------------
                                      ---------------------------------------
    

    No fractional common shares will be issued as a result of consolidation.
In the event that a holder would otherwise be entitled to a fractional share,
the number of shares issued to such shareholder shall be rounded up to the
next greater whole number of shares, if the fractional entitlement is equal to
or greater than 0.5 and shall, without any additional compensation, be rounded
down to the next lesser whole number of shares if the fractional entitlement
is less than 0.5. In calculating such fractional interests, all shares
registered in the name of or beneficially held by such shareholder or their
nominee shall be aggregated.
    No fractional Warrants will be issued as a result of consolidation. In
the event that a holder would otherwise be entitled to a fractional Warrant,
the number of Warrants issued to such warrantholder shall be rounded up to the
next greater whole number of Warrants, if the fractional entitlement is equal
to or greater than 0.5 and shall, without any additional compensation, be
rounded down to the next lesser whole number of Warrants if the fractional
entitlement is less than 0.5. In calculating such fractional interests, all
Warrants registered in the name of or beneficially held by such warrantholder
or their nominee shall be aggregated.
    In respect of the consolidation, letters of transmittal were mailed to
holders of common shares along with the Company's Information Circular and
Proxy Statement dated May 27, 2008. The letters of transmittal request holders
of common shares and Warrants to forward their pre-consolidated common share
and Warrant certificates to Computershare Investor Services Inc. in exchange
for new common share and Warrant certificates representing the appropriate
number of post-consolidated common shares and Warrants.
    The November 2009 Warrants are governed by the terms of an indenture
dated November 10, 2004, as amended by a supplemental indenture dated
September 1, 2006, between the Company and Computershare Trust Company of
Canada, as trustee. The March 2012 Warrants are governed by the terms of an
indenture dated March 1, 2007 between the Company and Computershare Trust
Company of Canada as trustee.

    
                                  ---------
    

    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 oil field and has a 100% interest in the Kucova oil field. 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, 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,
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

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