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DISSEMINATION IN THE UNITED STATES./
CALGARY, May 25 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce that it in connection
with the Company's recently closed Cdn$40 million bought deal equity financing
(the "Offering"), the underwriters have fully exercised their over-allotment
option for an additional 2,285,800 common shares at a price of Cdn$1.75 per
common share for total gross proceeds of Cdn$4,000,150. In total, the Company
raised Cdn$44,001,650 from the Offering and the net proceeds will be used for
Bankers' production and development activities at its Patos Marinza and Kucova
oil fields in Albania and for general corporate purposes.
The Offering was co-led by Canaccord Capital Corporation and Thomas
Weisel Partners Canada Inc. and included Macquarie Capital Markets Canada
Ltd., BMO Nesbitt Burns Inc., Genuity Capital Markets, Tristone Capital Inc.
and Raymond James Ltd.
Application has been made for the 2,258,000 common shares subject to the
over-allotment option, to be admitted to trading on the AIM Market of the
London Stock Exchange and admission is expected to occur on 01 June 2009.
Subsequent to this transaction, the Company has 207,798,605 common shares
outstanding, 10,587,392 options to purchase common shares and 25,713,376
common share purchase warrants.
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.
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
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: email@example.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