CALGARY, Dec. 4 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to announce that the main terms and conditions for a petroleum agreement for Block "F" exploration acreage application have been accepted by the National Agency of Natural Resources ("AKBN"). Negotiations of a Production Sharing Agreement ("PSA") will begin immediately with an objective to submit a final draft PSA by January 2010 for necessary approvals by the Government of Albania.
Block "F" is located immediately west of Bankers Petroleum Patos Marinza oil field and covers an area of approximately 740 km(2) (185,000 acres). Excluded from the area are three gas fields operated by Albpetrol, the Albanian national oil company. The area contains several seismically defined structural and amplitude anomalies prospective for oil and natural gas.
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.
SOURCE Bankers Petroleum Ltd.
For further information: 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, 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; Macquarie Capital Advisors, Paul Connolly, Ben Colegrave, +44 (0) 20 3037 2000