Bankers Petroleum Reports 54% Increase in Reserves



    Proved plus Probable Reserves of 147.1 Million Barrels for Albania &
    9.5 Million Boe for Oklahoma, U.S.

    CALGARY, March 20 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is
pleased to provide the results of its December 31, 2007, independent reserves
evaluation. Evaluations were conducted by RPS Energy Canada Ltd. (formerly APA
Petroleum Engineering Inc.) for Bankers' Albanian assets and MHA Petroleum
Consultants, Inc. for Bankers' U.S. assets, and were prepared in accordance
with National Instrument 51-101 - Standards of Disclosure for Oil and Gas
Activities.

    
    2007 Reserves Summary

    -   Proved reserves (1P) increased 19% to 54.0 million barrels of oil
        equivalent (MMboe) from 45.3 MMboe in 2006, net of 2007 production of
        1.7 MMboe (4,764 bopd) in 2007;

    -   Proved plus Probable reserves (2P) increased 54% to 156.6 MMboe from
        101.9 MMboe in 2006; and

    -   Possible reserves of 96.7 MMboe were added to the evaluation for
        total 3P reserves of 253.3 MMboe.
    

    The majority of the increase in reserves is attributable to the
Patos Marinza oilfield in Albania that has 1,957 MMboe of recognized
oil-in-place. The increase is attributable to the continuation of well
reactivations and a new well development program associated with Bankers
three-year plan, which will be announced shortly. No reserves are included for
the recent Kucova field acquisition, announced in February 2008.
    In Oklahoma, successful discoveries and development drilling in the
Tishomingo field established first commercial natural gas production for the
Company in September 2007. This resulted in 45.8 Bcfe of Proved plus Probable
reserves at December 31, 2007. Additional drilling in this area will continue
in 2008.

    
    Summary of Oil and Gas Reserves
    Forecast Prices and Costs

    All amounts in the following table represent Bankers' working interest
before royalties.

                       ------------------------------------------------------
                         Albania           United States
                       -------------------------------------------
                        Heavy Oil   Light &    Natural   Natural
                                   Medium Oil    Gas       Gas       Total
                                                         Liquids      2007
    -------------------------------------------------------------------------
                          (Mbbl)     (Mbbl)     (MMcf)     (Mbbl)     (Mboe)
    -------------------------------------------------------------------------
      Proved
        Developed
         Producing        14,000         40      4,717        236     15,062
        Undeveloped       36,800        102      9,416        471     38,942
                       ------------------------------------------------------
      Total Proved        50,800        142     14,132        707     54,004
      Probable            96,200        210     28,278      1,414    102,537
                       ------------------------------------------------------
      Total Proved
       Plus Probable     147,100        352     42,411      2,121    156,641
      Possible            93,500          -     14,810        740     96,709
                       ------------------------------------------------------
    Total Proved,
     Probable &
     Possible            240,600        352     57,220      2,861    253,349
                       ------------------------------------------------------


    ----------------------------- ----------
                          Total
                         2006(*)   % Change
    ----------------------------- ----------
                          (Mboe)
    ----------------------------- ----------
      Proved
        Developed
         Producing        10,439         44%
        Undeveloped       34,855         12%
                       ---------- ----------
      Total Proved        45,294         19%
      Probable            56,558         81%
                       ---------- ----------
      Total Proved
       Plus Probable     101,852         54%
      Possible                 -          -
                       ---------- ----------
    Total Proved,
     Probable &
     Possible            101,852        149%
                       ---------- ----------

    Note:  May not add due to rounding
           Boe basis: 6,000 mcf to 1 boe

    (*) All 2006 reserves relate to Albania



    Net Present Value of Reserves
    Forecast Prices and Costs - Before Income Taxes

                   ------------------  ------------------  ------------------
                          2007                2006              % Change
                   ------------------  ------------------  ------------------
                            Disc. at            Disc. at            Disc. at
    (US$ Millions) Undisc.      10%    Undisc.      10%   Undisc.       10%
    ---------------------------------  ------------------  ------------------
    Albania

      Proved
        Developed
         Producing   176.0     132.0     115.0      89.1        52%       48%
        Undeveloped  568.0     281.0     268.8     116.1       111%      142%
                   ------------------  ------------------  ------------------
      Total Proved   744.0     413.0     384.3     205.2        94%      101%
      Probable     2,469.0     980.0   1,162.3     396.4       112%      147%
                   ------------------  ------------------  ------------------
      Total Proved
       Plus
       Probable    3,213.0   1,393.0   1,546.6     601.6       108%      132%
      Possible     3,174.0     577.0         -         -       n/a       n/a
                   ------------------  ------------------  ------------------
    Total Proved,
     Probable &
     Possible      6,387.0   1,970.0   1,546.6     601.6       313%      227%
    ---------------------------------  ------------------  ------------------

    United States

      Proved
        Developed
         Producing    53.1      13.4         -         -       n/a       n/a
        Undeveloped   72.7      17.0         -         -       n/a       n/a
                   ------------------  ------------------  ------------------
      Total Proved   125.8      30.4         -         -       n/a       n/a
      Probable       235.9      60.6         -         -       n/a       n/a
                   ------------------  ------------------  ------------------
      Total Proved
       Plus
       Probable      361.7      91.0         -         -       n/a       n/a
      Possible       153.5      36.6         -         -       n/a       n/a
                   ------------------  ------------------  ------------------
    Total Proved,
     Probable &
     Possible        515.2     127.6         -         -       n/a       n/a
    ---------------------------------  ------------------  ------------------

    Total

      Proved
        Developed
         Producing   229.1     145.4     115.5      89.1        98%       63%
        Undeveloped  640.7     298.0     268.8     116.1       138%      157%
                   ------------------  ------------------  ------------------
      Total Proved   869.8     443.4     384.3     205.2       126%      116%
      Probable     2,704.9   1,040.6   1,162.3     396.4       133%      163%
                   ------------------  ------------------  ------------------
      Total Proved
       Plus
       Probable    3,574.7   1,484.0   1,546.6     601.6       131%      147%
      Possible     3,327.5     613.6         -         -       n/a       n/a
                   ------------------  ------------------  ------------------
    Total Proved,
     Probable &
     Possible      6,902.2   2,097.6   1,546.6     601.6       346%      249%
    ---------------------------------  ------------------  ------------------

    Note:  May not add due to rounding



    Net Present Value of Reserves
    Forecast Prices and Costs - After Income Taxes

                   ------------------  ------------------  ------------------
                          2007                2006              % Change
                   ------------------  ------------------  ------------------
                            Disc. at            Disc. at            Disc. at
    (US$ Millions) Undisc.      10%    Undisc.      10%   Undisc.       10%
    ---------------------------------  ------------------  ------------------
    Albania

      Proved
        Developed
         Producing   115.0      93.0      77.9      64.5        48%       44%
        Undeveloped  278.0     137.0     128.1      53.3       117%      157%
                   ------------------  ------------------  ------------------
      Total Proved   392.0     231.0     206.0     117.9        90%       96%
      Probable     1,209.0     490.0     574.9     200.8       110%      144%
                   ------------------  ------------------  ------------------
      Total Proved
       Plus
       Probable    1,601.0     720.0     780.9     318.7       105%      126%
      Possible     1,576.0     289.0         -         -       n/a       n/a
                   ------------------  ------------------  ------------------
    Total Proved,
     Probable &
     Possible      3,175.0   1,009.0     780.9     318.7       307%      217%
    ---------------------------------  ------------------  ------------------

    United States

      Proved
        Developed
         Producing    35.2       8.8         -         -       n/a       n/a
        Undeveloped   48.2      11.2         -         -       n/a       n/a
                   ------------------  ------------------  ------------------
      Total Proved    83.4      20.1         -         -       n/a       n/a
      Probable       156.4      40.2         -         -       n/a       n/a
                   ------------------  ------------------  ------------------
      Total Proved
       Plus
       Probable      239.8      60.2         -         -       n/a       n/a
      Possible       101.8      24.3         -         -       n/a       n/a
                   ------------------  ------------------  ------------------
    Total Proved,
     Probable &
     Possible        341.6      84.5         -         -       n/a       n/a
    ---------------------------------  ------------------  ------------------

    Total

      Proved
        Developed
         Producing   150.2     101.8      77.9      64.5        93%       58%
        Undeveloped  326.2     148.2     128.1      53.3       155%      178%
                   ------------------  ------------------  ------------------
      Total Proved   475.4     251.1     206.0     117.9       131%      113%
      Probable     1,365.4     530.2     574.9     200.8       138%      164%
                   ------------------  ------------------  ------------------
      Total Proved
       Plus
       Probable    1,840.8     780.2     780.9     318.7       136%      145%
      Possible     1,675.8     313.3         -         -       n/a       n/a
                   ------------------  ------------------  ------------------
    Total Proved,
     Probable &
     Possible      3,516.6   1,093.5     780.9     318.7       350%      243%
    ---------------------------------  ------------------  ------------------

    Note:  May not add due to rounding
    

    Shareholder Information

    The reserve data in this release is subject to and should be read in
conjunction with the entire Form 51-101F1 - Statement of Reserves Data and
Other Oil and Gas Information. The Form 51-101F1, Form 51-101F2 - Report of
Independent Qualified Reserves Evaluator and Form 51-101F3 - Report of
Management and Directors on Oil and Gas Disclosure are expected to be filed
with Canadian securities regulators by March 31, 2008. Upon filing, this
information can be accessed electronically on Bankers website at
www.bankerspetroleum.com or on the SEDAR website at www.sedar.com.

    Caution Regarding Forward-looking Information

    Information in this news release respecting the reserves valuations,
expected future production levels, future prices and netback, work plans,
anticipated total oil recovery of the Patos Marinza oilfield and the
Tishomingo gasfield in Oklahoma, U.S., and potential opportunities 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.
    Exploration for oil and natural gas is a speculative business that
involves a high degree of risk. Few wells that are drilled are ultimately
developed commercially, including shale natural gas wells. There is no
assurance that expenditures made by the Company on its US properties will
result in discovery of commercial qualities of natural gas. 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; delays associated with equipment procurement,
equipment failure and the lack of suitably qualified personnel; the inherent
uncertainty in 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 and well recompletions of
the past will continue and success rates will be similar to those rates
experienced for previous well recompletions/development; that further wells
taken over and recompleted will produce at rates similar to the average rate
of production achieved from wells recompleted/redeveloped 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; the existence and volumes of reserves as
expected; the continued release by Albpetrol of areas and wells pursuant to
the Plan of Development; the absence of unplanned disruptions; the ability of
the Company to bring production to market; and other general risks inherent in
oil and gas operations.
    The Company's actual reserves and future production may be greater than
or less than the estimates provided. The estimated future net revenue from the
production of the Company's reserves does not represent the fair market value
of Bankers' reserves.
    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 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 developing large oil and gas reserves. In
Albania, Bankers operates and has the full rights to develop the Patos-Marinza
heavy oilfield and has a 50% interest in the Kucova oilfield. It also holds an
average 50% interest in the Tishomingo gasfield in Oklahoma and varied
interests in three other 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,
Adam Janikowski, +44 20 7050 6500

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