Units Comprising One Share and One-Half Warrant
CALGARY, March 29 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
announces that Centillion Industries Ltd. ("Centillion") and its subsidiary
Palo Duro Operating (US) Inc. have elected to satisfy US$4.5 million of the
purchase price payable under their agreement to purchase up to a 27% interest
in the Company's leasehold lands in the Palo Duro basin, by the issuance of
units of Centillion, each unit comprising one share and one-half warrant. As a
result, upon completion of the transaction Bankers will acquire ownership and
control of 15,152,142 common shares (the "Shares") and 7,576,071 common share
purchase warrants (the "Warrants") of Centillion, each warrant entitling it to
acquire one additional common share of Centillion at CDN$0.50 per share on or
before the date that is 24 months following closing of the transaction.
The Shares will represent 9.92% of the outstanding common shares of
Centillion post-transaction. Under applicable securities legislation Bankers
is also deemed to own and control the 7,576,071 common shares which may be
acquired upon exercise of the Warrants. Accordingly, Bankers will be deemed to
have acquired an additional 7,576,071 common shares of Centillion, which,
together with the Shares, and assuming no exercise by any other holder of
convertible securities of Centillion, would represent 14.18% of the common
shares of Centillion that will be outstanding upon completion of the
Bankers does not presently intend to increase its shareholdings in
Centillion. The transaction with Centillion and its subsidiary remains subject
to conditions, which may or may not be satisfied.
A copy of the early warning report filed by Bankers in connection with
this news release may be obtained by contacting Susan J. Soprovich, Vice
President of Bankers, at (403) 513-2681.
Caution Regarding Forward-looking Information
Information in this news release respecting the transaction with
Centillion and its subsidiary constitutes forward-looking information.
Statements containing forward-looking information express, as at the date of
this news release, the Company's plans, expectations, or beliefs as to future
events or results and are believed to be reasonable based on information
currently available to the Company. The transaction is subject to a number of
conditions, including approval of the TSX Venture Exchange. There is no
assurance that it will complete as planned, or at all.
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 gas 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.
For further information:
For further information: Susan J. Soprovich, VP, Investor Relations and
Corporate Governance, (403) 513-2681, Email:
email@example.com, Website: www.bankerspetroleum.com