Bankers Closes Underwritten Prospectus Offering


    Over-Allotment Option Exercised

    CALGARY, Mar. 1 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is
pleased to announce that its underwritten prospectus offering has closed. In
addition, underwriters have exercised the over-allotment option to cover their
over-allocation position at closing time.
    An aggregate of 36,042,858 units and over-allocation units were issued
for total gross proceeds of CDN$25,230,000. Each unit consists of one common
share and one-half of one common share purchase warrant. Each whole warrant
will entitle the holder to purchase one common share of the Company at a price
of CDN$0.90 for a period of five years from the closing date. The warrants
will commence trading on the TSX at market open on March 1, 2007 under the
symbol BNK.WT.A.
    Canaccord Capital Corporation led the underwriting syndicate for the
offering, which included Orion Securities Inc.
    Bankers intends to use the proceeds of the offering to further the
exploration and development program in the United States and for general
working capital.

    Caution Regarding Forward-looking Information

    Information in this news release respecting the proposed use of proceeds
of the offering and planned work programs on the Company's US properties
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. 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 assure 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

    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.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
securities comprising the Units and the securities issuable upon exercise
thereof have not been and will not be registered under the United States
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration

For further information:

For further information: Susan J. Soprovich, VP, Investor Relations and
Corporate Governance, (403) 513-2681, Email:, Website:

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