Bankers Files Reserve Information

    Net Present Value of Reserves Increases Over 2005

    CALGARY, March 30 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
today announced the results of its December 31, 2006, independent reserves
evaluation. The evaluation was conducted by APA Petroleum Engineering Inc. and
prepared in accordance with National Instrument 51-101 - Standards of
Disclosure for Oil and Gas Activities.
    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 have been filed with
Canadian securities regulators. These filings can be accessed electronically
on Bankers website at or on the SEDAR website at

    Reserve Details

    Summary of Oil and Gas Reserves
    Forecast Prices and Costs
    Net Interest

                           Heavy    Natural      Total      Total     Change
                             Oil        Gas       2006       2005          %
                          (mbbls)      (bcf)     (mboe)     (mboe)

      Developed producing  8,845          -      8,845      4,685         89
       non-producing           -          -          -          -          -
      Undeveloped         29,536          -     29,536     32,671        (10)
    Total proved          38,382          -     38,382     37,356          3
    Probable              54,675          -     54,675     51,219          7
    Total proved plus
     probable             93,057          -     93,057     88,575          5

    Note: May not add due to rounding

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

                                                                2005    2006
                    Undiscounted  Discounted  Discounted  Discounted  Change
    (US$ millions)                     at 5%      at 10%      at 10%       %

      Developed producing   77.9       70.8       64.5       25.0        158
       non-producing           -          -          -          -          -
      Undeveloped          128.1       83.4       53.3       33.7         58
    Total proved           206.0      154.2      117.9       58.7        100
    Probable               574.9      324.3      200.8      195.6          3
    Total proved plus
     probable              780.9      478.5      318.7      254.3         25

    Note: May not add due to rounding

    Caution Regarding Forward-looking Information

    Information in this news release respecting the reserves valuations,
expected production levels, prices and anticipated total oil recovery at the
Patos Marinza oilfield 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.
    Production and oil recovery targets are based on a number of assumptions
including that the rate 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 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 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.
    Statements including forward-looking information involve known and
unknown risks, uncertainties and other factors which may cause the actual
results of the Company and its operations to be materially different from
estimated costs or results expressed or implied by such forward-looking
statements. Such factors include, among others, the risk that future well
redevelopment will not have the same success rates or rates of recompletion as
those experienced in the recent months, that Brent oil prices could fall
resulting in reduced returns and a change in the economics of the project,
general risks and uncertainties associated with exploration and petroleum
operations including delays associated with equipment procurement, equipment
failure, lack of suitably qualified personnel, the inherent uncertainty in
estimation of reserves, exports from Albania being disrupted due to unplanned
disruptions, changes in the political or economic environment, and other
factors described under "Risk Factors" in the Company's Annual Information
Form, NI 51-101F1 and in each of the Company's management's discussion and
analysis filed with the Securities Commissions of the provinces of British
Columbia, Alberta, and Ontario, which are available on SEDAR at
    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 reserve release 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 14 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 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:, Website:

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