Bankers Petroleum announces CDN$60 million private placement

    CALGARY, Jan. 31 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is
pleased to announce a non-brokered CDN$60.0 million private placement,
representing 66,666,666 common shares of the Company, at a price of
CDN$0.90 per share (a 17% premium to the January 30, 2008, TSX market closing
price). Sprott Asset Management ("Sprott") will subscribe for 55,555,555
common shares for gross proceeds of CDN$50.0 million and Blackrock Investment
Management (UK) ("Blackrock") will subscribe for 11,111,111 common shares for
gross proceeds of CDN$10.0 million. Subsequent to completion of the private
placement, Sprott and Blackrock will hold 15.2% and 13.7%, respectively, of
the Company's issued and outstanding common shares.
    The financing, scheduled to close on or about February 5, 2008, is
subject to regulatory approval and completion of definitive documentation.
Bankers will pay a financial advisory fee in cash as allowable under Toronto
Stock Exchange policies.
    Net proceeds of $58.7 million will be used to fund the Corporation's
exploration and development programs in Albania and the United States, the
recently announced Albanian acquisition, and for general corporate purposes.

    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 operates and has the full rights to develop the Patos-Marinza
heavy oilfield in Albania, which is a 2.0 billion barrel resource. It also
holds interests in four 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:, Website:; AIM NOMAD: Canaccord Adams Limited, Ryan Gaffney,
Adam Janikowski, +44 20 7050 6500

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