CALGARY, Sept. 16, 2013 /CNW/ - Bankers Petroleum Ltd. (the "Company") announces that a claim has been filed in the Commercial Court of England and Wales against the Company's subsidiary Bankers Petroleum Albania Ltd. ("BPAL") by BP Oil International Ltd. ("BPO") in connection with a dispute between BPAL and BPO over the termination by BPAL of a crude oil sales contract between BPAL and BPO (the "Contract").
BPO has alleged that BPAL wrongfully terminated the Contract and is seeking damages of approximately US$ 54 million.
The Company and BPAL believe that BPAL was fully within its legal rights to terminate the Contract, that BPO's claim is without merit and that, in any event, BPO's estimate of damages is exaggerated. The Company intends that BPAL will vigorously defend the claim.
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, has a 100% interest in the Kuçova oilfield, and a 100% interest in Exploration Block "F". Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.
SOURCE: Bankers Petroleum Ltd.
For further information:
David French President and Chief Executive Officer (403) 513-6930
Doug Urch Executive VP, Finance and Chief Financial Officer (403) 513-2691
Mark Hodgson VP, Business Development (403) 513-2695
Email: [email protected]
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