Bankers Petroleum closes first tranche of private placement

    CALGARY, Feb. 6 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is
pleased to announce that it has completed the first closing of its previously
announced CDN$60.0 million private placement, pursuant to which the Company
issued 55,555,555 shares at a price of $0.90 per share for gross proceeds of
approximately CDN$50.0 million.
    Bankers expects to close the remainder of the private placement before
February 15, subject to meeting regulatory requirements and completion of
documentation. Once finalized, the Company will have issued an aggregate of
66,666,666 shares of the Company, at a price of $0.90 per share for gross
proceeds of approximately CDN$60.0 million. The securities are subject to a
four month hold period. Proceeds from the placement will be used to fund the
Company's exploration and development programs in Albania and the United
States, the recently announced Albanian acquisition and for general corporate
    Application has been made for the shares issued under the private
placement to be admitted to trading on the Toronto Stock Exchange and the AIM
Market of the London Stock Exchange (effective February 6, 2008).

    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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