Bankers Petroleum Receives Court Approval for Company Split

    Wednesday, July 9, 2008 Last Day to Acquire Bankers Shares for BNK-US
    Shares Entitlement

    - Not for distribution to United States newswire services or for
    dissemination in the United States -

    CALGARY, July 8 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is
pleased to announce that on July 2, 2008, it received approval of the British
Columbia Supreme Court for its plan of arrangement (the "Arrangement")
pursuant to which all of Bankers U.S. operations and assets will be spun out
into BNK Petroleum Inc. ("BNK-US"), which has been approved for listing and
trading on the TSX Exchange (the "TSX") under the symbol BKX. In addition, all
conditions to the Arrangement were either met or waived. As such, the Court's
final order was filed with the Registrar of Companies pursuant to the Business
Corporations Act (British Columbia). Bankers has since completed regulatory
filings in connection with the Arrangement and certain details relating to
timing and warrant exercise price adjustments are now available and described
    On Thursday, July 10, 2008, Bankers common shares ("Bankers Shares") will
begin trading on TSX and AIM on an ex-BNK-US basis and BNK-US's common shares
("BNK-US Shares") will also begin to trade on TSX on a "when issued" basis.
The date and time for determining which Bankers shareholders are entitled to
receive BNK Shares will be on Monday, July 14, 2008 at 4:30 p.m. (Calgary
time) (the "Record Time"). As such, the last day to acquire Bankers Shares on
TSX or AIM in order to be entitled to receive BNK-US Shares pursuant to the
Arrangement will be Wednesday, July 9, 2008. Certificates representing BNK-US
Shares are expected to be sent to registered holders by Thursday, July 17,
2008. Pursuant to the Arrangement, Bankers shareholders will receive one (1)
BNK-US Share for each ten (10) Bankers Shares held at the Record Time.
    At the Record Time, the exercise prices for Bankers two batches of listed
common share purchase warrants (the "Purchase Warrants") will be adjusted to
reflect the spinout of BNK-US from Bankers in accordance with the terms of the
applicable warrant indenture. For the purposes of this adjustment, Bankers
board of directors has confirmed, after further consultation with its
financial advisors, that the enterprise value of BNK-US is CAD$131 million.
The Purchase Warrants listed under the symbol BNK.WT will have their exercise
price share adjusted from CAD$0.95 to approximately CAD$0.83 per Bankers
Share. The Purchase Warrants listed under the symbol BNK.WT.A will have their
exercise price adjusted from CAD$0.90 to approximately CAD$0.79 per Bankers
Share. Bankers will issue a further news release when the final adjusted
exercise prices for the Purchase Warrents are confirmed.
    Also at the Record Time, Bankers unlisted common share purchase warrants
and stock options will be adjusted in accordance with the same formula applied
to the purchase warrants.
    Following the Record Time, Bankers intends to complete the consolidation
of the Bankers Shares on the basis of one (1) new post-consolidation Bankers
Share for each three (3) pre-consolidation Bankers Shares, subject to
regulatory approval. Further details and timing in respect of the
consolidation, including the resulting adjustments to the exercise prices of
the Purchase Warrants, will be set out soon in a further press release.

    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 oil field and has a 100% interest in the Kucova oil field. Bankers'
shares are traded on the Toronto Stock Exchange and the AIM Market in London,
England under the stock 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,
Henry Fitzgerald-O'Connor, +44 20 7050 6500; AIM JOINT BROKERS: Canaccord
Adams Limited, Ryan Gaffney, Henry Fitzgerald-O'Connor, +44 20 7050 6500;
Tristone Capital Ltd., Nick Morgan, +44 20 7355 5800

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