BNK.L Regulatory News (BNK)

BANKERS PETROLEUM LIMITED - Annual Information Update

PR Newswire

London, March 29

Bankers Petroleum announces filing of 2012 statutory filings including AIF andStatement of Reserves Data

CALGARY, March 28, 2013 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the"Company") (TSX: BNK) (AIM: BNK) announces completion of its 2012 statutoryfilings including the Annual Information Form ("AIF") and the Statement ofReserves Data ("51-101") for the year ended December 31, 2012. The filings canbe accessed on the System of Electronic Document Analysis ("SEDAR") and Bankerswebsite.

Contingent and Prospective Resources

Bankers Petroleum announces its 2012 contingent and prospective resourcesattributed to the periphery extensions and increased development of thePatos-Marinza oilfield as provided by its reserves evaluator, RPS Energy CanadaLtd. Contingent resources for 2012 are 534 million barrels, compared to 994million barrels in 2011. Prospective resources are 254 million barrels,compared to 616 million barrels in 2011. The resource estimates includeexpansion of primary recovery development as well as recognition for secondaryand tertiary recovery methods.

The contingent and prospective resource adjustments reflect the reduction inthe oil in place volumes in the field disclosed on February 25, 2013, fromupdated geologic mapping of the individual reservoir sands. The reducedresource volumes are aligned with the Company's deferred development plans inthe area and allow for further evaluation through delineation drilling and datacollection.

Operational Update

The Company intends to issue the first quarter 2013 operational update and hosta conference call on Friday, April 5, 2013. Mr. David French, Bankers' newlyappointed President and CEO will also be participating on the call.

Caution Regarding Forward-looking Information

Information in this news release respecting matters such as the expected futureproduction levels from wells, future prices and netback, work plans,anticipated total oil recovery of the Patos-Marinza and Kuçova oilfieldsconstitute forward-looking information. Statements containing forward-lookinginformation express, as at the date of this news release, the Company's plans,estimates, forecasts, projections, expectations, or beliefs as to future eventsor results and are believed to be reasonable based on information currentlyavailable to the Company.

Exploration for oil is a speculative business that involves a high degree ofrisk. The Company's expectations for its Albanian operations and plans aresubject to a number of risks in addition to those inherent in oil productionoperations, including: that Brent oil prices could fall resulting in reducedreturns and a change in the economics of the project; availability offinancing; delays associated with equipment procurement, equipment failure andthe lack of suitably qualified personnel; the inherent uncertainty in theestimation of reserves; exports from Albania being disrupted due to unplanneddisruptions; and changes in the political or economic environment.

Production and netback forecasts are based on a number of assumptions includingthat the rate and cost of well takeovers, well reactivations and wellrecompletions of the past will continue and success rates will be similar tothose rates experienced for previous well recompletions/reactivations/development; that further wells taken over and recompleted will produce atrates similar to the average rate of production achieved from wellsrecompletions/reactivations/development in the past; continued availability ofthe necessary equipment, personnel and financial resources to sustain theCompany's planned work program; continued political and economic stability inAlbania; the existence of reserves as expected; the continued release byAlbpetrol of areas and wells pursuant to the Plan of Development and Addendum;the absence of unplanned disruptions; the ability of the Company tosuccessfully drill new wells and bring production to market; and general risksinherent in oil and gas operations.

Forward-looking statements and information are based on assumptions thatfinancing, equipment and personnel will be available when required and onreasonable terms, none of which are assured and are subject to a number ofother risks and uncertainties described under "Risk Factors" in the Company'sAnnual Information Form and Management's Discussion and Analysis, which areavailable on SEDAR under the Company's profile at www.sedar.com.

There can be no assurance that forward-looking statements will prove to beaccurate. Actual results and future events could differ materially from thoseanticipated in such statements. Readers should not place undue reliance onforward-looking information and forward looking statements.

Review by Qualified Person

This release was reviewed by Suneel Gupta, Executive Vice President and COO ofBankers Petroleum Ltd., who is a "qualified person" under the rules andpolicies of AIM in his role with the Company and due to his training as aprofessional petroleum engineer (member of APEGGA) with over 20 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 andproduction company focused on developing large oil and gas reserves. InAlbania, Bankers operates and has the full rights to develop the Patos-Marinzaheavy oilfield, has a 100% interest in the Kuçova oilfield, and a 100% interestin Exploration Block "F". Bankers' shares are traded on the Toronto StockExchange and the AIM Market in London, England under the stock symbol BNK.

SOURCE: Bankers Petroleum Ltd.

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