BNK.L Regulatory News (BNK)

14 Feb 2006 07:00

Bankers Petroleum Limited13 February 2006 Not for distribution to United States newswire services or for dissemination in the United States BANKERS PETROLEUM LTD. ANNOUNCES FINANCING February 13, 2006 BNK: TSX BNK: AIM February 13, 2006, Calgary, Alberta - Bankers Petroleum Ltd. ("Bankers" or the"Company) (TSX: BNK, AIM: BNK) is pleased to announce that it has entered intoan agreement with a syndicate led by Canaccord Adams Ltd. ("Canaccord") andincluding Orion Securities Inc. pursuant to which Canaccord has agreed topurchase for resale to the public, on a bought deal basis, an aggregate of50,000,000 common shares (the "Offered Shares") of Bankers at a price ofCDN$1.00 per Common Share (the "Issue Price"), resulting in gross proceeds ofapproximately CDN$50 million. The transaction is subject to certain conditions including normal regulatoryapprovals. The Offered Shares will be offered in the provinces of Alberta,British Columbia, and Ontario by way of a short form prospectus and on a privateplacement elsewhere, including in the United Kingdom. Closing is anticipated tooccur on or about March 6, 2006. Bankers intends to use the proceeds of the offering to further landacquisitions, for development costs for the Bend Group shales in the Palo Durobasin in Texas and for general working capital. About Bankers Petroleum Ltd. Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration andproduction company with significant exploration and development opportunities inthe Palo Duro Basin of west Texas and a 100% working interest in the Patos-Marinza oilfield in Albania. The Company commenced operations in the oil and gassector in July 2004 and has raised approximately US$50 million since that time. On behalf of the Board of Directors,"Richard Wadsworth"Richard Wadsworth, President For further information, please contact Investor Relations 604-685-2162Email: investorrelations@bankerspetroleum.com Certain information respecting the Company and the Company's propertiesconstitutes forward-looking information. Such forward-looking information,including but not limited to statements with respect to anticipated rates ofproduction, the estimated costs and timing of the Company's planned work programand reserves determination involve known and unknown risks, uncertainties andother factors which may cause the actual costs and results of the Company andits operations to be materially different from estimated costs or resultsexpressed or implied by such forward-looking statements. Such factors include,among others, risks related to international operations, general risksassociated with petroleum operations and risks associated with equipmentprocurement and equipment failure. Although the Company has attempted to takeinto account important factors that could cause actual costs or results todiffer materially, there may be other factors that cause costs of the Company'sprogram or results not to be as anticipated, estimated or intended. There can beno assurance that such statements will prove to be accurate as actual resultsand future events could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance onforward-looking information. This news release shall not constitute an offer to sell or the solicitation ofan offer to buy the securities in any jurisdiction. The common shares have notbeen and will not be registered under the United States Securities Act of 1933and may not be offered or sold in the United States absent registration or anapplicable exemption from the registration requirement. This information is provided by RNS The company news service from the London Stock Exchange