BNK.L Regulatory News (BNK)

6 Mar 2006 14:22

Bankers Petroleum Limited06 March 2006 BANKERS PETROLEUM LTD. Suite 800, 906 - 12th Ave. S. W. Calgary, Alberta, T2R 1K7 Tel: (403) 541-5346 Fax: (403) 254-5156 BANKERS PETROLEUM LTD. CLOSES $50 MILLION FINANCING March 6, 2006 BNK: TSX BNK: AIM March 6, 2006, Calgary, Alberta - Bankers Petroleum Ltd. ("Bankers" or the"Company") (TSX: BNK, AIM: BNK) is pleased to announce completion of itspreviously announced underwritten prospectus offering, led by Canaccord CapitalCorporation and Orion Securities Inc. A total of 50,000,000 shares were sold at$1.00 per share for gross proceeds of $50 million. Bankers intends to use the net proceeds of the financing principally forexploration and development in the Palo Duro basin in Texas, including possiblefurther land acquisitions, working capital and other corporate purposes. Aportion of the proceeds may be used to finance development costs for Bankers'Patos-Marinza project in Albania. 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 the Patos-Marinza oilfield in Albania. On Behalf of the Board of Directors, "Richard Wadsworth" Richard Wadsworth, President For further information, please contact Investor Relations 604-685-2162 Email: investorrelations@bankerspetroleum.com Certain information respecting the Company and the Company's properties in thisnews release constitutes forward-looking information. Such forward-lookinginformation, including but not limited to statements with respect to theCompany's intended use of proceeds, involve known and unknown risks,uncertainties and other factors which may cause the actual use of proceeds,potential of the Company's properties, costs and results of the Company and itsoperations to be materially different from estimated timing, use, costs,potential or results expressed or implied by such forward-looking statements.Such factors include, among others, possible delays in obtaining necessaryapprovals for the Company's proposed exploration and development programs,realization of reserves, uncertainties related to reserves estimates,uncertainties related to costs, including difficulties encountered duringdrilling, exchange rate fluctuations and general risks associated with petroleumoperations including delays in equipment procurement or equipment failure.Although the Company has attempted to take into account important factors thatcould cause actual timing, uses, costs or results to differ materially, theremay be other factors that cause costs of the Company's program or results not tobe as anticipated, estimated or intended. There can be no assurance that suchstatements will prove to be accurate as actual results and future events coulddiffer materially from those anticipated in such statements. Accordingly,readers should not place undue reliance on forward-looking information. This information is provided by RNS The company news service from the London Stock Exchange