BNK.L Regulatory News (BNK)

17 May 2006 07:00

Bankers files final prospectus regarding share consideration for U.S. asset acquisition CALGARY, May 16 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) todayannounced that it has filed a final prospectus with respect to the proposedissuance of 25,971,715 common shares pursuant to the purchase and saleagreement between Bankers Petroleum (U.S.) Inc., an indirect wholly-ownedsubsidiary of the Company, and Vintage Petroleum, LLC. for the acquisition offour unconventional shale gas prospects in the Northern and Central regions ofthe United States. The completion of this transaction will increase Bankers'total net acreage holdings in unconventional gas plays in the United States toover 500,000 net acres as well as diversify Bankers' US assets. The shareswill be issued upon closing of the transaction which is expected to occurprior to the end of May, 2006. The TSX has conditionally approved the listing of the shares subject tofulfilling all of the listing requirements of the TSX. The final prospectus isavailable at www.sedar.com and on the Bankers' website atwww.bankerspetroleum.com. About Bankers Petroleum Ltd. Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration andproduction company focused on opportunities in unconventional petroleumassets. Bankers holds interest in the Palo Duro Basin of west Texas, UnitedStates, where it is currently pursuing the exploration of Bend shale gas. Italso operates in the Patos-Marinza oilfield in Albania pursuant to a licenseagreement, producing heavy oil. Bankers shares are traded on the Toronto StockExchange and the AIM Market in London, England under the ticker symbol BNK. Caution Regarding Forward-looking Information Certain information in this news release constitutes forward-lookinginformation. Such forward-looking information, including but not limited tostatements with respect to the timing and completion of the Company's proposedacquisition of assets of Vintage Petroleum, LLC, the Company's planned workprogram and management's belief as to the potential of properties involveknown and unknown risks, uncertainties and other factors which may cause theactual results of the Company and its operations to be materially differentfrom estimated costs or results expressed or implied by such forward-lookingstatements. Such factors include, among others, the risk factors described inthe Company's annual information form and the prospectus, both of which areavailable for viewing under the Company's profile at www.sedar.com. Althoughthe Company has attempted to take into account important factors that couldcause actual costs or results to differ materially, there may be other factorsthat cause costs of the Company's program or results not to be as anticipated,estimated or intended. There can be no assurance that such statements willprove to be accurate as actual results and future events could differmaterially from those anticipated in such statements. Accordingly, readersshould not place undue reliance on forward-looking information. For further information: contact: Susan J. Soprovich, VP, InvestorRelations and Corporate Governance, (403) 541-5313, Email:investorrelations(at)bankerspetroleum.com, Website: www.bankerspetroleum.com (BNK. BNK.WT.) ENDBANKERS PETROLEUM LIMITED