7 Sep 2012 14:00
Bankers Petroleum Announces Bid Submission
CALGARY, Sept. 7, 2012 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (AIM: BNK) is pleased to announce its participation today in the bid submission for the privatization of Albpetrol Sh. A., the state oil company of Albania.
Bankers' bid consists of a combination of cash consideration and future work program funding commitments in the areas of field development, social programs and remediation of legacy environmental issues.
Should this bid be accepted by the Government, Bankers will fund the cash consideration through a combination of cash on hand and debt.
"We are excited to have participated in the process and feel that the combination of ongoing excellence in development of oil and gas resources in Albania, a continued focus on the social welfare of the communities we work among, plus a commitment to co-invest alongside the Government of Albania to address long-standing legacy environmental issues will all lead to serious consideration by the Government for our bid."
-Abby BadwiVice Chairman, President and CEO
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Review by Qualified Person
This release was reviewed by Suneel Gupta, Executive Vice President and Chief Operating Officer of Bankers Petroleum Ltd., who is a "qualified person" under the rules and policies of AIM in his role with the Company and due to his training as a professional engineer (member of APEGA) 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 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 oilfield and has a 100% interest in the Ku§ova oilfield, and a 100% interest in Exploration Block "F". Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK .
SOURCE: Bankers Petroleum Ltd.
For further information:
Abby Badwi President and Chief Executive Officer (403) 513-2694 Doug Urch Executive VP, Finance and Chief Financial Officer (403) 513-2691 Mark Hodgson VP, Business Development (403) 513-2695 Email: investorrelations@bankerspetroleum.com Website: www.bankerspetroleum.com
AIM NOMAD:Canaccord Genuity LimitedHenry Fitzgerald-O'Connor+44 20 7523 8000AIM JOINT BROKERS:Canaccord Genuity LimitedRyan Gaffney / Henry Fitzgerald-O'Connor+44 20 7523 8000Macquarie Capital AdvisorsPaul Connolly+44 20 3037 5639