15 Jul 2008 13:00
Bankers Petroleum Completes Company Split
Consolidation of Bankers Shares to Follow /Not for distribution to United States newswire services or for dissemination in the United States/
CALGARY, July 15 /CNW/ - Bankers Petroleum Ltd. wishes to provide the following update in respect of its plan of arrangement (the "Arrangement") pursuant to which all of Bankers U.S. operations and assets have been spun out into BNK Petroleum Inc. ("BNK-US").
The date and time for determining which Bankers shareholders are to receive BNK-US shares was Monday, July 14, 2008 at 4:30 p.m. (Calgary time) (the "Record Time"). Certificates representing BNK-US Shares are expected to be sent to registered holders on or about Thursday, July 17, 2008. Pursuant to the Arrangement, Bankers shareholders as of the Record Time received one (1) BNK-US Share for each ten (10) Bankers Shares.
At the Record Time, the final adjustment price was determined for Bankers' listed common share purchase warrants (the "Purchase Warrants"). The Purchase Warrants listed under the symbol BNK.WT will have their exercise price adjusted from CAD$0.95 to CAD$0.83 per Bankers Share. The Purchase Warrants listed under the symbol BNK.WT.A will have their exercise price adjusted from CAD$0.90 to CAD$0.79 per Bankers Share.
Within the next ten days, Bankers intends to complete the consolidation of the Bankers Shares on the basis of one (1) new post-consolidation Bankers Share for each three (3) pre-consolidation Bankers Shares, subject to regulatory approval. Upon completion, the consolidation will result in the number of Bankers Shares into which the Purchase Warrants may be exercised for to be divided by three (3) and the exercise prices of such Purchase Warrants will be tripled. The resulting adjustments to the exercise prices of the Purchase Warrants are expected to be as follows:
- the Purchase Warrants listed under the symbol BNK.WT will have their exercise price adjusted from CAD$0.83 to CAD$2.49 per Bankers Share; and - the Purchase Warrants listed under the symbol BNK.WT.A will have their exercise price adjusted from CAD$0.79 to CAD$2.37 per Bankers Share.
Bankers unlisted common share purchase warrants and stock options will be adjusted in accordance with the same formula applied to the Purchase Warrants. Specific details and timing in connection with the consolidation will be released shortly in a further press release.
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 oil field and has a 100% interest in the Kucova oil field. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.
For further information: Abby Badwi, Chief Executive Officer, (403) 513-2694; Doug Urch, VP, Finance and Chief Financial Officer, (403) 513-2691; Susan J. Soprovich, VP, Investor Relations and Corporate Governance, (403) 513-2681, Email: investorrelations(at)bankerspetroleum.com, Website: www.bankerspetroleum.com; AIM NOMAD: Canaccord Adams Limited, Ryan Gaffney, Henry Fitzgerald-O'Connor, +44 20 7050 6500; AIM JOINT BROKERS: Canaccord Adams Limited, Ryan Gaffney, Henry Fitzgerald-O'Connor, +44 20 7050 6500; Tristone Capital Ltd., Nick Morgan, +44 20 7355 5800 (BNK.)
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