16 Apr 2012 07:00
Bankers Petroleum exploration well update
Block "F" Exploration Well on Ardenica Structure is suspended
CALGARY, April 13, 2012 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") reports that the Ardenica exploration well on Block "F" in Albania reached total depth of 2,030 meters on April 11. Subsequent petrophysical and drilling data indicates that the well penetrated several thick porous sands however, did not encounter any hydrocarbon shows that would merit testing. The well was cased and suspended. The Company will study the well and seismic data to further evaluate and upgrade several other prospects mapped on the 185,000 acre block.
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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 APEGGA) 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.
For further information:Abby BadwiPresident and Chief Executive Officer(403) 513-2694Doug UrchExecutive VP, Finance and Chief Financial Officer(403) 513-2691Mark HodgsonVP, Business Development(403) 513-2695Email: investorrelations@bankerspetroleum.comWebsite: www.bankerspetroleum.comAIM NOMAD:Canaccord Genuity LimitedHenry Fitzgerald-O'Connor+44 20 7050 6500AIM JOINT BROKERS:Canaccord Genuity LimitedRyan Gaffney/ Henry Fitzgerald-O'Connor+44 20 7050 6500Macquarie Capital AdvisorsBen Colegrave/Paul Connolly+44 20 3037 5639
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