BNK.L Regulatory News (BNK)

16 Feb 2006 07:02

Bankers Petroleum Limited16 February 2006 BANKERS PETROLEUM LTD BANKERS PETROLEUM ANNOUNCES APPOINTMENT OF NEW DIRECTOR February 16, 2006 BNK: TSX BNK: AIM February 16, 2006, Calgary, Alberta - Bankers Petroleum Ltd. (TSX: BNK, AIM:BNK) (the "Company") is pleased to announce the appointment of Mr. Eric M. Brownas an independent director of the Company. Mr. Brown obtained a Bachelor of Commerce degree in 1963 from the University ofSaskatchewan, maintains a designation as a Chartered Accountant; holds aCertificate in Advanced Management from the Banff School of Advanced managementand is a Certified Management Consultant. Mr. Brown holds the position ofRegional Managing Partner for Alberta Advisory Services of Meyers Norris Penny,LLP, where he is responsible for growing and managing business and financialadvisory services practice in Alberta. He manages a team of businessconsultants, business valuators, corporate financiers and insolvencypractitioners. Prior to his position with Alberta Advisory Services, Mr. Brown held theposition of Partner at Cascadia Ventures Inc., President of E.M. Brown &Associates Inc.; General Manager of Threadfast Manufacturing Ltd. and Partner atACTI. Mr. Brown possesses many years of experience in publicly traded companygovernance as a Director of companies listed on Canadian stock exchanges (TSE,VSE, ASE, CDNX). Mr. Brown has served as Chairman and member of public companyaudit committees. The Company would like to take this opportunity to thank Mr. C.S. (Juneyt)Tirmandi who will be stepping down as a Director of the Company. Mr. Tirmandiwas appointed as a member of the board on June 24, 2005 and will continue asChief Financial Officer of Bankers Petroleum Ltd. Palo Duro Basin The Misener #1 well, the first well on the Company's five well appraisal programin the Palo Duro basin, reached a total depth of 10,142 feet on February 13,2006. Electric logs are being run, after which the well is expected to be cased.Original Gas In Place data will be estimated from evaluations performed on theelectric logs. Core samples have been recovered from both the Wolfcamp shale andBend shale, and are undergoing analysis. A triple rig is scheduled to commencemobilization to the Jones #1 well site prior to the end of February, 2006.Drilling of the Jones #1 well is intended to test the Bend shale. Patos Marinza The Company has filed its proposed Plan of Development for the Patos Marinzaproject with the National Petroleum Agency of Albania. Current production fromPatos Marinza is approximately 2,500 bopd from approximately 70 producing wells. 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 a 100% working interest in thePatos-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 propertiesconstitutes forward-looking information. Such forward-looking information,including but not limited to statements with timing and other informationrelating to the Company's planned work and development programs and productionand involve known and unknown risks, uncertainties and other factors which maycause the actual results of the Company and its operations to be materiallydifferent from estimated costs or results expressed or implied by suchforward-looking statements. Such factors include, among others, general risksassociated with petroleum operations and risks associated with equipmentprocurement and equipment failure. Although the Company has attempted to takeinto account important factors that could cause actual costs or results todiffer materially, there may be other factors that cause costs of the Company'sprogram or results not to be as anticipated, estimated or intended. There can beno assurance that such statements will prove to be accurate as actual resultsand future events could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance onforward-looking information. This information is provided by RNS The company news service from the London Stock Exchange