8 Feb 2008 07:00
Bankers Petroleum Ltd. - Shareholder Notification
CALGARY, Feb. 8 /CNW/ - Bankers Petroleum Ltd. was notified on February 7, 2008 that, as at close of business on February 7, 2008, Blackrock Investment Management (UK) ("Blackrock"), an investment management company, had an interest with direct voting rights in 60,723,221 shares in the Company, representing 13.4% of the total issued share capital of the Company.
On February 6, 2008, Bankers completed the closing of CDN$50.0 million of its previously announced CDN$60.0 million private placement at a price of CDN$0.90 per share. The remainder of the placement is placed with Blackrock, who will subscribe for 11,111,111 common shares for gross proceeds of CDN$10.0 million to be satisfied by cash. After the close, Blackrock will hold an interest with direct voting rights in 71,834,332 shares in the Company, representing 13.9% of the total issued share capital of the Company. Bankers expects to close the remainder of the private placement before February 15, subject to meeting regulatory requirements and completion of documentation.
The securities are subject to a four month hold period. Proceeds from the placement will be used to fund the Company's exploration and development programs in Albania and the United States, the recently announced Albanian acquisition and for general corporate purposes.
There are currently no management service contracts or plans to enter such contracts existing between Blackrock and Bankers. Bankers' Directors consider, having consulted with its nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on opportunities in unconventional petroleum assets. Bankers operates and has the full rights to develop the Patos-Marinza heavy oilfield in Albania, which is a 2.0 billion barrel resource. It also holds interests in four areas in the Northern and Central regions of the United States, where it is currently pursuing the exploration, development and production of shale and tight sand gas plays. Bankers shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the ticker symbol BNK.
For further information: Susan J. Soprovich, VP, Investor Relations andCorporate Governance, Ph: (403) 513-2681, Email:investorrelations(at)bankerspetroleum.com, Website: www.bankerspetroleum.com;AIM NOMAD: Canaccord Adams Limited, Ryan Gaffney, Adam Janikowski +44 20 70506500(BNK. BNK)
BANKERS PETROLEUM LIMITED