BNK.L Regulatory News (BNK)

1 Mar 2007 14:25

Bankers Closes Underwritten Prospectus Offering

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ Over-Allotment Option Exercised

CALGARY, Mar. 1 /CNW/ - Bankers Petroleum Ltd. is pleased to announce that its underwritten prospectus offering has closed. In addition, underwriters have exercised the over-allotment option to cover their over-allocation position at closing time.

An aggregate of 36,042,858 units and over-allocation units were issued for total gross proceeds of CDN$25,230,000. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company at a price of CDN$0.90 for a period of five years from the closing date. The warrants will commence trading on the TSX at market open on March 1, 2007 under the symbol BNK.WT.A.

Canaccord Capital Corporation led the underwriting syndicate for the offering, which included Orion Securities Inc.

Bankers intends to use the proceeds of the offering to further the exploration and development program in the United States and for general working capital.

Caution Regarding Forward-looking Information

Information in this news release respecting the proposed use of proceeds of the offering and planned work programs on the Company's US properties constitutes forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. Forward-looking statements and information are based on assumptions that financing, equipment and personnel will be available when required and on reasonable terms, none of which are assure and are subject to a number of other risks and uncertainties described under "Risk Factors" in the Company's Annual Information Form and Management's Discussion and Analysis, which are available on SEDAR under the Company's profile at www.sedar.com.

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 holds interests in four prospects in the Northern and Central regions of the United States, where it is currently pursuing the exploration of shale gas plays. It also operates in the Patos-Marinza oilfield in Albania pursuant to a license agreement, producing heavy oil. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the ticker symbol BNK.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities comprising the Units and the securities issuable upon exercise thereof have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

For further information: Susan J. Soprovich, VP, Investor Relations and Corporate Governance, (403) 513-2681, Email: investorrelations(at)bankerspetroleum.com, Website: www.bankerspetroleum.com (BNK. BNK)