8 Nov 2007 07:00
Bankers Petroleum comments on trading activity
CALGARY, Nov. 7 /CNW/ - At the request of Market Surveillance on behalf of the Toronto Stock Exchange, Bankers Petroleum Ltd. wishes to declare that there is nothing known at this time that could be contributing to the Company's recent rise in share price.
On November 2, 2007, Bankers announced the appointment of Abdel F. (Abby) Badwi in the role of Strategic Advisor, Doug Urch as Financial Advisor and Ian McMurtrie as Technical Advisor to the Company. In addition, Mr. Badwi will be appointed to the Board of Directors of Bankers upon completion of a private placement by the new appointees and has agreed to assume the position of Chief Executive Officer of Bankers on February 1, 2008. Richard Wadsworth will continue as President and will become Chief Operating Officer at that time.
On October 24, 2007, Bankers' existing management team announced it had achieved two critical milestones in the development of its assets: the construction of its Albanian thermal steam project was completed and testing and steam injection commenced; and the Company began selling its first natural gas and liquids production from the Woodford shale in the Oklahoma, U.S. exploration project.
Initiating enhanced oil recovery techniques in Albania is an important first step beyond primary recovery techniques towards capturing additional reserves and production. Every one percent additional recovery on this 2.0 billion barrel original-oil-in-place resource will be important in terms of volumes and value.
The Woodford shale looks to be proving itself as a significant play for the Company, generating good exploration results from the first horizontal wells. Bankers is hopeful that it will soon be able to move the Ardmore basin acreage into a development phase in 2008.
--------- Q3 Results & Conference Call:
Bankers' third quarter results are expected to be released after market close on Thursday, November 8, 2007. A conference call to discuss these results will be held Friday, November 9 at 9:00 a.m. MDT, 11:00 a.m. EDT, 4:00 p.m. BDT. To participate in the conference call, please dial 1-800-594-3615 or 1-416-644-3426 approximately 10 minutes prior to the call. A live and archived audio webcast of the conference call will also be available on Bankers' website at www.bankerspetroleum.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 and tight gas sand 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.
Caution Regarding Forward-looking Information
Information in this news release respecting planned work programs on the Company's US properties and anticipated results of such programs 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.
Oil recovery costs and plans are based on a number of assumptions including that success rates will be similar to those rates experienced in similar enhanced oil recovery projects; continued availability of the necessary equipment, personnel and financial resources to sustain the Company's planned work program; continued political and economic stability in Albania; the existence of reserves as expected; the continued release by Albpetrol of areas and wells required in these projects; availability of financing in the amounts and time frame required; if Brent oil prices fall, reduced returns and a change in the economics of the project could result; the inherent uncertainty in estimation of reserves; exports from Albania are not disrupted due to unforeseen events; the absence of unplanned disruptions; the ability of the Company to bring production to market; and general risks inherent in oil and gas operations.
Exploration for natural gas is a speculative business that involves a high degree of risk. Few wells that are drilled are ultimately developed commercially. There is no assurance that expenditures made by the Company on its US properties will result in discovery of commercial qualities of natural gas.
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 assured 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.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Review by Qualified Person
This operations update was reviewed by Richard Wadsworth, President 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 petroleum engineer with over 14 years experience in domestic and international oil and gas operations.
For further information: Susan J. Soprovich, VP, Investor Relations andCorporate Governance, Ph: (403) 513-2681, Email:investorrelations@bankerspetroleum.com, Website: www.bankerspetroleum.com;AIM NOMAD: Canaccord Adams Limited, Ryan Gaffney, Adam Janikowski, +44 207050 6500/(BNK)
BANKERS PETROLEUM LIMITED