Bankers Drilling First Well

13 Dec 2005 18:22

Bankers Petroleum Limited13 December 2005 BANKERS PETROLEUM LTD. ANNOUNCES DRILLING OF FIRST TEST WELL December 13, 2005 BNK: TSX BNK: AIM December 13, 2005, Calgary, Alberta - Bankers Petroleum Ltd. (TSX: BNK, AIM:BNK) (the "Company") announced today that its wholly owned subsidiary BankersPetroleum (US) Inc., has spudded its first appraisal well, the Misener #1, inthe Palo Duro Basin, Texas. Located approximately 4.5 miles northeast ofFloydada, Floyd County, the Misener #1 is a vertical well permitted to a totaldepth of 10,500 feet. The Misener #1 is the first well in a planned 5-well appraisal program targetingthe Lower Pennsylvanian Group of Sands and Shales at depths of approximately8,900 to 9,600 feet, as well as secondary targets including the San Andres,Clear Fork, Wolfcamp, Upper Pennsylvanian, Strawn and Morrow formations. TheCompany has a minimum 95 percent working interest in the Misener #1 well whichis being drilled using a double rig under a one-well 60-day contract. Drilling,coring, logging and casing of the Misener #1 are anticipated to takeapproximately 35-40 days from spud date. The Company's 5-well appraisal programis designed to determine the commercial viability of the Lower PennsylvanianGroup of Sands and Shales in various parts of the Palo Duro Basin; maximizetechnical knowledge and requirements for future planning; and evaluate potentialsecondary targets. 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, Texas and a 100% working interest in the Patos-Marinzaoilfield in Albania. The Company commenced operations in the oil and gas sectorin July 2004 and has raised approximately US$50 million since that time. On Behalf of the Board of Directors, "Richard Wadsworth" Richard Wadsworth, President For further information, please contact Investor Relations 604-685-2162Email: 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 respect to anticipated rates ofproduction, the estimated costs and timing of the Company's planned work programand reserves determination involve known and unknown risks, uncertainties andother factors which may cause the actual costs and results of the Company andits operations to be materially different from estimated costs or resultsexpressed or implied by such forward-looking statements. Such factors include,among others, risks related to international operations, 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