Bankers Engages Consultants

22 Mar 2006 18:15

Bankers Petroleum Limited22 March 2006 BANKERS PETROLEUM LTD. ANNOUNCES ENGAGEMENT OF DATA CONSULTANTS IN PALO DURO March 22, 2006 BNK: TSX BNK: AIM March 22, 2006, Calgary, Alberta - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)(the "Company") is pleased to announce that it has engaged the Data andConsulting Services Division of Schlumberger, an international integrated oilservices company, to assist in the gathering, review and analysis of informationrelated to the gas potential of the Palo Duro Basin shales. This consulting agreement provides the Company with access to shale gasspecialists who have in the past provided similar shale development expertise tounconventional shale gas prospects in other sedimentary basins. Schlumberger'sinvolvement will include construction of a 3-D Earth Model based on existingbasin knowledge which will be continuously updated and refined as more data isgathered through the activities of the Company and others in the basin. Themodel is also expected to be utilized in a predictive manner for fielddevelopment. The Company believes that this association will assist in theunderstanding of the basin characteristics and accelerate the pace of earlyfield development. The Company spudded its second appraisal well, the Jones No. 1, on March 14,2006, in the Palo Duro Basin, Texas. The well is currently at a drilling depthof approximately 3,000 feet. This well is targeting the Lower Pennsylvaniangroup of sands and shales as well as secondary targets including the San Andres,Clear Fork, Wolfcamp, Upper Pennsylvanian, Strawn and Morrow formations. Thiswell is permitted to a depth of 11,000 feet and is located approximately 8 milessoutheast of the Misener No. 1 well. On Behalf of the Board of Directors, "Richard Wadsworth" Richard Wadsworth, President For further information, please contact 604-685-2162 The TSX Venture Exchange has not reviewed and does not accept responsibility forthe adequacy or accuracy of this news release. 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 the estimated timing ofthe Company's planned work program involve known and unknown risks,uncertainties and other factors which may cause the actual costs and results ofthe Company and its operations to be materially different from estimated costsor results expressed or implied by such forward-looking statements. Such factorsinclude, among others, general risks associated with petroleum operations andrisks associated with equipment procurement and equipment failure. Although theCompany has attempted to take into account important factors that could causeactual costs or results to differ materially, there may be other factors thatcause costs and timing of the Company's program or results not to be asanticipated, estimated or intended. There can be no assurance that suchstatements will prove to be accurate as actual results and future events coulddiffer materially from those anticipated in such statements. Accordingly,readers should not place undue reliance on forward-looking information. This information is provided by RNS The company news service from the London Stock Exchange