BNK reports outcome of AGM

30 Jun 2008 07:01

Attention Business Editors:Bankers reports outcome of Annual and Special Meeting of shareholders

CALGARY, June 30 /CNW/ - Bankers Petroleum Ltd. is pleased to announce that shareholders approved all of the motions described in the management information circular dated May 27, 2008 at the Annual General and Special Meeting held June 27, 2008. In addition to electing the proposed slate of directors for the ensuing year, Bankers' shareholders approved: (a) the continuation of Bankers' Stock Option Plan and the unallocated entitlements there under; (b) the plan of arrangement pursuant to which Bankers will spin off its U.S. operations and assets as a new public company called BNK Petroleum Inc. (the "Plan of Arrangement"); and (c) the subsequent consolidation of Bankers' shares on a one (1) new post-consolidation Bankers Share for every three (3) pre-consolidation Bankers Shares (the "Post-Arrangement Share Consolidation").

With respect to the Plan of Arrangement and the Post-Arrangement Share Consolidation, over 99.9% of shareholders voted in favour of all voting shareholders. The record date for the Plan of Arrangement is yet to be determined and will be announced shortly.

A complete summary of the voting results is available at www.sedar.com. About Bankers Petroleum Ltd.

Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves. In Albania, Bankers operates and has the full rights to develop the Patos-Marinza heavy oil field and has a 50% interest in the Kucova oil field. It also holds an average 50% interest in the Tishomingo gas field in Oklahoma and varied interests in three other 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 stock symbol BNK.

For further information: Abby Badwi, Chief Executive Officer, (403) 513-2694; Doug Urch, VP, Finance and Chief Financial Officer, (403) 513-2691; Susan J. Soprovich, VP, Investor Relations and Corporate Governance, (403) 513-2681, Email: investorrelations(at)bankerspetroleum.com, Website: www.bankerspetroleum.com; AIM NOMAD: Canaccord Adams Limited, Ryan Gaffney, Adam Janikowski, +44 20 7050 6500; AIM JOINT BROKERS: Canaccord Adams Limited, Ryan Gaffney, Adam Janikowski, +44 20 7050 6500; Tristone Capital Ltd., Nick Morgan, +44 20 7355 5800 (BNK.)