Closes first tranche of private placement

6 Feb 2008 13:00

Bankers Petroleum closes first tranche of private placement

CALGARY, Feb. 6 /CNW/ - Bankers Petroleum Ltd. is pleased to announce that it has completed the first closing of its previously announced CDN$60.0 million private placement, pursuant to which the Company issued 55,555,555 shares at a price of $0.90 per share for gross proceeds of approximately CDN$50.0 million.

Bankers expects to close the remainder of the private placement before February 15, subject to meeting regulatory requirements and completion of documentation. Once finalized, the Company will have issued an aggregate of 66,666,666 shares of the Company, at a price of $0.90 per share for gross proceeds of approximately CDN$60.0 million. The securities are subject to a four month hold period. Proceeds from the placement will be used to fund the Company's exploration and development programs in Albania and the United States, the recently announced Albanian acquisition and for general corporate purposes.

Application has been made for the shares issued under the private placement to be admitted to trading on the Toronto Stock Exchange and the AIM Market of the London Stock Exchange (effective February 6, 2008).

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 operates and has the full rights to develop the Patos-Marinza heavy oilfield in Albania, which is a 2.0 billion barrel resource. It also holds interests in four 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 ticker 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 (BNK. BNK)