Consolidates Shares & Warrants

29 Jul 2008 13:10

Bankers Petroleum Consolidates Shares & Warrants

CALGARY, July 29 /CNW/ - Bankers Petroleum Ltd. is pleased to announce that its common shares , and both the common share purchase warrants expiring November 10, 2009 (the "November 2009 Warrants") and the common share purchase warrants expiring March 1, 2012 (the "March 2012 Warrants") (collectively, the "Warrants") of the Company will be posted for trading at the opening on Wednesday, July 30, 2008 on a one (1) for three (3) consolidated basis under the trading information set out below:

Common Shares (TSX/AIM): ------------------------- Stock Symbol: BNK CUSIP: 066286 30 3 ISIN: CA 0662863038 November 2009 Warrants (TSX/AIM): --------------------------------- Stock Symbol: BNK.WT/BNKW CUSIP: 066286 13 9 ISIN: CA 0662861396 March 2012 Warrants (TSX): -------------------------- Stock Symbol: BNK.WT.A CUSIP: 066286 14 7 ISIN: CA 0662861479

As a result of the consolidation, the exercise price of the November 2009 Warrants has been adjusted so that each November 2009 Warrant will entitle the holder to purchase one common share at price of $2.49 per share. The expiry date of the November 2009 Warrants remains at 5:00 p.m. (Calgary time) on November 10, 2009. In addition, the exercise price of the March 2012 Warrants has been adjusted so that each March 2012 Warrant will entitle the holder to purchase one common share at $2.37 per share. The expiry date of the March 2012 Warrants remains at 4:30 p.m. (Calgary time) on March 1, 2012.

Post consolidation, the approximate share capital of the Company will beas follows: Common shares 182,501,262 November 2009 Warrants 3,573,041 March 2012 Warrants 4,911,475 Unlisted Warrants 1,226,667 Options 8,587,186 --------------------------------------- Fully diluted 200,839,631 --------------------------------------- ---------------------------------------

No fractional common shares will be issued as a result of consolidation. In the event that a holder would otherwise be entitled to a fractional share, the number of shares issued to such shareholder shall be rounded up to the next greater whole number of shares, if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the next lesser whole number of shares if the fractional entitlement is less than 0.5. In calculating such fractional interests, all shares registered in the name of or beneficially held by such shareholder or their nominee shall be aggregated.

No fractional Warrants will be issued as a result of consolidation. In the event that a holder would otherwise be entitled to a fractional Warrant, the number of Warrants issued to such warrantholder shall be rounded up to the next greater whole number of Warrants, if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the next lesser whole number of Warrants if the fractional entitlement is less than 0.5. In calculating such fractional interests, all Warrants registered in the name of or beneficially held by such warrantholder or their nominee shall be aggregated.

In respect of the consolidation, letters of transmittal were mailed to holders of common shares along with the Company's Information Circular and Proxy Statement dated May 27, 2008. The letters of transmittal request holders of common shares and Warrants to forward their pre-consolidated common share and Warrant certificates to Computershare Investor Services Inc. in exchange for new common share and Warrant certificates representing the appropriate number of post-consolidated common shares and Warrants.

The November 2009 Warrants are governed by the terms of an indenture dated November 10, 2004, as amended by a supplemental indenture dated September 1, 2006, between the Company and Computershare Trust Company of Canada, as trustee. The March 2012 Warrants are governed by the terms of an indenture dated March 1, 2007 between the Company and Computershare Trust Company of Canada as trustee.

--------- 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 100% interest in the Kucova oil field. 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, Henry Fitzgerald-O'Connor, +44 20 7050 6500; AIM JOINT BROKERS: Canaccord Adams Limited, Ryan Gaffney, Henry Fitzgerald-O'Connor, +44 20 7050 6500; Tristone Capital Ltd., Nick Morgan, +44 20 7355 5800 (BNK)