Conversion of Securities

3 Nov 2006 07:01

Bankers Petroleum announces closing of US$20 million debt facility CALGARY, Nov. 2 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) ispleased to announce the closing of a US$20 million debt facility for BankersPetroleum Albania Ltd. (Bankers Albania), the Company's wholly-owned Albaniansubsidiary, with Raiffeisen Bank Sh.A (Raiffeisen) in Albania. Raiffeisen is awholly-owned subsidiary of Raiffeisen Zentralbank OsterreichAktiengesellschaft, a major Austrian financial institution. The debt facility is comprised of a US$15 million term loan payable overfive years and a US$5 million revolving line of credit, both of which bearinterest at commercial rates. The facility is secured by the assets of BankersAlbania and by a guarantee by the Company. The proceeds of the financing willbe used to fund Bankers' ongoing capital investment program in Albania. "We're pleased to establish this relationship with Raiffeisen, which hasa leading presence in Albania," said Richard Wadsworth, President. "We expectthis relationship to foster further growth opportunities for Bankers inAlbania." About Bankers Petroleum Ltd. Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration andproduction company focused on opportunities in unconventional petroleumassets. Bankers holds interests in four prospects in the Northern and Centralregions of the United States, where it is currently pursuing the explorationof shale gas plays. It also operates in the Patos-Marinza oilfield in Albaniapursuant to a license agreement, producing heavy oil. Bankers' shares aretraded on the Toronto Stock Exchange and the AIM Market in London, Englandunder the ticker symbol BNK.For further information: Susan J. Soprovich, VP, Investor Relations andCorporate Governance, (403) 541-5313, Email:investorrelations(at)bankerspetroleum.com, Website: www.bankerspetroleum.com;Vilma Bace, Public Relations Manager, vilma.bace(at)raiffeisen.al(BNK. BNK) ENDBANKERS PETROLEUM LIMITED