Expansion of Land Holdings

27 Jul 2005 07:01

Bankers Petroleum Limited26 July 2005 BANKERS PETROLEUM ANNOUNCES EXPANSION OF LAND HOLDINGS IN PALO DURO BASIN July 26, 2005 Calgary, Alberta - Bankers Petroleum Ltd. (TSXV: BNK, AIM: BNK)announced today that the Company continues to add to its already significantacreage position in the Palo Duro Basin unconventional shale gas play,increasing its net acreage position to approximately 255,000 net acres with aview to having a total of 300,000 net acres under lease. In addition, Bankers has signed a 1-year term contract on a 10,000 feet tripledrilling rig for the Company's initial drilling program in the Palo Duro Basinscheduled to commence in October 2005. The rig is currently in Texas undergoingcommissioning for an October spud. Bankers has committed to drilling a minimumof one well in 2005 and will participate in information sharing in at least twonon-operated Bend Shale wells currently in progress. These wells will provideadditional information for further technical assessment of the Company's BendShale acreage position and determine the 2006 drilling program. AlbaniaProduction growth continues in the re-development program at the Patos Marinzaoilfield in Albania, with the first two weeks of July 2005 averaging over 1,800bopd up from June production of 1,605 bopd and 1527 bopd in Q2, 2005. BANKERS PETROLEUM LTD. Per: "Richard Wadsworth P.Eng." Richard Wadsworth, President For further information, please contact 604-609-6110. 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 anticipated rates ofproduction, the estimated costs and timing of the Company's planned work programand reserves determination involve known and unknown risks, uncertainties andother factors which may cause the actual costs and results of the Company andits operations to be materially different from estimated costs or resultsexpressed or implied by such forward-looking statements. Such factors include,among others, risks related to international operations, general risksassociated with petroleum operations and risks associated with equipmentprocurement and equipment failure. Although the Company has attempted to takeinto account important factors that could cause actual costs or results todiffer materially, there may be other factors that cause costs of the Company'sprogram or results not to be as anticipated, estimated or intended. There can beno assurance that such statements will prove to be accurate as actual resultsand future events could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance onforward-looking information. This information is provided by RNS The company news service from the London Stock Exchange