CALGARY , Feb. 23, 2015 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) today announced that its subsidiary, Bankers Petroleum Albania Ltd. (BPAL), has reached a full and final settlement with BP Oil International Limited (BPOI) in connection with the September 2013 lawsuit initiated by BPOI against BPAL at the High Court of Justice in London , England. The settlement is for a payment by BPAL to BPOI of US$16.5 million inclusive of all costs and interest. The lawsuit was brought in connection with the termination by BPAL in November 2012 of a long term oil supply contract between BPAL and BPOI and initially sought damages of up to US$54.2 million for, among other things, the alleged wrongful termination of such agreement. BPOI's claim had recently been revalued at US$37.4 million to reflect movements in oil price since September 2013 . As part of the settlement, neither party admitted to wrongful or illegal conduct, and both parties' claims and counterclaims will be dismissed.

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 oilfield, has a 100% interest in the Kuçova oilfield, and a 100% interest in Exploration Block "F".London, England under the stock symbol BNK.

SOURCE Bankers Petroleum Ltd.