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Re: News Release - Wednesday, February 06, 2008
Bankers Petroleum Closes First Tranche of Private Placement
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CALGARY, February 6, 2008 - Bankers Petroleum Ltd. (TSX: BNK, AIM:
BNK) 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.
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For further information, contact:
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@bankerspetroleum.com
Website: www.bankerspetroleum.com
AIM NOMAD:
Canaccord Adams Limited
Ryan Gaffney/ Adam Janikowski +44 20 7050 6500
View News Release in PDF:
http://www.bankerspete.com/i/pdf/2008-02-06_NR.pdf
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Copyright (c) 2008 BANKERS PETROLEUM LTD. (BNK.H) All rights reserved.
For more information visit our website at http://www.bankerspete.com/
or send mailto:info@bankerspetroleum.com
Message sent on Wed Feb 6, 2008 at 6:32:18 AM Pacific Time
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