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Re: News Release - Tuesday, July 15, 2008
Bankers Petroleum Completes Company Split
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- Not for distribution to United States newswire services or for
dissemination in the United States -
Consolidation of Bankers Shares to Follow
CALGARY, July 15, 2008 - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
wishes to provide the following update in respect of its plan of
arrangement (the "Arrangement") pursuant to which all of Bankers U.S.
operations and assets have been spun out into BNK Petroleum Inc.
("BNK-US").
The date and time for determining which Bankers shareholders are to
receive BNK-US shares was Monday, July 14, 2008 at 4:30 p.m. (Calgary
time) (the "Record Time"). Certificates representing BNK-US Shares are
expected to be sent to registered holders on or about Thursday, July
17, 2008. Pursuant to the Arrangement, Bankers shareholders as of the
Record Time received one (1) BNK-US Share for each ten (10) Bankers
Shares.
At the Record Time, the final adjustment price was determined for
Bankers' listed common share purchase warrants (the "Purchase
Warrants"). The Purchase Warrants listed under the symbol BNK.WT will
have their exercise price adjusted from CAD$0.95 to CAD$0.83 per
Bankers Share. The Purchase Warrants listed under the symbol BNK.WT.A
will have their exercise price adjusted from CAD$0.90 to CAD$0.79 per
Bankers Share.
Within the next ten days, Bankers intends to complete the consolidation
of the Bankers Shares on the basis of one (1) new post-consolidation
Bankers Share for each three (3) pre-consolidation Bankers Shares,
subject to regulatory approval. Upon completion, the consolidation will
result in the number of Bankers Shares into which the Purchase Warrants
may be exercised for to be divided by three (3) and the exercise prices
of such Purchase Warrants will be tripled. The resulting adjustments to
the exercise prices of the Purchase Warrants are expected to be as
follows:
- the Purchase Warrants listed under the symbol BNK.WT will have their
exercise price adjusted from CAD$0.83 to CAD$2.49 per Bankers Share;
and
- the Purchase Warrants listed under the symbol BNK.WT.A will have
their exercise price adjusted from CAD$0.79 to CAD$2.37 per Bankers
Share.
Bankers unlisted common share purchase warrants and stock options will
be adjusted in accordance with the same formula applied to the Purchase
Warrants. Specific details and timing in connection with the
consolidation will be released shortly in a further press release.
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.
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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/ Henry Fitzgerald-O'Connor
+44 20 7050 6500
AIM JOINT BROKERS:
Canaccord Adams Limited Tristone Capital Ltd.
Ryan Gaffney/ Henry Fitzgerald-O'Connor Nick Morgan
+44 20 7050 6500 +44 20 7355 5800
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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
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