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Re: News Release - Monday, May 25, 2009
Bankers Petroleum Raises An Additional $4 Million Through The
Exercise Of The Underwriters Over- Allotment Option
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Not for distribution to United States newswire services or for
dissemination in the United States.
For Immediate Release
CALGARY, May 25, 2009 -- Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce that it in
connection with the Company's recently closed Cdn$40 million bought
deal equity financing (the "Offering"), the underwriters have fully
exercised their over-allotment option for an additional 2,285,800
common shares at a price of Cdn$1.75 per common share for total gross
proceeds of Cdn$4,000,150. In total, the Company raised Cdn$44,001,650
from the Offering and the net proceeds will be used for Bankers'
production and development activities at its Patos Marinza and Kucova
oil fields in Albania and for general corporate purposes.
The Offering was co-led by Canaccord Capital Corporation and Thomas
Weisel Partners Canada Inc. and included Macquarie Capital Markets
Canada Ltd., BMO Nesbitt Burns Inc., Genuity Capital Markets, Tristone
Capital Inc. and Raymond James Ltd.
Application has been made for the 2,258,000 common shares subject to
the over-allotment option, to be admitted to trading on the AIM Market
of the London Stock Exchange and admission is expected to occur on 01
June 2009.
Subsequent to this transaction, the Company has 207,798,605 common
shares outstanding, 10,587,392 options to purchase common shares and
25,713,376 common share purchase warrants.
Caution Regarding Forward-looking Information
Information in this news release respecting matters such as the
expected future production levels from wells, future prices and
netback, work plans, anticipated total oil recovery of the Patos
Marinza and Ku�ova oil fields constitute forward-looking information.
Statements containing forward-looking information express, as at the
date of this news release, the Company's plans, estimates, forecasts,
projections, expectations, or beliefs as to future events or results
and are believed to be reasonable based on information currently
available to the Company.
Exploration for oil is a speculative business that involves a high
degree of risk. The Company's expectations for its Albanian operations
and plans are subject to a number of risks in addition to those
inherent in oil production operations, including: that Brent oil prices
could fall resulting in reduced returns and a change in the economics
of the project; availability of financing; delays associated with
equipment procurement, equipment failure and the lack of suitably
qualified personnel; the inherent uncertainty in the estimation of
reserves; exports from Albania being disrupted due to unplanned
disruptions; and changes in the political or economic environment.
Production and netback forecasts are based on a number of assumptions
including that the rate and cost of well takeovers, well reactivations
and well recompletions of the past will continue and success rates will
be similar to those rates experienced for previous well
recompletions/reactivations/development; that further wells taken over
and recompleted will produce at rates similar to the average rate of
production achieved from wells recompletions/reactivations/development
in the past; continued availability of the necessary equipment,
personnel and financial resources to sustain the Company's planned work
program; continued political and economic stability in Albania;
approval of the Addendum to the Plan of Development; the existence of
reserves as expected; the continued release by Albpetrol of areas and
wells pursuant to the Plan of Development and Addendum; the absence of
unplanned disruptions; the ability of the Company to successfully drill
new wells and bring production to market; and general risks inherent in
oil and gas operations.
Forward-looking statements and information are based on assumptions
that financing, equipment and personnel will be available when required
and on reasonable terms, none of which are assured and are subject to a
number of other risks and uncertainties described under "Risk Factors"
in the Company's Annual Information Form and Management's Discussion
and Analysis, which are available on SEDAR under the Company's profile
at www.sedar.com.
There can be no assurance that forward-looking statements will prove to
be accurate. Actual results and future events could differ materially
from those anticipated in such statements. Readers should not place
undue reliance on forwardlooking information and forward looking
statements.
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 both the
Patos Marinza and the Ku�ova heavy oil fields. Bankers' shares are
traded on the Toronto Stock Exchange and the AIM Market in London,
England under the stock symbol BNK.
For further information, contact:
Abby Badwi
President and Chief Executive Officer
(403) 513-2694
Doug Urch
VP, Finance and Chief Financial Officer
(403) 513-2691
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
Ryan Gaffney/ Henry Fitzgerald-O'Connor
+44 20 7050 6500
Tristone Capital Ltd.
Nick Morgan
+44 20 7355 5800
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Copyright (c) 2009 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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Bankers Petroleum Ltd.
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CODE : BNK.TO |
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CUSIP : 38142Q |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Bankers Petroleum is a oil exploration company based in Canada. Bankers Petroleum produces oil, natural gas in Albania, and holds various exploration projects in Albania. Its main asset in production is PATOS-MARINZA in Albania and its main exploration properties are KUÇOVA and KUCOVA HEAVY OILFIELD in Albania. Bankers Petroleum is listed in Canada, in Germany and in United Kingdom. Its market capitalisation is CA$ 3.2 billions as of today (US$ 2.3 billions, € 2.1 billions). Its stock quote reached its lowest recent point on December 31, 2007 at CA$ 0.35, and its highest recent level on October 11, 2024 at CA$ 12.13. Bankers Petroleum has 261 560 000 shares outstanding. |