BNK-T $84 Million Capital Investment in Albania for the Nine Month Period in 2010

BANKERS PETROLEUM ANNOUNCES THIRD QUARTER FINANCIAL RESULTS

$84 Million Capital Investment in Albania for the Nine Month Period in 2010

CALGARY, Nov. 11 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to provide its third quarter 2010 Financial Results. The complete reporting package, consisting of Management's Discussion and Analysis along with Financial Statements and Notes, is posted on the Company's website www.bankerspetroleum.com and SEDAR: www.sedar.com.


<<
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Q3 - 2010 Q2 - 2010 Q3 - 2009
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Capital Expenditures ($000) 27,991 29,262 12,104
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Brent Oil Price ($/bbl) 76.86 78.24 68.27
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Patos-Marinza Oil Price ($/bbl) 46.61 47.12 40.71
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Royalties ($/bbl) 9.16 9.35 9.32
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Operating Costs ($/bbl) 10.40 9.94 10.56
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Transportation ($/bbl) 5.31 5.07 4.76
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Netback ($/bbl) 21.74 22.76 16.07
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Highlights for the quarter ended September 30, 2010 are:

- Revenue was $42.1 million ($46.61/bbl) in the third quarter of 2010,
consistent with the second quarter and increased by 80% from
$23.4 million ($40.71/bbl) in the third quarter of 2009.

- Net operating income (netback) increased 112% to $19.6 million
($21.74/bbl) in the third quarter of 2010 from $9.3 million
($16.07/bbl) in the third quarter of 2009. Net operating income
(netback) for the second quarter was $20.4 million ($22.76/bbl).

- Funds generated from operations increased 125% to $16.6 million in
the third quarter of 2010 from $7.4 million in the same quarter of
2009. Funds generated from operations for the second quarter were
$18.8 million.

- Average production was 9,826 bopd, an increase of 57% over the same
quarter of 2009 and flat from the second quarter of 2010. Production
at September 30, 2010 was approximately 10,500 bopd.

- A third drilling rig was added in late July and a total of 15 new
wells were drilled in the quarter; 11 horizontal wells and 4 vertical
wells.

- On July 15, 2010, the Company completed a prospectus offering with a
syndicate of underwriters and issued an aggregate of 12,903,228
common shares at a price of CAD$7.75 per common share on a bought
deal basis, resulting in gross proceeds of $96.2 million.

- Bankers continues to maintain a strong balance sheet; at
September 30, 2010, Bankers had working capital of $138.8 million
(including cash and cash equivalents totaling $134.4 million) and
long-term bank loans of $19.2 million.

Statements and Notes, is posted on the Company's website www.bankerspetroleum.com and SEDAR: www.sedar.com.