BANKERS PETROLEUM ANNOUNCES AGREEMENT WITH ALBPETROL

BANKERS PETROLEUM ANNOUNCES AGREEMENT WITH ALBPETROL

cnw

Acquisition of remaining Patos-Marinza contract area
CALGARY, March 31 /CNW/ - Bankers Petroleum Ltd. ("Bankers") is pleased to announce that it has reached an agreement with Albpetrol Sh.A. ("Albpetrol"), the Albanian national oil company, to accelerate the takeover of production and royalty payments for all remaining Albpetrol active well production and also the expansion of the project area and development plan to include all of the contract area of the Patos-Marinza oilfield concession. Effective March 31, 2011, Bankers will become the sole operator and Albpetrol will cease to conduct all petroleum operations in the Patos-Marinza oilfield and contract area.


Total consideration for the takeover rights of 140 active wells, with current production of 400 bopd, retention of the associated pre-existing production ("PEP") royalty and sole operatorship of the contract area, is US$24 million plus an additional US$10 million payment for environmental stewardship and social retrenchment. In accordance with Bankers' existing Petroleum Agreement, Albpetrol shall retain all liabilities and obligations for legacy environmental damages in the contract area.


Over the next three months, Bankers intends to take over and systematically shut-in all existing production and associated facilities from these wells. Clean-up, re-equipping and reactivation will be conducted over the following several months. Plans to develop the extension to the north and south of the current field boundary are also contemplated. These activities will occur within the Company's existing 2011 budget scope and production timeline.


Abby Badwi, President and CEO of Bankers commented: "While Bankers' Petroleum Agreement provided the rights to take over these wells over an extended period of time, this new agreement provides Bankers the opportunity to be the sole operator of the field, accelerating field reactivation and development, reducing administrative processes, and halting produced water disposal from Albpetrol's production facilities into surface drainage canals. Reactivation of the wells and expansion of the development plan over the entire contract area will provide the economic returns that offset the upfront acquisition costs."


The Minister of Economy, Trade and Energy, Mr. Nasip Naco, remarked: "We have been very pleased with the way that Bankers Petroleum has developed the Patos-Marinza oilfield and recognize the beneficial impact to the Government of Albania and its citizens as a result of the significant capital investment being made. This transaction, done in accordance with the existing Petroleum and License Agreements, will allow for the entire Patos-Marinza oilfield to benefit from the production and environmental improvements that Bankers has already demonstrated."


For additional information, please see an updated version of the Company's corporate presentation on www.bankerspetroleum.com


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 and has a 100% interest in the Kucova oilfield, and a 100% interest in Exploration Block F. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.

BNK-T Buy Signal Triggered

House Positions for C:BNK from 20110329 to 20110329

House	Bought	$Val	Ave	Sold	$Val	Ave	Net	$Net
7 TD Sec	163,266	1,302,637	7.979	25,925	207,220	7.993	137,341	-1,095,417
74 GMP	70,600	563,475	7.981	0			70,600	-563,475
52 NCP	122,767	977,871	7.965	73,125	582,224	7.962	49,642	-395,647
99 Jitney	113,400	901,857	7.953	67,500	538,500	7.978	45,900	-363,357
86 Pictet	33,400	264,585	7.922	0			33,400	-264,585
9 BMO Nesbitt	52,600	418,880	7.963	22,017	175,578	7.975	30,583	-243,302
80 National Bank	48,270	384,583	7.967	20,600	164,189	7.97	27,670	-220,394
46 Macquarie	22,300	179,045	8.029	0			22,300	-179,045
13 Instinet	18,400	146,916	7.985	500	3,960	7.92	17,900	-142,956
2 RBC	100,850	803,443	7.967	94,059	749,385	7.967	6,791	-54,058
72 Credit Suisse	6,900	55,062	7.98	469	3,734	7.962	6,431	-51,328
124 Questrade	7,200	57,225	7.948	1,700	13,508	7.946	5,500	-43,717
89 Raymond James	8,700	69,306	7.966	3,600	28,872	8.02	5,100	-40,434
58 Qtrade	3,000	24,010	8.003	0			3,000	-24,010
101 Newedge	4,800	38,268	7.973	2,800	22,341	7.979	2,000	-15,927
37 MacDougall	1,400	11,186	7.99	0			1,400	-11,186
53 Morgan Stanley	3,069	24,347	7.933	1,676	13,482	8.044	1,393	-10,865
33 Canaccord	3,900	31,114	7.978	2,813	22,633	8.046	1,087	-8,481
57 Interactive	250	1,992	7.968	0			250	-1,992
22 Fidelity	0			700	5,572	7.96	-700	5,572
19 Desjardins	9,150	72,897	7.967	11,000	87,650	7.968	-1,850	14,753
81 HSBC	5,820	46,310	7.957	8,500	68,000	8.00	-2,680	21,690
121 Jennings	0			3,400	27,236	8.011	-3,400	27,236
15 UBS	3,600	28,989	8.053	8,600	68,730	7.992	-5,000	39,741
10 FirstEnergy	0			14,200	113,008	7.958	-14,200	113,008
39 Merrill Lynch	2,000	15,984	7.992	17,727	141,798	7.999	-15,727	125,814
90 Barclays	0			25,100	199,780	7.959	-25,100	199,780
85 Scotia	27,800	221,551	7.969	65,290	521,877	7.993	-37,490	300,326
12 Wellington	0			47,100	378,408	8.034	-47,100	378,408
79 CIBC	314,284	2,501,102	7.958	365,425	2,908,354	7.959	-51,141	407,252
123 Citigroup	0			93,400	745,512	7.982	-93,400	745,512
1 Anonymous	121,700	969,218	7.964	292,200	2,320,302	7.941	-170,500	1,351,084
TOTAL	1,269,426	10,111,853	7.966	1,269,426	10,111,853	7.966	0	0

March, Tuesday 29 2011 - 10:55:25

WTI Crude Oil $104.21 ▲0.23 0.22% 10:55 AM EDT - 2011.03.29	Brent Crude Oil $114.26 ▼0.54 0.47% 10:50 AM EDT - 2011.03.29
Crude Oil Price by OIL-PRICE.NET © Price Change Trades Volume 10:50 - $ 104.21 0.23 0.22% 77,044 109,822 Range Open 52 Wk Range 1 Year Forecast 102.70 - 104.24 103.94 68.01 - 105.95 $120 / Barrel

PETROLEUM ANNOUNCES 2010 FINANCIAL RESULTS
2011-03-22 08:44 ET - News Release
Mr. Abdel Badwi reports
BANKERS PETROLEUM ANNOUNCES 2010 FINANCIAL RESULTS
Bankers Petroleum Ltd. has released its 2010 financial results and outlook for 2011.In 2010, Bankers was successful in progressing its strategic objectives and achieved record production, reserves, earnings and cash flow through its largest annual capital investment in Albania of $122-million (U.S.).                     

ANNUAL RESULTS                (thousands of U.S. dollars)                                                                                Year         Year                                       ended        ended                                    Dec. 31,     Dec. 31,                                        2010         2009  Oil revenue                        $170,376      $86,614 Net operating income                 81,103       31,496 Net income (loss)                    14,265         (150) Funds generated from operations      73,166       25,422 Capital expenditures                122,012       38,324

• Average production increased 49 per cent to 9,597 barrels of oil per day from 6,438 bopd in 2009. Exit production at year-end 2010 exceeded 12,100 bopd as compared with 8,100 bopd at year-end 2009.
• A second and third drilling rig commenced operation in the Patos-Marinza oil field in January and July, 2010, respectively. A total of 55 wells were drilled and completed in 2010, of which 50 were horizontal oil wells.
• Reserves in Albania increased at all levels: a 30-per-cent increase in the original-oil-in-place (OOIP) assessment to 7.8 billion barrels from six billion barrels, an increase of 30 per cent to 120 million barrels of proved reserves, and an 11-per-cent increase to 238 million barrels of proved plus probable reserves. Additionally, the company's independent reservoir engineers assigned contingent and prospective resource oil estimates of 1.2 billion and 540 million barrels, respectively. The corresponding net present value (NPV) after tax (discounted at 10 per cent) of the proved plus probable reserves increased by 30 per cent to $2-billion from $1.5-billion.
• In April, 2010, the production sharing contract for the block F exploration acreage application was finalized. The area contains several seismically defined structural and amplitude anomalies prospective for oil and natural gas.
• 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 $7.75 (Canadian) per common share on a bought-deal basis, resulting in gross proceeds of $96.2-million.
• The company continues to maintain a strong balance sheet with cash of $108.1-million and working capital of $130.9-million at Dec. 31, 2010, as compared with cash of $68.3-million and working capital of $75.4-million at Dec. 31, 2009.

Outlook

For 2011, the company's continued focus is to increase reserves, production and maximize cash flow from operations. To achieve this, the company will implement the following:

• Drill 66 horizontal and vertical wells, and complete 120 well reactivations and workovers at the Patos-Marinza oil field. A fourth drilling rig is expected in the second quarter;
• Increase production facilities to handle the company's target exit production rate of 20,000 bopd;
• 2011 will be a milestone year for thermal development of the Patos-Marinza oil field. Bankers will drill a vertical delineation well and two horizontal wells designed for high-pressure and temperature steam injection, install a 25,000 BTU steam generator and all associated production facilities;
• Complete phase 1 (10 kilometres) of the 40-kilometre pipeline to Vlore and construction of the receiving hub in Fier;
• Continue with the environmental stewardship and social initiatives in the company's area of operations;
• Bankers is building a larger team of senior professionals to complement its existing team of engineers, geoscientists, production and support staff to manage another record capital program in 2011, currently budgeted at $215-million.

For additional information, please see an updated version of the company's corporate presentation on its website.

Review by qualified person

This release was reviewed by Abdel Badwi, president and chief executive officer of Bankers Petroleum, who is a qualified person under the rules and policies of the Alternative Investment Market in his role with the company and due to his training as a professional petroleum geologist (member of APEGGA) with over 40 years experience in domestic and international oil and gas operations.

We seek Safe Harbor.

Record Year of Financial and Operating Results

CALGARY, March 22 /PRNewswire-FirstCall/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK) (AIM: BNK) is pleased to provide its 2010 Financial Results and Outlook for 2011.

In 2010, Bankers was successful in progressing its strategic objectives and achieved record production, reserves, earnings and cash flow through its largest annual capital investment in Albania, of US$122 million.

    Results at a Glance (US$000, except as noted)                                              Change         2010         2009     -------------------------------------------------------------------------     Oil revenue                                97%      170,376       86,614     Net operating income                      158%       81,103       31,496     Net income (loss)                         96 x       14,265         (150)     Funds generated from operations           188%       73,166       25,422     Capital expenditures                      218%      122,012       38,324                                                                December 31                                                           -------------------                                              Change       2010         2009     -------------------------------------------------------------------------     Cash and deposits                          58%      108,119       68,270     Working capital                            74%      130,920       75,414     Total assets                               53%      467,414      304,820     Bank loans                                 (8%)      25,829       28,085     Shareholders' equity                       60%      343,307      213,960      Average production (bopd)                  49%        9,597        6,438     Average price ($/barrel)                   32%        48.64        36.86     Netback ($/barrel)                         73%        23.15        13.40      -   Average production increased 49% to 9,597 bopd from 6,438 bopd in         2009. Exit production at year-end 2010 exceeded 12,100 bopd as         compared to 8,100 bopd at year-end 2009.      -   A second and third drilling rig commenced operation in the Patos-         Marinza oilfield in January and July 2010, respectively. A total of         55 wells were drilled and completed in 2010, of which 50 were         horizontal oil wells.      -   Reserves in Albania increased at all levels: a 30% increase in the         Original-Oil-In-Place (OOIP) assessment to 7.8 billion barrels from         6.0 billion barrels, an increase of 30% to 120 million barrels of         proved reserves and, an 11% increase to 238 million barrels of proved         plus probable reserves. Additionally, the Company's independent         reservoir engineers assigned contingent and prospective resource oil         estimates of 1.2 billion and 540 million barrels, respectively. The         corresponding net present value (NPV) after tax (discounted at 10%)         of the proved plus probable reserves increased by 30% to $2.0 billion         from $1.5 billion.      -   In April 2010, the production sharing contract for the Block "F"         exploration acreage application was finalized. The area contains         several seismically defined structural and amplitude anomalies         prospective for oil and natural gas.      -   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.      -   The Company continues to maintain a strong balance sheet with cash of         $108.1 million and working capital of $130.9 million at December 31,         2010 as compared to cash of $68.3 million and working capital of         $75.4 million at December 31, 2009. 

OUTLOOK

For 2011, our continued focus is to increase reserves, production and maximize cash flow from operations. To achieve this, the Company will implement the following:

    -   Drill 66 horizontal and vertical wells and complete 120 well         reactivations and work-overs at the Patos-Marinza oilfield. A fourth         drilling rig is expected in the second quarter.     -   Increase production 

facilities to handle our target exit production         rate of 20,000 bopd.     -   2011 will be a milestone year for thermal development of the Patos-         Marinza oilfield. Bankers will drill a vertical delineation well and         two horizontal wells designed for high pressure and temperature steam         injection, install a 25,000 BTU steam generator and all associated         production facilities.     -   Complete Phase 1 (10 kilometres) of the 40 kilometre pipeline to         Vlore and construction of the receiving hub in Fier.     -   Continue with the environmental stewardship and social initiatives in         our area of operations.     -   Bankers is building a larger team of senior professionals to         complement its existing team of engineers, geoscientists, production         and support staff to manage another record capital program in 2011,         currently budgeted at $215 million. 

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Here is a brief excerpt from one of our latest newsletters with our story, "The Controversy":

“There are many ways to play the coming months and I remain completely bullish on the resource and commodities sector. Companies with dividends in the telecom and energy sector are looking good, but oil and gas is on the top of my radar, as are precious metals stocks.

Record earnings this year have pulled in some of the highest profit margins since 1993 for many of the oil and gas producers. That means most of these oil companies can not only sustain their current dividend levels, but also increase them if they choose - especially with oil above the $80 mark. Oil is over $100 right now which leaves a lot of room for error.

The worldwide demand for oil will decrease based on Japan's recent disaster, but this is very short term. Without the nuclear power plants, it will have to turn to oil and gas - coal and other means will not nearly be enough. I would not be surprised to see oil..."

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UPDATE 2-Bankers Petroleum reserves growth lags view; shrs sink

12:53 EST Wednesday, March 09, 2011

* Says proved reserves up 30 pct at end 2010

* Proved plus probable reserves up 11 pct to 238 mln barrels

* Shrs fall 10 pct (Rewrites, adds analysts comments in 2nd, 5th, 8th and 10th paragraphs, updates share paragraph)

March 9 (Reuters) - Bankers Petroleum Ltd's proved plus probable reserves at its Albanian heavy oil operations rose 11 percent at end 2010, but fell short of market expectations, sending the oil and gas explorer's shares down 10 percent.

"The increase in proven plus probable reserves is toward the bottom end of our expectations for 10-20 percent...the market may have been expecting something closer to the top end," TD Newcrest analyst Jamie Somerville wrote in a note to clients.

The Calgary, Alberta-based company, which posted 2010 production of about 3.5 million barrels, said future undiscounted capital costs for Patos-Marinza and Kucova oil-fields in Albania are estimated at $1.2 billion on proved plus probable reserves basis.

The company, which plans to reactivate 624 wells starting 2011, also said exploration and development costs are estimated at $5.80 per barrel on proved plus probable reserves basis.

The total size of the field (Albanian) is now much higher, so it looks like it is going to cost them (Bankers Petroleum) more on a unit basis to develop the reserves, analyst John of Ticonderoga Securities told Reuters.

The company said proved plus probable reserves were 238 million barrels at Dec. 31, 2010, while proved reserves rose 30 percent to 120 million barrels of oil.

The growth in reserves is attributable to the expansion of horizontal drilling at Patos-Marinza, Bankers Petroleum said in a statement.

"The proved (reserves) outperformed but the probable is down a bit," John Malone said.

In January, the company had reported a 50 percent rise in fourth-quarter oil production. [ID: nSGE70A09R]

"The market is likely to look past any minor disappointment regarding proved plus probable reserves to longer term resource potential, which has increased substantially...," analyst Somerville said.

Bankers Petroleum shares were trading down 87 Canadian cents at C$8.52 on Wednesday on the Toronto Stock Exchange. They touched a low of C8.44 earlier in the session.

Globe says Nuttall expects Bankers to be sold next year

2011-02-10 08:47 ET - In the News

The Globe and Mail reports in its Thursday, Feb. 10, edition that Sprott Asset Management portfolio manager Eric Nuttall believes Bankers Petroleum is ready to soar in tandem with the price of oil. Clea Simos writes in The Globe's BNN Market Call column that Mr. Nuttall says: "Bankers is a low-risk heavy oil development story that has tremendous leverage to a stronger oil price. ... If the price of oil continues to be strong, we expect Bankers to sell themselves in March, 2012, for over $14 a share." The stock finished Wednesday in Toronto at $8.70, down 27 cents. David Whetham of Scotia Asset Management said in The Globe on April 21, 2010, that Bankers Petroleum still had "good growth potential with little risk." It could then be had for $8.71. Mr. Nuttall recommended buying Banker Petroleum in The Globe on June 15, 2010. In the item Mr. Nuttall said Bankers Petroleum will likely be sold over the next two years and fetch about $12 a share. The shares were then worth $7.33. Mr. Nuttall's top holdings in the Sprott Energy Fund are WestFire Energy at 7.5 per cent, Novus Energy at 5.3 per cent, Bankers Petroleum at 4.9 per cent, Painted Pony Petroleum at 4.8 per cent and Vero Energy at 4.7 per cent.

UPDATE 1-Bankers Petroleum says end 2010 proved reserves up 30 pct

08:52 EST Wednesday, March 09, 2011

March 9 (Reuters) - Canadian oil and gas explorer Bankers Petroleum Ltd said its proved reserves grew 30 percent at year end 2010 helped by expansion of horizontal drilling at its Patos-Marinza oil field in Albania.

The Calgary, Alberta-based company, which posted 2010 production of about 3.5 million barrels, said future undiscounted capital costs for Patos-Marinza and Kucova oil-fields are estimated at $1 billion on a proven reserves basis.

Proved reserves were 120 million barrels of oil at Dec. 31, 2010, while proved plus probable reserves rose 11 percent to 238 million barrels.

In January, Bankers Petroleum had reported a 50 percent rise in fourth-quarter oil production. [ID: nSGE70A09R]

Bankers Petroleum shares closed at C$9.39 on Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Sriraj Kalluvila) (arnika.thakur@thomsonreuters.com within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arnika.thakur.thomsonreuters.com@reuters.net)

2011-03-09 08:21 ET - News ReleaseAnd This Indepth News:

Mr. Abby Badwi reports

BANKERS PETROLEUM ANNOUNCES 2010 RESERVES REPORT

Bankers Petroleum Ltd. has released the results of its Dec. 31, 2010, independent reserves evaluation and reports the sixth consecutive year of reserves additions since company inception in 2004.

Evaluations were conducted by RPS Energy Canada Ltd. for the Patos-Marinza oil field, Albania, and by DeGolyer and McNaughton Canada Ltd. for the Kucova oil field, Albania, and were prepared in accordance with National Instrument 51-101 -- "Standards of Disclosure for Oil and Gas Activities."

Total Albania reserves summary

• Proved reserves of 120 million barrels (30-per-cent increase from Dec. 31, 2009) representing over 11 times production replacement;
• Proved plus probable reserves of 238 million barrels (11-per-cent increase from Dec. 31, 2009);
• Proved, probable and possible reserves of 427 million barrels (1-per-cent increase from Dec. 31, 2009);
• Mean original oil in place resource estimate (OOIP) of 7.8 billion barrels (30-per-cent increase from Dec. 31, 2009);
• 2010 production was approximately 3.5 million barrels.

Patos-Marinza field

• Proven reserves increased 30 per cent to 117 million barrels of oil from 90 million barrels at Dec. 31, 2009;
• Proven plus probable reserves increased 11 per cent to 226 million barrels (Dec. 31, 2009 -- 203 million barrels);
• Proved, probable and possible reserves increased 1 per cent to 395 million barrels (Dec. 31, 2009 -- 390 million barrels);
• Original oil in place estimate (P50) increased 32 per cent to 7.5 billion barrels (Dec. 31, 2009 -- 5.7 billion barrels)
• All of Patos-Marinza's 2010 recoverable reserves estimates are from primary recovery methods only.

The 2010 reserves growth is primarily attributable to the expansion of the company's horizontal drilling program in new areas of the field and new zones within the field area. This is reflected in the upgrade of proven and probable, and proved, probable and possible reserves into the proven and proven plus probable reserves categories, respectively, and the expansion of proved, probable and possible reserves and oil in place.

Patos-Marinza contingent and prospective resources

RPS has also released an update with respect to the contingent and prospective resource oil estimates for the Patos-Marinza oil field as at Dec. 31, 2010. Contingent and prospective resources are based on thermal development technologies to be applied to the Gorani and Driza formations and secondary waterflood methods proposed for the Marinza formation and expansion of the development areas, primarily to the west of the current development.

The thermal pilot first steam injection is scheduled for the third quarter of 2011. There are no current waterflood plans for the field.

Contingent resource for 2010 is 1.2 billion barrels, compared with 838 million barrels in 2009;

Prospective resource for 2010 is 568 million barrels, compared with 384 million barrels in 2009.

Kucova field

There were no activities or company production from the field in 2010; field reserves remain unchanged. Early stage development has begun with road building and lease clearing.

- 1P reserves 3 million barrels;

- 2P reserves 11 million barrels;

- 3P reserves 32 million barrels;

- Mean original oil in place resource estimate remains unchanged at 297 million barrels.

Total Net Present Value of Total Albania Reserves (After Tax, discounted at 10%)

- 1P reserves US$949 million - 2P reserves US$1.97 billion - 3P reserves US$3.55 billion - Values are based on RPS (Patos-Marinza) and D&M (Kuçova) January 1, 2011 price forecast tables summarized below - Basic shares outstanding of as of December 31, 2010 were approximately 245 million

Finding and Development Costs ("F&D")

With successful results from the Company's horizontal drilling activities in the northern part of Patos-Marinza oilfield, the Company is expanding the horizontal drilling program into the central, southern and western part of the field. Also, due to casing failures in old vertical wells, replacement of old vertical wells with new horizontal wells has been added to the capital program. Accordingly, in the 2P development case, the number of well re-activations has been reduced to 310 wells and new horizontal wells have increased from 260 wells in the previous year's projected capital program to 624 wells in 2011 and beyond.

Future undiscounted capital costs for Patos-Marinza and Kuçova are now projected to be US$1.5 billion, US$1.2 billion and US$1.0 billion on a 3P, 2P and 1P basis, respectively. This represents the following F&D costs:

- 1P reserves US$10.06 per barrel - 2P reserves US$5.80 per barrel - 3P reserves US$3.85 per barrel

Gross Oil Reserves - Using Forecast Prices (MMbbls)

                                 -------------------------- -----------------                                             2010              2009                                  --------------------------                                   Patos-            Total    Total                                  Marinza   Kuçova  Albania  Albania      %     ------------------------------------------------------- -----------------     Proved       Developed Producing           17.3        -     17.3     22.9      -24       Developed Non-Producing          -        -        -        -        -       Undeveloped                   99.7      3.2    102.9     69.9       47                                  -------------------------- -----------------     Total Proved                   117.0      3.2    120.2     92.8       30     Probable                       109.2      8.2    117.4    121.1       -3                                  -------------------------- -----------------     Total Proved Plus Probable     226.2     11.4    237.6    213.9       11     Possible                       168.4     20.6    189.0    208.4       -9                                  -------------------------- -----------------     Total Proved, Probable      & Possible                    394.6     32.0    426.6    422.3        1     ------------------------------------------------------- -----------------  

Net Present Value at 10% - After Tax Using Forecast Prices ($ millions)  

                                 -------------------------- -----------------                                             2010              2009                                  --------------------------                                   Patos-            Total    Total                                  Marinza   Kuçova  Albania  Albania      %     ------------------------------------------------------- -----------------     Proved       Developed Producing            220        -      220      149       48       Developed Non-Producing          -        -        -        -        -       Undeveloped                    710       19      729      377       93                                  -------------------------- -----------------     Total Proved                     930       19      949      526       80     Probable                         904      115    1,019      993        3                                  -------------------------- -----------------     Total Proved Plus Probable     1,834      134    1,968    1,519       30     Possible                       1,278      306    1,584    1,514        5                                  -------------------------- -----------------     Total Proved, Probable      & Possible                    3,112      440    3,552    3,033       17     ------------------------------------------------------- -----------------  

Patos-Marinza Contingent and Prospective Resource (MMbbls)  

                                       ----------------------                                          2010     2009     %     ---------------------------------------------------------     Contingent Resource                 1,200      838    43     ---------------------------------------------------------     Prospective Resource                  568      384    48     ---------------------------------------------------------     Total Resources                     1,768    1,222    45     ---------------------------------------------------------  

Reserve Auditor Price Decks - Dated Brent  

    ---------------------------------------       BRENT Oil Price Forecast US$/bbl     ---------------------------------------        Year          RPS          D&M     ---------------------------------------        2011       $90.00        $91.00     ---------------------------------------        2012       $89.50        $91.78     ---------------------------------------        2013       $89.10        $92.64     ---------------------------------------        2014       $89.25        $94.57     ---------------------------------------        2015       $91.00        $97.58     ---------------------------------------        2016       $93.20        $99.58     ---------------------------------------        2017       $95.30       $101.61     ---------------------------------------        2018       $97.30       $103.68     ---------------------------------------        2019       $99.40       $105.79     ---------------------------------------        2020       $101.58      $107.95     ---------------------------------------        2021       $103.61      $110.15     ---------------------------------------        2022       $105.68      $112.39     ---------------------------------------        2023       $107.80  +2.0% Thereafter     ---------------------------------------  

Field gate prices the Company is receiving in Albania are currently at a discount to Brent:

-- Patos-Marinza field gate price is approximately 65% of Brent; -- Kuçova field gate price is approximately 70% of Brent

For additional information, please see an updated version of the Company's corporate presentation on www.bankerspetroleum.com

Conference Call

The Management of Bankers will host a conference call on March 9, 2011 at 7:30am MST to discuss this reserves report. Following Management's presentation, there will be a question and answer session for analysts and investors.

To participate in the conference call, please contact the conference operator ten minutes prior to the call at 1-888-231-8191 or 1-647-427-7450. A live audio web cast of the conference call will also be available on Bankers website at www.bankerspetroleum.com or by entering the following URL into your web browser http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3434640

The web cast will be archived two hours after the presentation on the website, and posted on the website for 90 days. A replay of the call will be available until March 23, 2011 by dialing 1-800-642-1687 or 1-416-849-0833 and entering access code 50341069.

Review by Qualified Person

This release was reviewed by Abdel F. (Abby) Badwi, CEO of Bankers Petroleum Ltd., who is a "qualified person" under the rules and policies of AIM in his role with the Company and due to his training as a professional petroleum geologist (member of APEGGA) with over 40 years experience in domestic and international oil and gas operations.

We seek Safe Harbor.