Bankers Pet operational update:

Current production rate 14,250 bopd


CALGARY, Oct. 3, 2011 /PRNewswire/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK) (AIM: BNK) is pleased to announce the following
operational update:


Production and Oil Prices


Oil sales from the Patos-Marinza oilfield in Albania during the third
quarter averaged 13,667 bopd compared to second quarter sales of 12,152
bopd, an increase of 12%. Oil inventory on September 30th was 201,000 barrels, a decrease of 38,000 barrels from June 30th.


Average production for the third quarter was 13,232 bopd representing a
2% increase from 12,973 bopd in the second quarter. Current production
is 14,250 bopd, 8% higher than the second quarter's exit rate.


The Patos-Marinza third quarter average oil price was approximately
US$74.55 per barrel (representing 66% of the Brent oil price of
US$113.46 per barrel), a decrease of 4% compared to the second
quarter's average oil price of US$77.03 per barrel (66% of Brent oil).
With the current differential between Brent and West Texas
International oil (WTI), Patos-Marinza crude is presently priced at
approximately 86% of WTI.


For the nine months ended September 30, 2011 oil sales were 12,578 bopd
($73.30 per barrel) as compared to 9,318 bopd ($46.95 per barrel) for
the comparable 2010 period.


2012 Crude Sales Agreements


The Company is also pleased to report several Patos-Marinza crude oil
sales agreements for 2012. Three new export market agreements have been
priced at an average of 72.5% of the Dated Brent oil benchmark. ARMO,
the Albanian refinery, agreed to purchase Patos-Marinza crude in 2012
for an average price of 66% of Brent, which is approximately the same
netback value as the export market due to lower transport and port fee
costs. The 2012 pricing agreements represent an average 7% increase
over the 2011 Patos-Marinza oil price.


Drilling Update and Well Reactivations


Twenty-one (21) wells have been drilled during the third quarter,
sixteen (16) horizontal production wells, a vertical cored delineation
well, two (2) thermal horizontal wells, and two (2) water disposal
wells. Fourteen (14) of the horizontal production wells have been
completed and are on production with two (2) awaiting completion.
Average production from eighty-eight (88) producing horizontal wells in
the field is 100 bopd per well at the end of the third quarter. This
includes the early period decline and operations change to limit the
peak rate of the horizontal wells to achieve stabilized production as
well as the low rate producing wells that were previously excluded due
to water intrusion and poor mechanical drill concerns.


The first Driza 1 (D1) horizontal step-out well in the western extension
(Area 3) of the field has been drilled, and is currently on production
at a rate in excess of 200 bopd. Several follow-up locations are
planned for this area in the fourth quarter of this year where limited
D1 reserves have been booked to-date. Production from five (5) Lower
Gorani horizontal wells continues at an average of 120 bopd per well.
Follow-up locations are planned in the Upper and Middle Gorani
formations in the last quarter of this year which will contribute to
additional recoverable reserves from this formation.


The fifth drilling rig is expected to arrive in Albania in November 2011
and spud its first well before the end of the month.


Reactivation and recompletion work continued in the third quarter with
nineteen (19) wells reactivated, ten (10) of which are on production
and averaging 30 bopd per well. Well reactivation success north of the
Seman river in the Kalmi area confirms good high productivity from
vertical wells in this area where the Company is planning to commence
drilling numerous horizontal wells later this year and beyond after
completion of the new bridge across the river.


Thermal Program & Exploration Block "F"


Drilling of a cored vertical delineation well and two thermal cyclic
steam horizontal wells of the thermal pilot program have been completed
during the quarter. Completion and equipping of the thermal wells will
occur in late October and construction of the steam generation and
thermal production facilities are in progress with completion targeted
by early November. The first steam injection cycle is estimated to
start in mid November 2011.


Drilling the first of several gas exploration wells on Block F is
scheduled for December 2011. This multi well program will test several
discrete structural and stratigraphic targets over the next 12 to 16
months.


Infrastructure Development


Construction on the first phase of the crude oil sales pipeline, which
connects the Patos-Marinza oilfield to Bankers' storage and loading hub
facility at Fier, is complete. Operations at the storage and truck
loading terminal at the Fier Hub is scheduled to commence in November.
Social and environmental impact assessments for the second phase of the
pipeline, from Fier to the export terminal at Vlore, are underway for
2013 construction.


Construction of the Central Treatment Facility (CTF) expansion is
progressing and on schedule for completion in December 2011. The Seman
River Bridge, in the northern area of the Patos-Marinza oilfield, is
progressing with completion expected in December 2011.


Kucova


Water injection, pressure and fluid level observations are being
monitored at the Kucova oil field. Water injection into well F-38 commenced in May; current
injection is exceeding forecast and two offset wells are exhibiting
rising fluid level and pressure in the wellbores indicating positive
initial water flood pressure response. The two wells will be equipped
to commence production operations by year-end.


Environmental Initiatives


The pilot remediation project in Sector 3 is now complete with surface
clean-up of old infrastructure and removal of legacy oil spills. This
area can now showcase the results and the impact of remediation efforts
in portions of the field and the surrounding communities.


Analysts and Investors Field Visit


Bankers is organizing a field visit on October 31, 2011 for analysts and
institutional investors to view the completion and progress of all of
its capital projects at the Patos-Marinza oilfield.


For additional information on this operational update, please see the
October 2011 version of the Company's corporate presentation at www.bankerspetroleum.com.


Conference Call


The Management of Bankers will host a conference call on October 4, 2011
at 6:45am MDT to discuss this Operations Update. 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=3685880. 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 October 18, 2011 by dialing 1-800-642-1687 or
1-416-849-0833 and entering access code 15629656.