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.

Gold Is Shining Bright And Silver Looks Like Platinum!

By Jim Wyckoff of Kitco News;

Comex December gold prices ended the day trading session higher and well off the daily high Tuesday, after hitting another fresh all-time record high of $1,424.30 early on. Some profit-taking pressure late did surface as the U.S. dollar index rallied. After the Comex day session ended, after-hours trading saw further selling pressure in gold to send prices below unchanged on the day. Meantime, silver prices hit a fresh 30-year high of $29.34 an ounce Tuesday, basis the December Comex futures contract. December gold last traded down $1.40 an ounce at $1,401.80. Spot gold last traded down $7.10 at $1,403.50.

Bullish momentum continued to build in the precious metals markets Tuesday, as investor concerns about deflating world currencies and price inflation prompt "flight-to-safety" buying in both gold and silver. Many investors reckon there is no way to avoid serious price inflation in the coming months, with the U.S. government ostensibly printing greenbacks to try to pull its economy out of malaise.

The U.S. dollar index turned around and was scoring decent gains in late trading Tuesday, after trading modestly lower early on. This helped to spark profit-taking pressure in gold late in the day session.

Some fresh worries about the European Union's smaller countries' sovereign debt have resurfaced recently, as bond yields on Irish and Portuguese debt are rising again. That was bullish for gold and also somewhat supported the U.S. dollar index Tuesday.

The gold market also saw some buying support coming from traders as they anticipate the late-week meeting of the Group of 20 finance ministers in Seoul, South Korea. It's expected the G-20 will discuss currency markets and any proclamation on such from the group will be closely scrutinized by the market place. Reports Monday said World Bank president Robert Zoellick stated gold should be an "international reference point" for currency market movements.

The London P.M. gold fixing was $1,421.00 versus the previous P.M. fixing of $1,416.25 an ounce.

Technically, December Comex gold futures closed the day session near mid-range Tuesday. Gold bulls still have the solid overall near-term and longer-term technical advantage. A 3.5-month-old uptrend on the daily bar chart is in place. Bulls' next near-term upside technical objective is to produce a close above technical resistance at $1,450.00. Bears' next near-term downside price objective is closing prices below solid technical support at the October high of $1,388.10. First resistance is seen at Tuesday's all-time high of $1,424.30 and then at $1,430.00. Support is seen at $1,400.00 and then at $1,390.00. Wyckoff's Market Rating: 8.5.

December silver futures closed the Comex day session up 136.8 cents at $28.80 an ounce Tuesday. However, prices also backed way off the daily high in the immediate aftermath of the Comex day session close. Prices Tuesday hit another fresh contract and 30-year high. Silver bulls still have the solid overall near-term technical advantage. However, the market is now well short-term overbought, technically, and due for a corrective pullback soon. Prices are in a 3.5-month-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at this week's low of $26.515. Bulls' next upside price objective is producing a close above solid technical resistance at $30.00 an ounce. First resistance is seen at Tuesday's high of $29.34 and then at $29.50. Next support is seen at $27.50 and then at $27.00. Wyckoff's Market Rating: 8.5.

December N.Y. copper closed up 730 points at 402.95 cents today. Prices closed the day session nearer the session high and hit a fresh two-year high. Prices also backed off the high in after-hours trading. The copper bulls have the solid overall near-term technical advantage and gained more power Tuesday by pushing prices above major psychological resistance at $4.00 a pound. Prices are in a five-month-old uptrend on the daily bar chart. Bulls' next upside objective is pushing and closing prices above major psychological resistance at 425.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 380.00 cents. First resistance is seen at Tuesday's high of 404.75 cents and then at 407.50 cents. First support is seen at 400.00 cents and then at 395.00 cents. Wyckoff's Market Rating: 9.0.