Bankers Petroleum Announces 2012 Reserves Report

               Bankers Petroleum Announces 2012 Reserves Report

PR Newswire

CALGARY, Feb. 24, 2013

224 Million Barrels of Proved plus Probable (2P) Reserves; NPV of $1.86
Average Production 1^st Quarter to Date 16,800 bopd

CALGARY, Feb. 24, 2013 /PRNewswire/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to provide the results of its
December 31, 2012 independent reserves evaluation. Evaluations were conducted
by RPS Energy Canada Ltd. (RPS) for the Patos-Marinza oilfield, Albania and by
DeGolyer and McNaughton Canada Ltd. (D&M) for the Kuçova oilfield, Albania and
were prepared in accordance with Canadian National Instrument 51-101 -
Standards of Disclosure for Oil and Gas Activities.

Total Company Reserves Summary

Gross Oil Reserves - Using Forecast Prices (Million barrels)

                           2012                           2011                 
               Patos-Marinza Kuçova   Total  Patos-Marinza Kuçova   Total      %
                                     Albania                        Albania
 Developed              25.6      -    25.6           25.8      -    25.8     -1
 Developed               1.8      -     1.8              -      -       -      
 Undeveloped           106.9    3.4   110.3          143.4    3.2   146.6    -25
Total Proved            134.3    3.4   137.7          169.2    3.2   172.4    -20
Probable                 77.9    8.5    86.4           87.1    7.6    94.7     -9
Total Proved            212.2   11.9   224.1          256.3   10.8   267.1    -16
Plus Probable
Possible                110.5   21.5   132.0          138.9   20.3   159.2    -17
Total Proved,                                                                
Probable &
Possible (3P)           322.7   33.4   356.1           395.2   31.1   426.3     -16


  *2P Reserves after tax value at 10% is $1.86 billion ($7.31 per share);
  *2012 Company average production was 15,020 bopd for an annual total volume
    of 5.45 million barrels (4.1% of total proved reserves);
  *Reserves Life Index is 30+ years;
  *Technical adjustments to the estimated ultimate recovery (EUR) per
    horizontal well and type curves reflect production performance, improved
    geological mapping, reservoir modeling, fluid testing and drilling
  *Reserve volumes have been adjusted to reflect reduced recoverable oil
    booking in non-core area extensions of the field where drilling to date
    has been limited.

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

                           2012                          2011               %
               Patos-Marinza Kuçova   Total  Patos-Marinza Kuçova   Total    
                                     Albania                        Albania
 Developed               390      -     390            347      -     347   12
 Developed                16      -      16              -      -       -    
 Undeveloped             515     26     541            647     22     669  -19
Total Proved              921     26     947            994     22   1,016   -7
Probable                  793    115     908            854    103     957   -5
Total Proved            1,714    141   1,855          1,848    125   1,973   -6
Plus Probable
Possible                  881    354   1,235          1,377    344   1,721  -28
Total Proved,           2,595    495   3,090          3,225    469   3,694  -16
Probable &

Reserves Value 10% Discounted, After Tax US$/Share US$/bbl
1P                                         $3.73    $6.88
2P                                         $7.31    $8.28
3P                                        $12.17    $8.68

Basic shares outstanding  of as of  December 31, 2012  were approximately  254 
million (274 million diluted).

Values are based on RPS (Patos-Marinza) and D&M (Kuçova) January 1, 2013 price
forecast tables summarized below:

Reserve Auditor Price Decks - Dated Brent

BRENT Oil Price Forecast US$/bbl 
 Year     RPS           D&M
 2013   $108.00       $111.00
 2014   $102.30       $108.35
 2015    $98.20       $105.72
 2016    $94.80       $107.88
 2017    $97.42       $106.62
 2018    $99.37       $107.10
 2019   $101.35       $110.36
 2020   $103.38       $112.57
 2021   $105.45       $114.82
 2022   $107.56       $117.12
 2023   $109.71       $119.46
 2024   $111.90       $121.85
 2025   $114.14  +2.0% Thereafter

Patos-Marinza Crude Pricing

The average realized sales price the  Company is receiving for crude oil  from 
the Patos-Marinza  and Kuçova  oilfields  are at  a  discount to  Brent  oil. 
Currently, the average sales  price for export sales  is approximately 80%  of 
Brent (an increase of  13% over the  2012 average realized  pricing of 71%  of 

Finding and Development Costs (F&D)

In the 2012 2P development case, the horizontal well count has been  increased 
from 910 wells  at a cost  of $1.4 million  per well in  the previous year  to 
1,085 total wells at a cost of $1.2 million per well in 2013 and beyond.

Total future  undiscounted  capital costs  for  Patos-Marinza and  Kuçova  are 
projected to be US$2.3 billion, US$2.4 billion and US$2.7 billion on a 1P,  2P 
and  3P  basis,  respectively.  This  represents  the  following  F&D   costs, 
calculated as total future development capital divided by recoverable reserves
excluding currently developed PDP and PDNP reserves:

Reserves    US$/bbl
1P reserves $21.04
2P reserves $12.31
3P reserves $8.10

Original Oil in Place

The Original Oil in Place ("OOIP") volumes  in the reserves area of the  field 
has been revised to  2.4 billion barrels, compared  to 2.6 billion barrels  at 
the end  of  2011. OOIP  outside  the reserves  area  is 2.7  billion  barrels 
compared to 5.1 billion barrels in 2011.

Kucova OOIP resource estimate remains at 297 million barrels.

Abby Badwi, President  and CEO  of Bankers  commented "The  2012 reserves  are 
attributable to  primary  recovery  methods  by  continued  implementation  of 
horizontal drilling which  has been  demonstrating positive  results based  on 
extended periods of actual  well and reservoir  performance. Well counts  have 
increased marginally  from the  2011 forecast,  however, individual  well  and 
project economic metrics remain strong. While additional drilling capital  and 
corresponding reserves could have been added to the development plan in  lower 
recovery areas and  zones in  the field, the  Company elected  to defer  these 
plans until further evaluation drilling  is conducted in these areas.  Looking 
forward to  the  waterflood and  polymer  flood development  opportunities,  a 
successful thermal pilot and  confirming an economic  source for natural  gas, 
the Company will be able to increase and accelerate the overall recovery  from 
this world class asset."

Operational Update

Average production for the first quarter to date was 16,800 bopd; this rate is
4.0% higher than the fourth quarter average production of 16,163 bopd.

Last month one of the five drilling rigs operating for the Company in  Albania 
was damaged during mobilization between locations. The rig is currently  being 
repaired and is expected to resume drilling next week. Bankers 2012 production
forecast remains unchanged.

The Government  of  Albania  declared  last week  that  the  process  for  the 
privatization of Albpetrol was unsuccessful and has been terminated. There was
no further disclosure regarding future plans for proceeding with this process.

Further details,  including  the  February 2013  Corporate  Presentation,  are 
available on the Company's website

Conference Call

The Management of Bankers will host a conference call on February 25, 2013  at 
6:30  am  MST  to  discuss   this  reserves  report.  Following   Management's 
presentation, there will  be a question  and answer session  for analysts  and 

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 or by entering the following URL into your
web browser

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 11, 2013 by dialing 1-855-859-2056 or 1-416-849-0833 and  entering 
access code 11243361.

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  Kuçova  oilfields 
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; 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

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 
forward-looking information and forward looking statements.

Review by Qualified Person

This release was reviewed by Suneel Gupta, Executive Vice President and COO 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  engineer  (member  of  APEGGA)  with  over  20  years' 
experience in domestic and international oil and gas operations.

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 Kuçova 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 

SOURCE Bankers Petroleum Ltd.


Abby Badwi
President and Chief Executive Officer
(403) 513-2694

Doug Urch
Executive VP, Finance and Chief Financial Officer
(403) 513-2691

Mark Hodgson
VP, Business Development
(403) 513-2695



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Henry Fitzgerald-O'Connor
+44 0 207 523 8000


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Hugh Sanderson / David van Erp
+44 0 207 448 0200
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