BANKERS PETROLEUM LIMITED: Bankers Petroleum announces appointment
Bankers Petroleum announces appointment of new President & Chief Executive
CALGARY, March 20, 2013 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce the appointment of Mr.
David Lawrence French as President and CEO effective April 2013, subject to
regulatory approvals. Abdel ("Abby") Badwi who is retiring from his current
executive role will continue to serve as a Director and Vice Chairman of the
David French, aged 43, is an international energy executive with 22 years of
experience in the development and production of oil and gas fields in North
America and overseas. He graduated from Rice University in Mechanical
Engineering and has a Master of Business Administration from Harvard Business
School. Before this appointment he was Vice President of Business Development,
coordinating acquisitions and divestments with Apache Corporation in Houston.
With Apache, he has also served as Region Production Manager for Apache Canada
in Calgary where he was involved in all areas of gas and oil operations
including secondary and enhanced oil recovery, in Alberta and Saskatchewan; he
has also served as Director of global HS&E in Houston. Mr. French worked for
several years with McKinsey & Company in Houston, a management consulting firm
where his work focused on energy firm growth, portfolio management, and capital
efficiency. He started his career with Amoco where he gained extensive
experience in oilfield operations with secondary and enhanced oil recovery
projects in Texas and New Mexico.
"Mr. French's expertise in enhanced oil recovery, merger and acquisitions,
capital management, and health, safety and environment stewardship will prove
very valuable for Bankers' future development and growth strategy", commented
Robert Cross, Bankers' Chairman of the Board, he added, "Abby will continue to
provide assistance where needed, particularly in Albania and in the capital
markets where his relationships are a key asset for the Company. Abby and his
team have taken Bankers from 5,000 barrels of oil per day (bopd) to 17,000 bopd
in just over five years despite two financial crises and the challenges
associated with brownfield development. He is leaving his executive role at a
time when Bankers is very well positioned on all fronts, with an excellent
technical team, quality management at all levels, a strong balance sheet, and a
diversified group of buyers for our crude oil. Probably most importantly,
Bankers is currently producing free cash flow, net of capital spending. The
Board and Management of Bankers would like to extend their best wishes for Abby
and his wife, Sandy, in their retirement and to David and his family on his new
appointment and future with Bankers."
Chairman of the Board
Although Mr. French is not a Director on the Board of Bankers the following
disclosures are provided in accordance with Schedule 2g) of the AIM Rules for
Rice Engineering Alumni
Houston World Affairs Council
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, has a 100% interest in the Kuçova oilfield, and a 100%
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.
SOURCE: Bankers Petroleum Ltd.
For further information:
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
Canaccord Genuity Limited
+44 0 207 523 8000
FirstEnergy Capital LLP
Hugh Sanderson / David van Erp
+44 0 207 448 0200
-0- Mar/21/2013 07:00 GMT
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