Bankers Petroleum announces receipt of claim
CALGARY, Sept. 16, 2013
CALGARY, Sept. 16, 2013 /PRNewswire/ - Bankers Petroleum Ltd. (the "Company")
announces that a claim has been filed in the Commercial Court of England and
Wales against the Company's subsidiary Bankers Petroleum Albania Ltd. ("BPAL")
by BP Oil International Ltd. ("BPO") in connection with a dispute between BPAL
and BPO over the termination by BPAL of a crude oil sales contract between
BPAL and BPO (the "Contract").
BPO has alleged that BPAL wrongfully terminated the Contract and is seeking
damages of approximately US$ 54 million.
The Company and BPAL believe that BPAL was fully within its legal rights to
terminate the Contract, that BPO's claim is without merit and that, in any
event, BPO's estimate of damages is exaggerated. The Company intends that
BPAL will vigorously defend the claim.
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%
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.
David FrenchPresident and Chief Executive Officer (403) 513-6930
Doug UrchExecutive VP, Finance and Chief Financial Officer (403) 513-2691
Mark HodgsonVP, Business Development (403) 513-2695
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+44 0 207 448 0200
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