Bankers Petroleum Operational Update for the Third Quarter 2013

       Bankers Petroleum Operational Update for the Third Quarter 2013

PR Newswire

CALGARY, Oct. 4, 2013

Average Quarterly Production 18,541 bopd

CALGARY, Oct. 4, 2013 /PRNewswire/ - Bankers Petroleum Ltd. (Bankers or the
Company) (TSX: BNK, AIM: BNK) is pleased to announce the Company's third
quarter operational update.

Production, Sales and Oil Prices

Average production from the  Patos-Marinza oilfield in  Albania for the  third 
quarter of 2013 was  18,541 barrels of  oil per day  (bopd), 3.7% higher  than 
17,886 bopd in  the second  quarter. Oil  sales during  the quarter  averaged 
18,332  bopd, 1.8% higher than  the previous quarter average of 18,008  bopd. 
The crude oil  inventory at  September 30,  2013 was  349,000 barrels,  19,000 
barrels higher than 330,000 barrels at June 30, 2013.

The Patos-Marinza third quarter average oil price was approximately $86.88 per
barrel (representing 79%  of the Brent  oil price of  $110.37 per barrel),  as 
compared with  the second  quarter  average oil  price  of $80.45  per  barrel 
(representing 79% of the Brent oil price of $102.43 per barrel).

For the  nine months  ended September  30,  2013 oil  sales were  17,655  bopd 
($85.26 per barrel) an  increase of 23% from  14,393 bopd ($80.21 per  barrel) 
for the comparable 2012 period.

Drilling Update

Thirty-four (34) horizontal  wells were  drilled and rig  released during  the 
third quarter in the main area of the Patos-Marinza oilfield: thirty-two  (32) 
horizontal  production  wells  and  two  (2)  horizontal  lateral  re-drills. 
Twenty-five (25) of these wells were completed and are on production, and  the 
remaining nine (9) will  be placed on production  in October pending rig  move 
off the pad, well completion, and facilities build.

Bankers continues to develop the field through pad drilling of multiple  zones 
within the core  area of the  Patos-Marina oilfield. In  conjunction with  the 
primary drilling program, the Company will continue to expand on the water and
polymer flood patterns.

In addition, the  Company drilled  the second  exploration well  on Block  "F" 
early in the third quarter and has commenced lease construction for the  first 
horizontal development well  at Kuçova  which is expected  to be  spud in  the 
fourth quarter.

Secondary and Tertiary Recovery Program

The Company continues to monitor its Upper Marinza water flood and Lower Driza
polymer flood patterns with initial production response expected in the  first 
half of 2014. The water flood patterns include three (3) injection wells  with 
the third injector added  in August. The polymer  flood patterns include  two 
(2) injection  wells,  plus a  third  injector  which has  been  converted  in 
September and  will  commence  injection in  October.  Fourth  quarter  plans 
include additional conversion of  three (3) polymer injection  and up to  four 
(4) water injection wells.

Infrastructure Development

Bankers continues to focus  on key infrastructure  projects aimed at  reducing 
cost and  optimizing  operations  in  the  field.  Foundation  work  has  been 
completed for an additional satellite  treating facility in the  north-central 
region of the Patos-Marinza field as well as new sludge treatment  facilities, 
with tank construction underway. Additional work on flow-lines, sour treatment
facilities, and cascade systems continue in the fourth quarter.

Updated Corporate Presentation

For additional information on this operational update, please see the October
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, 2013  at 
7:00 am  MDT  to  discuss  this  Operational  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/detail/1234115/1359487.

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,  2013  by  dialing  1-855-859-2056  or  1-416-849-0833  and 
entering access code 74626638.

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 www.sedar.com.

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  APEGA)  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,  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 
BNK.

SOURCE Bankers Petroleum Ltd.

Contact:

David French
President and Chief Executive Officer
(403) 513-6930

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

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

Email:investorrelations@bankerspetroleum.com
Website:www.bankerspetroleum.com

AIM NOMAD:
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor
+44 0 207 523 8000

AIM BROKER:
FirstEnergy Capital LLP
Hugh Sanderson / David van Erp
+44 0 207 448 0200
 
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