The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Bankers resumes oil deliveries to Albanian refineries

Thursday, April 22, 2010

Bankers resumes oil deliveries to Albanian refineries08:00 EDT Thursday, April 22, 2010Bankers collects outstanding US$12 million sales receivableCALGARY, April 22 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to announce the resumption of oil sales to the Albanian refineries operated by Albanian Refining & Marketing of Oil Sh.A ("ARMO") and full collection of all previous crude oil sales.The two refineries, located at Ballsh and Fier, have the capacity to process in excess of 10,000 bopd, and will complement Bankers existing export oil sales. Under the ARMO crude oil sales contract, deliveries for the remainder of 2010 will approximate 2,000 bopd, and pricing will be competitive with the netback realized through export sales. All sales to ARMO will be secured by a revolving Letter of Credit."Bankers looks forward to the resumption of regular operations with ARMO and supplying oil into the Albanian market, now that this long-standing financial matter has been resolved," says Abby Badwi, President and CEO of Bankers.For additional information, please see the Company's corporate presentation on www.bankerspetroleum.com.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 both the Patos Marinza and the Ku�ova oilfields. Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.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, Email: investorrelations@bankerspetroleum.com, Website: www.bankerspetroleum.com; AIM NOMAD: Canaccord Adams Limited, Ryan Gaffney/ Henry Fitzgerald-O'Connor, +44 20 7050 6500; AIM JOINT BROKERS: Canaccord Adams Limited, Ryan Gaffney/Henry Fitzgerald-O'Connor, +44 20 7050 6500; Macquarie Capital Advisors, Paul Connolly/Ben Colegrave, +44 20 3037 5639