The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

Bankers Petroleum exploration well update

Friday, April 13, 2012

Bankers Petroleum exploration well update19:56 EDT Friday, April 13, 2012 Block "F" Exploration Well on Ardenica Structure is suspended CALGARY, April 13, 2012 /PRNewswire/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) reports that the Ardenica exploration well on Block "F" in Albania reached total depth of 2,030 meters on April 11. Subsequent petrophysical and drilling data indicates that the well penetrated several thick porous sands however, did not encounter any hydrocarbon shows that would merit testing. The well was cased and suspended.  The Company will study the well and seismic data to further evaluate and upgrade several other prospects mapped on the 185,000 acre block. --------- Review by Qualified Person This release was reviewed by Suneel Gupta, Executive Vice President and Chief Operating Officer 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 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 BNK. SOURCE Bankers Petroleum Ltd.For further information: <p> </p> <p> Abby Badwi<br/> President and Chief Executive Officer<br/> (403) 513-2694 </p> <p> Doug Urch<br/> Executive VP, Finance and Chief Financial Officer<br/> (403) 513-2691 </p> <p> Mark Hodgson<br/> VP, Business Development<br/> (403) 513-2695 </p> <p> Email: <a href="mailto:investorrelations@bankerspetroleum.com">investorrelations@bankerspetroleum.com</a><br/> Website: <a href="http://www.bankerspetroleum.com">www.bankerspetroleum.com</a> </p> <p> <b><i>AIM NOMAD:</i></b><br/> Canaccord Genuity Limited<br/> Henry Fitzgerald-O'Connor<br/> +44 20 7050 6500 </p> <p> <b><i>AIM JOINT BROKERS:</i></b><br/> Canaccord Genuity Limited<br/> Ryan Gaffney/ Henry Fitzgerald-O'Connor<br/> +44 20 7050 6500 </p> <p> Macquarie Capital Advisors<br/> Ben Colegrave/Paul Connolly<br/> +44 20 3037 5639 </p>