REG-Bankers Petroleum Limited: Acquisition(s) <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

10/05/2016 13:45

Bankers Petroleum receives certain regulatory approvals for proposed
acquisition by Geo-Jade

CALGARY, May 10, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers") (TSX: BNK,
AIM: BNK) is pleased to announce that the proposed corporate transaction (the
"Arrangement") has received the necessary approvals from the Albanian
Competition Authority, the Chinese National Development and Reform Commission
(NDRC) and the Ministry of Commerce of the People's Republic of China (MOFCOM)
through the Shanghai Free Trade Zone Management Committee.

Both parties continue to pursue the outstanding regulatory approvals pursuant
to the Investment Canada Act (Canada) and the Chinese State Administration of
Foreign Exchange (SAFE). Bankers will host its special meeting of shareholders
(the "Special Meeting") on May 31, 2016, seeking Shareholder approval for the
Arrangement. If approved at the Special Meeting, closing of the Arrangement
remains on track to occur in June 2016, following which Bankers' common shares
will be delisted from the Toronto Stock Exchange ("TSX") and the AIM market of
the London Stock Exchange.

Special Meeting of Shareholders

Bankers' shareholders of record as of April 19, 2016, are entitled to vote at
the Special Meeting. The Arrangement must be approved by the holders of not
less than 66â…"% of the Bankers common shares present in person or represented
by proxy at the Special Meeting. Shareholders are encouraged to read the
Management Information Circular prepared in connection with the Arrangement as
it provides important information about Bankers and the Arrangement. The
Management Information Circular and related proxy materials are available on
SEDAR and Bankers' website (http://www.bankerspetroleum.com/).

The Special Meeting will be held at The Metropolitan Centre (Strand/Tivoli Rm),
333 4th Avenue SW, Calgary, Alberta on Tuesday, May 31, 2016 at 3:00 p.m.
(Calgary time). Bankers will provide further information with respect to the
timing of closing of the Arrangement and the delisting of Bankers common shares
from the TSX and AIM as updates become available.

Benefits of the Arrangement include:

Cash price of C$2.20 per Bankers common share

Bankers debt will be handled separately by the purchasing Company and will not
affect the stated purchase price of $2.20 per Bankers common share

The Arrangement is an opportunity for shareholders to crystalize value
representing a premium of 98% over Bankers' closing share price on the TSX of
C$1.11 on March 18, 2016, and 109% over the 30-trading day volume weighted
average trading price of Bankers common shares of C$1.05 per share ending on
March 18, 2016

The Arrangement has received the unanimous approval of the Board of Directors
of Bankers, who have recommended that shareholders vote in favor of it, and
carries the full support of Bankers' management team

Shareholders who have questions regarding the Arrangement or require assistance
with voting may contact the Proxy Solicitation Agent below:

Laurel Hill Advisory Group
Toll Free: 1-877-452-7184
International: +1 416-304-0211 outside Canada and the US
By Email: assistance@laurelhill.com

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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
and Eastern Europe. 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". In 2015 Bankers
acquired an 85% interest in the rights to explore the Püspökladány Block
concession within the Pannonian Basin located in north eastern Hungary. The
Bankers Shares are traded on the TSX and the AIM Market in London, England
under the stock symbol BNK.

Caution Regarding Forward-looking Information

Certain information set forth in this press release, including information and
statements which may contain words such as "could", "plans", "intends"
"should", "anticipate", "expects", "will", "propose", "opportunity", "future",
"continue", and similar expressions and statements relating to matters that are
not historical facts, contain forward-looking statements, including but not
limited to statements regarding: the proposed Arrangement and the anticipated
timing of closing, the timing of receipt of required regulatory approvals, the
timing of the Special Meeting and the treatment of Bankers debt. By their
nature, forward-looking statements are subject to numerous risks and
uncertainties, some of which are beyond Bankers' control. Completion of the
Arrangement is subject to a number of conditions, including receipt of the
approval's required by the Investment Canada Act (Canada) and approvals
required by the People's Republic of China and the competition authority of
Albania, and other conditions which are typical for transactions of this
nature. Failure to satisfy any of these conditions, the emergence of a superior
proposal or the failure to obtain approval of Bankers' shareholders may result
in the termination of the Arrangement Agreement. The foregoing list is not
exhaustive. Additional information on these and other risks that could affect
completion of the Arrangement is set forth in the information circular in
respect of the Special Meeting, which is available on SEDAR at www.sedar.com.
Readers are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements. The actual results, performance or achievement of
Bankers could differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be given that any
of the events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that Bankers will derive
therefrom. Bankers disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable securities laws.

David French, President and Chief Executive Officer, (403) 513-6930; Doug Urch,
Executive VP, Finance and Chief Financial Officer, (403) 513-2691; Laura
Bechtel, Investor Relations and Corporate Communications Specialist, (403)
513-3428; Email: investorrelations@bankerspetroleum.com, Website:
www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited, Henry
Fitzgerald-O'Connor, +44 0 207 523 8000, AIM BROKER AND FINANCIAL ADVISOR:
FirstEnergy Capital LLP, Hugh Sanderson / David van Erp, +44 0 207 448 0200



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