REG-Bankers Petroleum Limited: Bankers Petroleum Approval for Proposed Arrangement <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

09/09/2016 17:55

BANKERS PETROLEUM ANNOUNCES SAFE APPROVAL FOR PROPOSED ARRANGEMENT 

CALGARY, September 9, 2016 – Bankers Petroleum Ltd. (“Bankers” or the
“Company”) (TSX: BNK, AIM: BNK) is pleased to announce that the proposed
plan of arrangement (the "Arrangement") with affiliates of Geo-Jade Petroleum
Corporation ("Geo-Jade") has received Chinese State Administration of Foreign
Exchange (SAFE) approval. At this time the required regulatory approvals for
the completion of the Arrangement have been received. Bankers anticipates
completion of the Arrangement to occur in the coming weeks, and prior to
September 30, 2016. A further announcement will be made once exact timing of
the ?completion has been established.

Pursuant to the Arrangement, Geo-Jade will acquire all the issued and
outstanding common shares of Bankers ("Bankers Shares") through its affiliates
at a cash price of C$2.20 per Bankers Share. Following a successful
completion of the Arrangement the Bankers Shares will be delisted from the
Toronto Stock Exchange ("TSX") and the AIM market of the London Stock
Exchange.

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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.

For further information, contact:

 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 Specialis  (403) 513-3428  

Email: investorrelations@bankerspetroleum.com
Website: http://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

The information communicated in this announcement is inside information for
the purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR").

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, the anticipated timing of closing and the
delisting of the Bankers Shares following completion of the Arrangement. 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 which are typical for
transactions of this nature. Failure to satisfy any of these conditions or the
emergence of a superior proposal may result in the termination of the
arrangement agreement dated March 19, 2016 providing for the Arrangement. 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
management information circular of Bankers dated April 19, 2016 in respect of
a special meeting of the shareholders of Bankers held on May 31, 2016 to
approve the Arrangement, 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.



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