REG-Bankers Petroleum Limited: Bankers Petroleum Awarded Hungarian Exploration Block <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

25/11/2015 14:10

Bankers Petroleum Awarded Hungarian Exploration Block             

CALGARY, November 25, 2015 - Bankers Petroleum Ltd. ("Bankers" or "the
Company") (TSX: BNK, AIM: BNK) is pleased to announce a successful bid in the
third Hungarian bid round for the Püspökladány Block (Block "P") within the
Pannonian Basin in north eastern Hungary. Bankers will operate the license and
fund its share of the work commitment, totaling €12.3 million of new investment
into Hungary over a three and a half year contractual term.

"We are excited by the opportunity presented by this addition to our portfolio
and exposure to the oil and gas rich Pannonian Basin. Hungary has a prosperous
history of oil and gas production within this target rich area. Over the past
two years we've been screening first for the best acreage, and then the best
partners, to extend Bankers technical expertise into commercial plays in the
region. We are pleased to be working with the Hungarian authorities and our
Hungarian partner, TDE Services, to leverage our eleven year record of bringing
the best of western technology into regional oil and gas field development in a
socially and environmentally responsible way.  We believe we are particularly
well suited to evaluate the potential of this basin." commented David French,
President and Chief Executive Officer of Bankers Petroleum.

Block
"P"                                                                                                      

The Püspökladány Block totals 878 square kilometres (km2) containing the
abandoned Biharnagybajom  (BNB) oilfield and prospects identified on both
historical 2D and 3D seismic. The BNB oilfield, one target particularly well
suited to Bankers' expertise, has not been worked on within the past twenty
years aside from a portion of a 3D seismic shot over 500 km2 of the block in
2005. Bankers, under a newly formed joint venture with TDE Services known as
PanBridge Hungary Zrt., committed to acquire 200 km2 of 3D seismic over a
portion of the block and three (3) subsequent vertical exploration wells to be
drilled by 2019 to assess the potential of the oilfield and surrounding
exploration targets.

Financial Commitment

The bid by the joint venture included a €2 million signing bonus of which
Bankers funded its 85% WI share from cash on hand. The concession agreement
capital commitment will see Bankers Petroleum invest €12.3 million over a three
and a half year contractual period. The program will be financed through
available cash resources.

The joint venture's plan to acquire 3D seismic as early as the fall of 2016
will require up to €3.5 - 4 million within the 2016 calendar year, with the
remaining financial commitment to be spent on exploration drilling in 2017 and
beyond.

PanBridge Hungary Zrt

PanBridge Hungary Zrt. is a joint venture with Bankers Petroleum holding an 85%
interest and the private Hungarian oil services and exploration & production
company TDE Services holding a 15% interest. Each party will fund their
respective working interest share of the capital program with Bankers as the
operator. TDE Services brings a wealth of technical and operational experience
working within the Hungarian jurisdiction to the project.

Diversifying the Portfolio

Bankers is pleased to add Block "P" in Hungary to our portfolio alongside our
anchor asset, the Patos-Marinza oilfield in Albania and neighbouring
concessions Block "F" and Kucova. Bankers remains keenly focused on its
Albanian assets, maximizing recovery from the Patos-Marinza oilfield utilizing
western Canadian oil recovery techniques.

Albanian Tax Assessment Update

Bankers continues to carefully monitor the situation regarding to the Albanian
Tax Assessment.  The Company expects the Albanian Government to fully comply
with the previously announced stop order issued by the Tribunal constituted by
the International Court of Arbitration of the International Chamber of Commerce
("ICC"). This stop order requires the Albanian tax department to lift the
suspension of the Company's Albanian bank accounts and to allow the Company to
continue to operate as usual until the outstanding audit issue can be resolved
through the agreed upon third-party international audit.  Bankers has
officially submitted an application with the ICC Tribunal for a longer term
injunction which will be heard by the ICC Tribunal in the coming weeks.

                                 ------------                                  

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 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 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.

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 Analyst
                                                     (403) 513-3428

Email: investorrelations@bankerspetroleum.com

Website: http://www.bankerspetroleum.com/

AIM NOMAD:

Canaccord Genuity Limited

Henry Fitzgerald-O'Connor / Wei Loon Yap

+44 0 207 523 8000

AIM BROKER:

FirstEnergy Capital LLP

Hugh Sanderson / David van Erp

+44 0 207 448 0200



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