REG-Bankers Petroleum Limited: Corporate Transaction Update <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

08/06/2016 10:05

Bankers Petroleum Announces Resumption of Operations and Corporate
Transaction Update 
 
 
 
 CALGARY, June 8, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce that the Company has
resumed its usual operations following commencement of export activities at
the Petrolifera Italo Albanese ("PIA") Terminal port facility near Vlore,
Albania on Tuesday, June 7. Over the past six days, Bankers curtailed
production by approximately 4,000 barrels of oil per day within the
Patos-Marinza oilfield due to lack of storage. Production is being brought
back online immediately and is expected to resume pre-closure production
levels over the next week. 
 
 Corporate Transaction Update 
 
 Bankers is also pleased to announce that it has received the final approval
of the Court of Queen's Bench of Alberta (the "Court") for the proposed plan
of arrangement (the "Arrangement") with affiliates of Geo-Jade Petroleum
Corporation ("Geo-Jade"). 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. The Court
granted an order approving the Arrangement on June 3, 2016. 
 
 Completion of the Arrangement is subject to the outstanding regulatory
approvals pursuant to the Investment Canada Act (Canada) and the Chinese State
Administration of Foreign Exchange (SAFE). As a result of the outstanding
approvals, the arrangement agreement has been amended to extend the deadline
to receive the People's Republic of China approvals from June 1 to June 30,
2016. Closing of the Arrangement is expected to occur in late June or early
July. 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. 
 
 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 resumption of Bankers' production and
operations at the PIA Terminal, the proposed Arrangement and the anticipated
timing of closing, the timing of receipt of required regulatory approvals 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, 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 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 the
Company dated April 19, 2016, 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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