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

Big Banc SplitAnnouncement

21/07/2016 13:05

Bankers Petroleum provides corporate transaction update

CALGARY, July 21, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to provide an update on the
corporate transaction with affiliates of Geo-Jade Petroleum Corporation
("Geo-Jade") pursuant to an arrangement agreement dated March 19, 2016 (the
"Arrangement Agreement").  Pursuant to the Arrangement Agreement, 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.

Completion of the transaction remains subject to the regulatory approval of
the Chinese State Administration of Foreign Exchange ("SAFE").  Accordingly,
the Arrangement Agreement has now been formally amended to extend the deadline
to receive the People's Republic of China approvals from June 30, 2016 to July
31, 2016. Bankers and Geo-Jade are diligently working together towards receipt
of this approval before the end of July, and if received, the Arrangement
Agreement provides for an automatic sixty day extension of the outside date
(currently July 31, 2016, to be extended to September 29, 2016) for closing of
the transaction to occur.

If the SAFE approval is not received by the close of business on August 2,
2016 (being the nearest business day to July 31, 2016), then a further
amendment to the Arrangement Agreement will be required to extend the deadline
for the receipt of the SAFE approval as well as the outside date for closing
the transaction.  Both Bankers and Geo-Jade are committed to completion of
the transaction, and such discussions are underway, inclusive of possible
provisions that would enhance the commitment of the parties.

Following successful completion of the transaction, Bankers Shares will be
delisted from the Toronto Stock Exchange ("TSX") and the AIM market of the
London Stock Exchange.

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 transaction 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
transaction. 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 approvals required by the People's Republic of China, and other
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. 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



Copyright (c) 2016 PR Newswire Association,LLC. All Rights Reserved