REG-Bankers Petroleum Limited: Settlement of Lawsuit with BP Oil <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

23/02/2015 13:11

Bankers Petroleum Announces Settlement of Lawsuit with BP Oil

CALGARY, February 23, 2015 - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) today
announced that its subsidiary, Bankers Petroleum Albania Ltd. (BPAL), has
reached a full and final settlement with BP Oil International Limited (BPOI) in
connection with the September 2013 lawsuit initiated by BPOI against BPAL at
the High Court of Justice in London, England.  The settlement is for a payment
by BPAL to BPOI of US$16.5 million inclusive of all costs and interest.  The
lawsuit was brought in connection with the termination by BPAL in November 2012
of a long term oil supply contract between BPAL and BPOI and initially sought
damages of up to US$54.2 million for, among other things, the alleged wrongful
termination of such agreement. BPOI's claim had recently been revalued at
US$37.4 million to reflect movements in oil price since September 2013. As part
of the settlement, neither party admitted to wrongful or illegal conduct, and
both parties' claims and counterclaims will be dismissed.

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: www.bankerspetroleum.com

AIM NOMAD:
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor
+44 0 207 523 8000

AIM BROKER:
FirstEnergy Capital LLP
Hugh Sanderson / David van Erp
+44 0 207 448 0200



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