TIDMBNK 
 
Bankers Petroleum Announces 2015 Capital Budget and Work Program 
 
Fully Funded US$218 Million Capital Program 
and Accelerated Enhanced Oil Recovery Program 
 
CALGARY, Dec. 12, 2014 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the 
"Company") (TSX: BNK, AIM: BNK) is pleased to announce its 2015 capital program 
of US$218 million (all amounts referenced below are in US dollars). The capital 
program will be fully supported by funds generated from operations and cash 
resources.  The budget has been approved by the Company's Board of Directors 
and submitted to the Albanian authorities for their approval. 
 
The 2015 capital program will continue to focus on three main strategic goals: 
execution of the primary horizontal drilling program, acceleration of the 
secondary recovery program, and targeted capital for operational improvements 
to reduce costs and provide infrastructure and facilities necessary to support 
the future growth of the Company. 
 
David French, President and CEO, commented, "We have put together a strategic 
fully funded capital program that maintains a solid level of drilling activity 
while investing in the future growth of Bankers through enhanced oil recovery 
(EOR). 
 
"Over the past several years Bankers has built a business with a clean balance 
sheet and operational flexibility to withstand softer commodity prices. When 
combining our 2015 sales program and hedge position, the Company anticipates a 
cash margin of around $30/bbl at $70 Brent with capability to deliver over $25/ 
bbl stress tested at $60/bbl Dated Brent. This budget builds upon our low-cost 
development of horizontal wells, and continues our commitment to reserves 
growth and future volumes through expansion of polymer flooding. We believe our 
financial discipline, reservoir management, and operational capability will 
serve us well in this volatile market." 
 
CAPITAL PROGRAM FUNDING 
 
The 2015 capital program utilizes a $70 per barrel average annual Brent oil 
price forecast. The Company expects to fully fund the 2015 capital program with 
funds generated from operations and cash resources. 
 
2015 Sales Contracts 
 
Bankers is pleased to announce that it expects to receive average cash 
realization equivalent of 82% of Dated Brent price realization; inclusive of 
both the export and domestic agreements as well as the existing hedge at 
current average Brent forecast of $70/bbl. 
 
The Company has committed 55% of next year's crude oil volumes to export 
counterparties in the Mediterranean and the United States. An average realized 
price of 79 - 80% of Dated Brent is projected for all export volumes on term 
contracts. 
 
Bankers has also reached an agreement to sell 45% of its 2015 volumes to the 
domestic market at 74% of Dated Brent (FOB Vlora equivalent), plus a fixed $28/ 
metric-ton or approximately $4.45/bbl recovery against the overdue accounts 
receivable balance from prior years. Over the course of the year, the Company 
will receive full payment of the remaining $15.4 million accounts receivable in 
addition to sales and transportation savings of approximately $2.90/bbl. The 
fixed $4.45/bbl payment has the advantage of providing structural protection 
against further softening in Brent pricing. 
 
PATOS-MARINZA FIELD 
 
Primary Development 
 
The majority of the 2015 capital program at $118 million is for primary 
drilling with three rigs and between 85 - 90 new horizontal wells.  These wells 
are a continuation of development in the Patos-Marinza oilfield. 
 
Enhanced Oil Recovery: Polymer Flood Expansion 
 
Next year will mark a shift from an early-stage pilot project to commercial 
development of our EOR program. We are encouraged by the strong performance to 
date and will be allocating $36 million to EOR expansion in 2015, with plans to 
convert 25 - 30 existing production wells to polymer injection throughout the 
year. Approximately 70% of EOR capital will be spent on associated 
infrastructure and facilities, and the remaining 30% on well conversions and 
injection. 
 
This program represents an increase of 41% compared to the 2014 EOR budget of 
$22 million and more than double the number of wells converted to injection. 
 
Facilities, Infrastructure, and Associated Capital 
 
A total of $64 million of the 2015 capital program will be allocated to 
facilities and infrastructure activities which include improvements aimed at 
lowering operating costs.  Projects include: 
 
  * well servicing and work overs; 
  * flow lining within the field; 
  * electrification of well pads; 
  * expansion of water disposal capabilities with two (2) water disposal wells; 
    and 
  * continuation of environmental remediation and social initiatives. 
 
OPERATIONAL FLEXIBILITY 
 
Over the past several years, Bankers has constructed its capital program to 
allow for flexibility in changing market conditions.  In this lower commodity 
price environment, Bankers has initiated a drilling rig phase-down from six to 
three rigs to conserve cash-flow and balance capital spending.  By the end of 
the fourth quarter 2014, two rigs will be suspended with the third rig 
following in January 2015.  In addition, the Company has been in conversation 
with all material service providers to source near term price reductions. 
 
Our efforts will continue on expanding margins through further operational 
efficiencies in the field including the installation of flow lines to reduce 
trucking costs, electrification of well pads, well servicing improvements and 
diluent reduction. Over the past two years that margin expansion has been a 
strategic focus of the Company, we have reduced our cost structure by over $6/ 
bbl excluding excise and carbon and circulation tax changes introduced in 2014. 
Bankers projects an additional costs savings of $2 - 3/bbl over the next two 
years. 
 
Bankers is positioned to respond quickly when oil prices show signs of recovery 
and will prioritize its primary drilling program by reinstating drilling rigs, 
infrastructure and facilities spending. 
 
FINANCIAL RESILIENCE 
 
Bankers maintains a strong balance sheet with a cash position of $88 million at 
September 30, 2014. Management will continue to protect the financial position 
of the Company with the strategic view to maintain capital expenditures within 
2015 cash flow, supplemented with cash resources.  At September 30, 2014, 
Bankers had drawn $104 million from its $224 million credit facilities; no 
additional draws are anticipated in 2015. 
 
Financial Hedge 
 
To protect against the downside of oil prices, in Q2 2014, Bankers purchased 
two Puts, which combined represent 6,000 bopd at $80/bbl Brent for 2015.  Cash 
proceeds from the Puts are received monthly, based on the difference between 
the average monthly Brent price and $80/bbl.  The financial stability provided 
by this hedge supports the operation of three drilling rigs in 2015. 
 
PRODUCTION GUIDANCE 
 
In recognition of recent pullback in Brent oil price, reduced 2015 capital 
expenditure and the   acceleration of the polymer flood program, Bankers 
anticipates 2015 average production levels will be in line with the 2014 
average production level. 
 
UPDATED CORPORATE PRESENTATION 
 
For additional information on this operational update, please see the December 
2014 version of the Company's corporate presentation at http:// 
www.bankerspetroleum.com/. 
 
CONFERENCE CALL 
 
Management of Bankers will host a conference call on December 12, 2014 at 6:30 
am MST to discuss the 2015 Capital Budget. Following Management's presentation, 
there will be a question and answer session for analysts and investors. 
 
To participate in the conference call, please contact the conference operator 
ten minutes prior to the call at 1-888-231-8191 or 1-647-427-7450. A live audio 
web cast of the conference call will also be available on Bankers website at 
http://www.bankerspetroleum.com/ or by entering the following URL into your web 
browser, http://www.newswire.ca/en/webcast/detail/1457825/1621957. 
 
The web cast will be archived two hours after the presentation on the website, 
and posted on the website for 90 days.  A replay of the call will be available 
until December 25, 2014 by dialing 1-855-859-2056 or 1-416-849-0833 and 
entering access code 47056493. 
 
Q4 2014 OPERATIONAL UPDATE 
 
Bankers intends to announce its Operational Update for the Fourth Quarter 2014 
and host a conference call on Tuesday, January 6, 2015. 
 
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. 
 
 
 
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 
 
 
 
 
END 
 

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