BNK Bankers Pet

 
TIDMBNK 
 
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 EUR12.3 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 EUR2 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 EUR12.3 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 EUR3.5 - 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 
 
 
 
END 
 

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