TIDMBNK 
 
Bankers Petroleum Announces Revised 2015 Capital Budget and Work Program 
 
Fully Funded US$153Million Capital Program 
 
CALGARY, Jan. 30, 2015 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the 
"Company") (TSX: BNK, AIM: BNK) announces its revised 2015 capital program of 
US$153 million (all amounts referenced below are in US dollars), reduced from 
the previously announced 2015 capital program of $218 million. These 
adjustments have been made to ensure 2015 spending fits within funds generated 
from operations and cash resources in the latest oil price environment.  The 
revised budget has been approved by the Company's Board of Directors and will 
be submitted to the Albanian authorities for their approval. 
 
David French, President and CEO, commented, "We believe it is prudent with 
today's commodity outlook to show capital discipline and preserve our strong 
balance sheet.  Our project portfolio is flexible enough to allow us to choose 
our pace and scale of development as appropriate.  This revised budget reflects 
our rigorous focus on capital and operating cost efficiency with a balance of 
both short term drilling execution and long term flood expansion of the field." 
 
CAPITAL PROGRAM FUNDING 
 
The revised 2015 capital program utilizes a $50 per barrel average annual Brent 
oil price forecast in comparison to the budget announced on December 12, 2014, 
which was predicated on an annual Brent oil price forecast of $70 per barrel. 
The Company expects to fully fund the $153 million capital program with funds 
generated from operations and cash resources. 
 
PATOS-MARINZA FIELD 
 
Primary Development 
 
The revised capital program includes $80 million to be spent on the drilling, 
completion and associated costs of approximately 60 new horizontal wells. The 
number of active drilling rigs will be reduced from three rigs down to two 
within 30 days. 
 
Enhanced Oil Recovery: Polymer Flood Expansion 
 
The revised program includes $28 million for the accelerated EOR program. This 
program allows for the conversion of up to 20 existing production wells to 
polymer injection throughout the year, as well as the associated facilities and 
infrastructure to support the acceleration of the EOR program. This represents 
a reduction from the 25 - 30 conversions in the previously announced budget. 
 
Facilities, Infrastructure, and Associated Capital 
 
A total of $45 million of the 2015 capital program will be allocated to 
facilities and infrastructure activities. Projects include: 
 
  * well servicing and work overs; 
  * flow lining within the field; 
  * electrification of well pads; 
  * expansion of water disposal capabilities with one (1) water disposal well; 
    and 
  * continuation of environmental remediation and social initiatives. 
 
PRODUCTION GUIDANCE 
 
Based on the revised 2015 capital expenditures, Bankers anticipates its 2015 
average production levels will decrease from its average 2014 production levels 
by approximately 5% on account of reduced drilling activity and shut-in volumes 
due to marginal economics. 
 
FINANCIAL RESILIENCE 
 
Bankers maintains a strong balance sheet with a cash position of approximately 
$73 million at December 31, 2014, as well as a hedge which represents 6,000 
bopd at $80 per barrel Brent for 2015. Inclusive of  the January realization, 
the hedge valuation is currently in excess of $60 million. 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 December 31, 2014, Bankers had drawn $104 million from its 
$224 million credit facilities; no additional draws are anticipated in 2015. 
 
UPDATED CORPORATE PRESENTATION 
 
For additional information on this operational update, please see the Company's 
updated January 2015 corporate presentation at www.bankerspetroleum.com. 
 
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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