Bankers Petroleum Limited Contract

 
TIDMBNK 
 
Bankers Petroleum Announces Domestic Crude Oil Sales Contract 
 
CALGARY, Aug. 31, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the 
"Company") (TSX: BNK, AIM: BNK) is pleased to announce the signing of a 
conditional domestic offtake crude oil sales agreement with Ionian Refining and 
Trading Co. - IRTC SH.A. ("IRTC"). The agreement will become effective upon 
receipt by Bankers of the Albanian Government's approval of the Company's 
proposed drilling program for the fourth quarter of 2016 and in respect of 
amendments to lifting procedures between the Company and Albpetrol Sh.A for 
handling of Albpetrol's share of volumes from the Patos-Marinza oilfield. 
 
Once effective, Bankers may sell up to 65% of its crude oil production under 
the agreement pursuant to which the Company will receive payment security in 
advance of crude deliveries. In accordance with the agreement, deliveries will 
be made from October 1, 2016 through to December 31, 2017. 
 
Pricing for crude oil sales made under the agreement is equivalent, on a full 
cost basis, to the pricing obtained by Bankers for its export sales, after 
accounting for reduced transportation and terminal fees. IRTC will process the 
crude oil at the domestic Fier and Ballsh refineries in Albania. The balance of 
Bankers' production will continue to be sold to the export market. 
 
Bankers is pleased to see the domestic refining market re-emerge as an employer 
in the region and welcomes working with the Albanian Government, its agencies 
and IRTC to see this agreement come to fruition. 
 
Corporate Transaction Update 
 
Bankers and Geo-Jade Petroleum Corporation remain committed to completing the 
corporate transaction pursuant to an arrangement agreement dated March 19, 
2016. The transaction is expected to close before September 30, 2016 and 
remains subject to the regulatory approval of the Chinese State Administration 
of Foreign Exchange. Following successful completion of the transaction, 
Bankers Shares will be delisted from the Toronto Stock Exchange 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 crude oil sales agreement, and the timing 
of receipt of required Albania government, regulatory approvals and the 
anticipated timing of closing of the corporate transaction. By their nature, 
forward-looking statements are subject to numerous risks and uncertainties, 
some of which are beyond Bankers' control. The foregoing list is not 
exhaustive. 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 
 
 
 
END
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September 01, 2016 02:00 ET (06:00 GMT)
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