CALGARY, June 8, 2016 /CNW/ - Bankers Petroleum Ltd.
("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to
announce that the Company has resumed its usual operations
following commencement of export activities at the Petrolifera
Italo Albanese ("PIA") Terminal port facility near Vlore,
Albania on Tuesday, June 7. Over the past six days,
Bankers curtailed production by approximately 4,000 barrels of oil
per day within the Patos-Marinza oilfield due to lack of storage.
Production is being brought back online immediately and is
expected to resume pre-closure production levels over the next
week.
Corporate Transaction Update
Bankers is also pleased to announce that it has received the
final approval of the Court of Queen's Bench of Alberta (the "Court") for the proposed plan of
arrangement (the "Arrangement") with affiliates of Geo-Jade
Petroleum Corporation ("Geo-Jade"). Pursuant to the Arrangement,
Geo-Jade will acquire all the issued and outstanding common shares
of Bankers ("Bankers Shares") through its affiliates at a cash
price of C$2.20 per Bankers Share.
The Court granted an order approving the Arrangement on
June 3, 2016.
Completion of the Arrangement is subject to the outstanding
regulatory approvals pursuant to the Investment Canada Act
(Canada) and the Chinese State
Administration of Foreign Exchange (SAFE). As a result of the
outstanding approvals, the arrangement agreement has been amended
to extend the deadline to receive the
People's Republic of China approvals from June 1 to June 30, 2016. Closing of the
Arrangement is expected to occur in late June or early July.
Following a successful completion of the Arrangement, the Bankers
Shares will be delisted from the Toronto Stock Exchange ("TSX") 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 resumption of
Bankers' production and operations at the PIA Terminal, the
proposed Arrangement and the anticipated timing of closing, the
timing of receipt of required regulatory approvals and the
delisting of the Bankers Shares following completion of the
Arrangement . By their nature, forward-looking statements are
subject to numerous risks and uncertainties, some of which are
beyond Bankers' control.. Completion of the Arrangement is subject
to a number of conditions, including receipt of the approval's
required by the Investment Canada Act (Canada) and approvals required by the People's Republic of China and the
competition authority of Albania,
and other conditions which are typical for transactions of this
nature. Failure to satisfy any of these conditions, the emergence
of a superior proposal or the failure to obtain approval of
Bankers' shareholders may result in the termination of the
arrangement agreement dated March 19,
2016 providing for the Arrangement. The foregoing list is
not exhaustive. Additional information on these and other risks
that could affect completion of the Arrangement is set forth in the
Management Information Circular of the Company dated April 19, 2016, which is available on SEDAR
at www.sedar.com. 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.
SOURCE Bankers Petroleum Ltd.
