Bankers resumes oil deliveries to Albanian refineries
Bankers collects outstanding US$12 million sales receivable
CALGARY, April 22 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce the resumption of oil
sales to the Albanian refineries operated by Albanian Refining & Marketing of
Oil Sh.A ("ARMO") and full collection of all previous crude oil sales.
The two refineries, located at Ballsh and Fier, have the capacity to
process in excess of 10,000 bopd, and will complement Bankers existing export
oil sales. Under the ARMO crude oil sales contract, deliveries for the
remainder of 2010 will approximate 2,000 bopd, and pricing will be competitive
with the netback realized through export sales. All sales to ARMO will be
secured by a revolving Letter of Credit.
"Bankers looks forward to the resumption of regular operations with ARMO
and supplying oil into the Albanian market, now that this long-standing
financial matter has been resolved," says Abby Badwi, President and CEO of
For additional information, please see the Company's corporate
presentation on 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 both the Patos
Marinza and the Kuçova oilfields. Bankers' shares are traded on the Toronto
Stock Exchange and the AIM Market in London, England under the stock symbol
For further information: Abby Badwi, President and Chief Executive Officer,
(403) 513-2694; Doug Urch, Executive VP, Finance and Chief Financial Officer,
(403) 513-2691, Email: investorrelations(at)bankerspetroleum.com, Website:
www.bankerspetroleum.com; AIM NOMAD: Canaccord Adams Limited, Ryan Gaffney/
Henry Fitzgerald-O'Connor, +44 20 7050 6500; AIM JOINT BROKERS: Canaccord
Adams Limited, Ryan Gaffney/Henry Fitzgerald-O'Connor, +44 20 7050 6500;
Macquarie Capital Advisors, Paul Connolly/Ben Colegrave, +44 20 3037 5639