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Bankers Petroleum announces receipt of claim

16th Sep 2013 08:00

BANKERS PETROLEUM LIMITED - Bankers Petroleum announces receipt of claim

BANKERS PETROLEUM LIMITED - Bankers Petroleum announces receipt of claim

PR Newswire

London, September 16

Bankers Petroleum announces receipt of claim CALGARY, Sept. 16, 2013 /CNW/ - Bankers Petroleum Ltd. (the "Company")announces that a claim has been filed in the Commercial Court of England andWales against the Company's subsidiary Bankers Petroleum Albania Ltd. ("BPAL")by BP Oil International Ltd. ("BPO") in connection with a dispute between BPALand BPO over the termination by BPAL of a crude oil sales contract between BPALand BPO (the "Contract"). BPO has alleged that BPAL wrongfully terminated the Contract and is seekingdamages of approximately US$ 54 million. The Company and BPAL believe that BPAL was fully within its legal rights toterminate the Contract, that BPO's claim is without merit and that, in anyevent, BPO's estimate of damages is exaggerated. The Company intends that BPALwill vigorously defend the claim. About Bankers Petroleum Ltd. Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration andproduction company focused on developing large oil and gas reserves. InAlbania, Bankers operates and has the full rights to develop the Patos-Marinzaheavy oilfield, has a 100% interest in the Kuçova oilfield, and a 100% interestin Exploration Block "F". Bankers' shares are traded on the Toronto StockExchange and the AIM Market in London, England under the stock symbol BNK. SOURCE: Bankers Petroleum Ltd. For further information: David French President and Chief Executive Officer (403) 513-6930Doug Urch Executive VP, Finance and Chief Financial Officer (403) 513-2691Mark Hodgson VP, Business Development (403) 513-2695 Email: [email protected]: www.bankerspetroleum.com AIM NOMAD:Canaccord Genuity LimitedHenry Fitzgerald-O'Connor+44 0 207 523 8000 AIM BROKER:FirstEnergy Capital LLPHugh Sanderson / David van Erp+44 0 207 448 0200

(BNK.)


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