Bankers Petroleum Ltd. has completed the first closing of its previously announced CDN$60.0 million private placement, pursuant to which the Company issued 55,555,555 shares at a price of $0.90 per share for gross proceeds of approximately CDN$50.0 million.

Bankers expects to close the remainder of the private placement before February 15, subject to meeting regulatory requirements and completion of documentation. Once finalized, the Company will have issued an aggregate of 66,666,666 shares of the Company, at a price of $0.90 per share for gross proceeds of approximately CDN$60.0 million. The securities are subject to a four month hold period. Proceeds from the placement will be used to fund the Company's exploration and development programs in Albania and the United States, the recently announced Albanian acquisition and for general corporate purposes.

Application has been made for the shares issued under the private placement to be admitted to trading on the Toronto Stock Exchange and the AIM Market of the London Stock Exchange (effective February 6, 2008).

Tags: Bankers Petroleum Ltd.