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Bankers Petroleum Closes Transaction to Acquire 50% Interest in Kucova Heavy Oilfield in Albania
Implementing Oilfield Evaluation to Further Define Potential CALGARY, Feb. 11 /CNW/ - Bankers Pet...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nImplementing Oilfield Evaluation to Further Define Potential\n\n\nCALGARY, Feb. 11 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to announce that it has successfully closed its previously announced\nacquisition of a 50% interest in the Kucova oilfield through the acquisition\nof 50% of the issued and outstanding securities of an independent private\ncompany ("Privatco").\n\n\nPrivatco holds the exclusive right to evaluate and redevelop the Kucova\nheavy oilfield located in Albania pursuant to a Petroleum Agreement with\nAlbpetrol Sh.A. of Albania, the state-owned petroleum company, and a License\nAgreement with the National Agency of National Resources. The consideration\npaid included cash and warrants. Application has been made for admission of\nthe shares underlying the warrants to the AIM Market of the London Stock\nExchange.\n\n\nBankers will undertake an evaluation of the oilfield to further define\nits remaining reserves and production potential. The terms of the transaction\ninclude an option to acquire the remaining 50% interest for an aggregate 100%;\nthe Company has until June 30, 2008 to exercise this option.\n\n\nCaution Regarding Forward-looking Information\n\n\nInformation in this news release respecting the Company's option and the\nKucova oilfield and its potential reserves and production potential constitute\nforward-looking information. Statements containing forward-looking information\nexpress, as at the date of this news release, the Company's plans, estimates,\nforecasts, projections, expectations, or beliefs as to future events or\nresults and are believed to be reasonable based on information currently\navailable to the Company. Should Bankers elect to not exercise the second\noption, the Company would relinquish its 50% ownership in Privatco to the\nvendors. There is no assurance that evaluation of the Kucova heavy oilfield\nwill prove to be favourable, that recovery of remaining reserves will be\neconomic, that there will be continued economic and political stability on the\nregion, or that the Company will exercise the option to acquire the remaining\n50% interest in the field. The exploration for oil and oil recovery projects\nare subject to a number of inherent risks, some of which are described under\n"Risk Factors" in the Company's Annual Information Fo...