CALGARY, July 2 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) announced today that it has granted a total of 3,975,000 incentive stock options to directors, officers and employees of the Company as of July 2, 2007. Of this amount, 2,240,000 options were granted to directors and officers. The options are set at an exercise price of CDN$0.52 per common share for a period of five years, expiring on July 1, 2012, with two-thirds of the options subject to vesting periods.
A portion of the options were granted to several new senior employees hired to strengthen Bankers' technical capabilities around production, operations, reservoir and geology. These additions position the Company for further growth and value creation. The remainder were granted in recognition of the continued progress and growth of the Company.
As of July 2, 2007, the Company has 448,109,492 issued and outstanding common shares.
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on opportunities in unconventional petroleum assets. Bankers holds interests in four prospects in the Northern and Central regions of the United States, where it is currently pursuing the exploration of shale and tight gas sand plays. It also operates in the Patos-Marinza oilfield in Albania pursuant to a license agreement, producing heavy oil. Bankers shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the ticker symbol BNK.