Bankers Petroleum to split Albanian, US operations

LONDON, May 14 – Bankers Petroleum, a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves, said Wednesday its Board has unanimously approved a proposal to split Bankers into two separate public companies. One company will have a continued focus on heavy oil in Albania and the other company will be a North American shale gas resource company, designed to enhance shareholder value by creating two separate companies, which have exposure to significant upside potential. With the recent success in Oklahoma, the Company has determined that the timing is right for Bankers’ U.S. assets to be restructured into a separate newly-formed public entity, BNK Petroleum Inc. The proposed corporate reorganization will require the approval of Bankers’ shareholders. The Chairman, Bob Cross, said: “The two asset bases have different risk profiles and typically appeal to different types of investors, both geographically and sectorally. The Chief Executive Officer, Abby Badwi, said: “The restructuring will allow Bankers’ management team to focus its efforts and financial resources on developing the 2.5bn barrels of original-oil-in-place in the Patos Marinza and Kucova oil fields, as well as exploring additional oil and gas investment opportunities in Albania. “Bankers is in a strong financial position to fund its three-year $370 million capital program from existing working capital, cash flow and available credit facilities.” (Tirana Times Staff)