Bankers Petroleum Announces Investment Canada Act Approval for Proposed
    Arrangement

    CALGARY, June 22, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
    "Company") (TSX: BNK, AIM: BNK) is pleased to announce that the proposed plan
    of arrangement (the "Arrangement") with affiliates of Geo-Jade Petroleum
    Corporation ("Geo-Jade") has received Ministerial approval under the Investment
    Canada Act. Pursuant to the Arrangement, Geo-Jade will acquire all the issued
    and outstanding common shares of Bankers ("Bankers Shares") through its
    affiliates at a cash price of C$2.20 per Bankers Share.

    Completion of the Arrangement is subject to the outstanding regulatory approval
    of the Chinese State Administration of Foreign Exchange (SAFE). Bankers
    anticipates receipt of this approval in the coming weeks and closing of the
    Arrangement to occur shortly thereafter in July. Following a successful
    completion of the Arrangement the Bankers Shares will be delisted from the
    Toronto Stock Exchange ("TSX") and the AIM market of the London Stock Exchange.

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    About Bankers Petroleum Ltd.

    Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and
    production company focused on developing large oil and gas reserves in Albania
    and Eastern Europe. In Albania, Bankers operates and has the full rights to
    develop the Patos-Marinza heavy oilfield, has a 100% interest in the Kuçova
    oilfield, and a 100% interest in Exploration Block "F". In 2015 Bankers
    acquired an 85% interest in the rights to explore the Püspökladány Block
    concession within the Pannonian Basin located in north eastern Hungary. The
    Bankers Shares are traded on the TSX and the AIM Market in London, England
    under the stock symbol BNK.

    Caution Regarding Forward-looking Information

    Certain information set forth in this press release, including information and
    statements which may contain words such as "could", "plans", "intends"
    "should", "anticipate", "expects", "will", "propose", "opportunity", "future",
    "continue", and similar expressions and statements relating to matters that are
    not historical facts, contain forward-looking statements, including but not
    limited to statements regarding: the proposed Arrangement and the anticipated
    timing of closing, the timing of receipt of required regulatory approvals and
    the delisting of the Bankers Shares following completion of the Arrangement. By
    their nature, forward-looking statements are subject to numerous risks and
    uncertainties, some of which are beyond Bankers' control. Completion of the
    Arrangement is subject to a number of conditions, including receipt of the
    approvals required by the People's Republic of China and the competition
    authority of Albania, and other conditions which are typical for transactions
    of this nature. Failure to satisfy any of these conditions, the emergence of a
    superior proposal or the failure to obtain approval of Bankers' shareholders
    may result in the termination of the arrangement agreement dated March 19, 2016
    providing for the Arrangement. The foregoing list is not exhaustive. Additional
    information on these and other risks that could affect completion of the
    Arrangement is set forth in the Management Information Circular, which is
    available on SEDAR at http://www.sedar.com/. Readers are cautioned that the
    assumptions used in the preparation of such information, although considered
    reasonable at the time of preparation, may prove to be imprecise and, as such,
    undue reliance should not be placed on forward-looking statements. The actual
    results, performance or achievement of Bankers could differ materially from
    those expressed in, or implied by, these forward-looking statements and,
    accordingly, no assurance can be given that any of the events anticipated by
    the forward-looking statements will transpire or occur, or if any of them do
    so, what benefits that Bankers will derive therefrom. Bankers disclaims any
    intention or obligation to update or revise any forward-looking statements,
    whether as a result of new information, future events or otherwise, except as
    required by applicable securities laws.


     

    David French, President and Chief Executive Officer, (403) 513-6930; Doug Urch,
    Executive VP, Finance and Chief Financial Officer, (403) 513-2691; Laura
    Bechtel, Investor Relations and Corporate Communications Specialist, (403)
    513-3428, Email: investorrelations@bankerspetroleum.com, Website:
    www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited, Henry
    Fitzgerald-O'Connor, +44 0 207 523 8000; AIM BROKER AND FINANCIAL ADVISOR:
    FirstEnergy Capital LLP, Hugh Sanderson / David van Erp, +44 0 207 448 0200