BANKERS PETROLEUM ANNOUNCES RESUMPTION OF OPERATIONS AND CORPORATE TRANSACTION UPDATE
CALGARY, June 8, 2016 – Bankers Petroleum Ltd. (“Bankers” or the “Company”) is pleased to announce that the Company has resumed its usual operations following commencement of export activities at the Petrolifera Italo Albanese (“PIA”) Terminal port facility near Vlore, Albania on Tuesday, June 7.
Over the past six days, Bankers curtailed production by approximately 4,000 barrels of oil per day within the Patos-Marinza oilfield due to lack of storage. Production is being brought back online immediately and is expected to resume pre-closure production levels over the next week.
Corporate Transaction Update
Bankers is also pleased to announce that it has received the final approval of the Court of Queen’s Bench of Alberta (the “Court”) for the proposed plan of arrangement (the "Arrangement") with affiliates of Geo-Jade Petroleum Corporation ("Geo-Jade"). 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. The Court granted an order approving the Arrangement on June 3, 2016.
Completion of the Arrangement is subject to the outstanding regulatory approvals pursuant to the Investment Canada Act (Canada) and the Chinese State Administration of Foreign Exchange (SAFE). As a result of the outstanding approvals, the arrangement agreement has been amended to extend the deadline to receive the People’s Republic of China approvals from June 1 to June 30, 2016. Closing of the Arrangement is expected to occur in late June or early 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.