Bankers Petroleum Ltd. announced that, based on feedback it has received from some of its shareholders and certain proxy advisory firms, it will amend its corporate bylaws should its continuance into Alberta be approved at the upcoming annual and special meeting of the shareholders of the Company to be held on May 21, 2013.

Bankers Petroleum Ltd. reported unaudited consolidated earnings and operating results for the first quarter and year ended March 31, 2013. For the quarter, revenues were $132.562 million against $102.668 million a year ago. Income before income tax was $37.441 million against $25.382 million a year ago. Net income for the period was $14.177 million or $0.055 per diluted share against $7.765 million or $0.031 per diluted share a year ago. Net cash provided by operating activities was $29.462 million against $42.072 million a year ago. Additions to property, plant and equipment was $47.193 million against $62.145 million a year ago. Additions to exploration and evaluation assets was $0.134 million against $0.556 million a year ago. Net operating income was $73.165 million against $53.471 million a year ago. Funds generated from operations was $65.419 million or $0.26 per basic share against $48.072 million or $0.19 per basic share a year ago. For the quarter, average oil production was 16,919 barrels of oil per day (bopd), 20% higher than 14,119 bopd in the first quarter of 2012. Production for the second quarter to-date is approximately 17,500 bopd.

Bankers Petroleum Ltd. announced operating results for the first quarter ended March 31, 2013. The company reported average production from the Patos-Marinza oilfield in Albania for the first quarter of 2013 was 16,916 barrels of oil per day, 4.7% higher than 16,163 bopd in the fourth quarter of 2012. Oil sales during the quarter averaged 16,605 bopd, 3.6% higher than the previous quarter average of 16,033 bopd. The crude oil inventory at March 31, 2013 was 340,000 barrels, 26,000 barrels higher than 313,000 barrels at December 31, 2012. The Patos-Marinza first quarter average oil price was approximately $89.42 per barrel (representing 80% of the Brent oil price of $112.43 per barrel), as compared with the 2012 fourth quarter average oil price of $78.53 per barrel (71% of the Brent oil price of $110.08 per barrel). The company also announced that the International Finance Corporation has approved an extension of the company's existing credit facility to May 2020, subject to final documentation. No repayments are required until May 2017, at which time the facility amount will decrease by 25% annually. Additionally, IFC's revolving loan facility will increase to $60 million from the existing $50 million. Discussions with the European Bank for Construction and Development for corresponding changes to the existing $50 million revolving loan facility are ongoing, with a decision expected shortly. In addition, the existing $20 million revolving facility and $1 million term facility from Raiffeisen Bank will remain in effect.