Bankers Petroleum to Split Albanian and

On May 14, 2008, the Board of Directors of Bankers Petroleum Ltd. 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. The $1 billion transaction is designed to enhance shareholder value by creating two separate companies, which have exposure to significant upside potential.

Bankers Petroleum Ltd was assisted by McCarthy Tétrault LLP, with a team led by Rick Pawluk and that included Sony Gill, Joyce Lee, Juliamai Giffen, Paul Airley, Lynda McNie and Greg Turnbull (securities), Doug Ewens and Rob Nearing (tax), and Warren Milman (litigation).