August 17, 2016 - 2:00 AM EDT
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August 17, 2016


Bankers Petroleum Ltd. (“Bankers Petroleum” or the “Company”)

Employee Stock Savings Plan – August 15, 2016 Update

Further to the Company's announcement of January 16, 2013 regarding the implementation of an Employee Stock Savings Plan ("ESSP"), Bankers Petroleum announces that during the period from August 1, 2016 to the period ending August 15, 2016, the following purchases were made by senior employees:

Name Date of Purchase Number of Common Shares Purchased Employer’s Contribution(1) Purchase Price
(Cdn. $)
Employer’s Contribution Vested(2) Resulting Number of Common Shares held as at 15
August 2016
Holding as at
15 August
2016 as
% total
voting rights
David French,  President and Chief Executive
August 15 1,192 596 1.89 1,025 274,914 0.1%
Douglas C. Urch,  Executive Vice President, Finance and Chief Financial Officer  August 15 787 394 1.89 677 1,104,556 0.4%
Suneel Gupta,  Executive Vice President and Chief Operating Officer    August 15 786 393 1.89 677 608,750 0.2%
  1. These shares are the matching shares purchased by the Company, which shall vest to the shareholder twelve months from the date of purchase, provided the shareholder is still an employee of the Company. As of January 1, 2016 the Company’s matching shares were reduced from 100% to 50% of the employees purchase amount.
  1. These shares are the matching shares purchased by the Company twelve months ago and are now vested to the shareholder.

As previously announced, under the ESSP, employees may use up to 10% of their salary (matched equally by the Company) to purchase Bankers Petroleum shares on the Toronto Stock Exchange, on each pay period (midmonth and month-end). David French, Douglas Urch and Suneel Gupta elected to participate in the plan, with a participation level of 10% of each of their respective salaries.

All further announcements regarding the senior employees’ participation in the ?ESSP will be announced within 3 business days of their occurrence and accordingly the next announcement is expected on September 5 or sooner, if required.

For further information, contact:

Doug Urch

Executive VP, Finance and Chief Financial Officer

Ph: (403) 513-2691

Email: [email protected]



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Henry Fitzgerald-O’Connor

+44 0 207 523 8000


FirstEnergy Capital LLP

Hugh Sanderson / David van Erp

+44 0 207 448 0200

Source: PR Newswire (August 17, 2016 - 2:00 AM EDT)

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