September 2, 2016 - 2:00 AM EDT
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BANKERS PETROLEUM LIMITED - Employee Stock Savings Plan - August 31, 2016 Update

September 1, 2016


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

Employee Stock Savings Plan – August 31, 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 16, 2016 to the period ending August 31, 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 31
August 2016
Holding as at
31 August
2016 as
% total
voting rights
David French, President and Chief Executive
August 31 1,165 583 1.93 1,023 277,102 0.1%
Douglas C. Urch, Executive Vice President, Finance and Chief Financial Officer August 31 769 385 1.93 675 1,106,000 0.4%
Suneel Gupta, Executive Vice President and Chief Operating Officer August 31 770 385 1.93 675 610,195 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.
  2. 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 20 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

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Hugh Sanderson / David van Erp
+44 0 207 448 0200

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

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