Bankers Petroleum buying shale gas prospects

By OGJ editors
HOUSTON, Apr. 25 -- The US subsidiary of Bankers Petroleum Ltd., Calgary, agreed to buy 250,000 net acres of unconventional shale gas prospects in the US from Vintage Petroleum LLC for $30 million in cash and stock.

The prospects are in the Arkoma and Ardmore basins of Oklahoma, the Black Warrior basin in Mississippi and Alabama, and the Appalachian basin in New York.

The transaction will bring Bankers Petroleum's total holdings in US unconventional gas plays to over 500,000 net acres. Closing is expected in May.