U.S.-based private merchant bank Peninsula Merchant Syndications Corp. plans to acquire a 27% working interest in approximately 375,000 net acres in the Palo Duro Basin, Texas, from Bankers Petroleum Ltd., Calgary, (Toronto, London: BNK) for US$19.5 million, of which a minimum US$15 million will be in cash. Bankers will remain as operator and will use the money to fund its exploration budget in the Palo Duro Basin and develop properties in Oklahoma. The deal is expected to close before March 31.