CALGARY, Bankers Petroleum Ltd. (TSX:BNK) is formulating a plan to spin off its U.S. business while announcing a three-year program including capital investment of $370 million in Albania.

The spending ``will be primarily funded from existing working capital and future cash flow,' Bankers said Tuesday, with a production target of 20,000 barrels per day by the end of 2010.

``With recent success in Oklahoma, the company determined that the timing is right for Bankers U.S. to be restructured into a separate entity to proceed with its own growth plans in a manner that will maximize value and preserve future upside to all Bankers' existing shareholders,' Calgary-based Bankers said in a release.

``Recognizing the size of Patos Marinza and Kucova heavy oilfields in Albania, Bankers' board of directors decided in its three-year plan to focus its resources on maximizing the potential of these very important assets.'

The company said it will mull its options for the U.S assets over the next few weeks.

Bankers said it expects to invest about $370 million in the Albanian properties. It holds full rights to the Patos-Marinza heavy oilfield and a 50 per cent in the Kucova oilfield in Albania and a 50 per cent interest in the Tishomingo gas field in Oklahoma as well as interests in three other areas in the northern and central regions of the United States.

On the TSX, Bankers shares were trading down three cents, at $1.34.