Bankers Petroleum achieves growth in third quarter

CALGARY, Nov. 10 – Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) has announced strong quarterly results and continued quarter-over-quarter growth during the third quarter of 2007.
Revenue for the quarter increased 77 percent to $16.4 million compared to $9.4 million in the third quarter of 2006. Net operating income grew to $8.8 million in the quarter from $4.3 million in the comparable period in 2006. Funds from operations were $6.4 million, compared to $3.0 million for the third quarter of 2006.
“Continued production growth, strength in our export capacity and increased international oil prices have resulted in further gains to our netback to almost $20 in the quarter,” said Richard Wadsworth, President. “We are proving our ability to add value from our primary production efforts, and are stepping forward in our strategy to increase reservoir recovery and production from secondary and enhanced oil recovery technologies. The start-up of testing and steam injection from our thermal steam project will provide valuable data for expansion of our pilot in 2008.” Initiating enhanced oil recovery techniques in Albania is an important first step in furthering primary recovery techniques and capturing additional reserves and production. Every one percent of additional oil recovered of the 2.0 billion barrel original-oil-in-place resource will be important in terms of volumes and value. Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focusing on opportunities in unconventional petroleum assets. Bankers holds interests in four prospects in the Northern and Central regions of the United States, where it is currently pursuing the exploration of shale and tight gas sand plays. It also operates in the Patos-Marinza oilfield in Albania, pursuant to a license agreement, producing heavy oil. Bankers shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the ticker symbol BNK.
Oil recovery costs and plans are based on a number of assumptions, including that success rates will be similar to those rates experienced in similar enhanced oil recovery projects; continued availability of the necessary equipment, personnel and financial resources will be available to sustain the company’s planned work program; the existence of continued political and economic stability in Albania; the existence of reserves as expected; the continued release by Albpetrol of areas and wells required in these projects; availability of financing in the amounts and time frame required; if Brent oil prices fall, reduced returns and a change in the economics of the project could result; the inherent uncertainty in estimation of reserves; exports from Albania are not disrupted due to unforeseen events; the absence of unplanned disruptions; the ability of the Company to bring production to market; and general risks inherent in oil and gas operations.