Bankers Petroleum announces a 14% production increase in the first quarter

First quarter production from the Patos Marinza oil field in Albania averaged 8,282 barrels of oil per day, a 14% increase from the fourth quarter, Bankers Petroleum said on Wednesday. Total current production is in excess of 9,500 bopd.
Bankers average wellhead oil price for the first quarter was approximately $47.08 per barrel (representing 62% of the Brent oil price), 4% higher than the fourth quarter 2009 price of $45.10 per barrel.
Bankers also said as at March 31, it held $63 million of cash and working capital was about $65 million. No funds were drawn from the $110 million credit facility from the European Bank for Reconstruction and Development and the International Finance Corp.
The Company said it has already drawn US$26 million of the US$30 million Raiffeisen credit at March 31, 2010.