Bankers Petroleum revises oil reserves downward

TIRANA, Feb. 28 – Canadian-based Bankers Petroleum, which operates the Patos-Marinza heavy oilfield in southwestern Albania, has announced the Original Oil in Place (“OOIP”) volumes in the reserves area of the field has been revised to 2.4 billion barrels, compared to 2.6 billion barrels at the end of 2011. OOIP outside the reserves area is 2.7 billion barrels compared to 5.1 billion barrels in 2011. Kucova OOIP resource estimate remains at 297 million barrels. Abby Badwi, President and CEO of Bankers commented “While additional drilling capital and corresponding reserves could have been added to the development plan in lower recovery areas and zones in the field, the Company elected to defer these plans until further evaluation drilling is conducted in these areas. Looking forward to the waterflood and polymer flood development opportunities, a successful thermal pilot and confirming an economic source for natural gas, the Company will be able to increase and accelerate the overall recovery from this world class asset.”