Proceeds of the Offering will be used for Bankers production and development activities at its Patos- Marinza oilfields in Albania and for general corporate purposes
TIRANA, July 15, 2010 – Canadian based oil and gas company Bankers Petroleum Ltd. announced this week it has closed its previously announced bought deal equity financing with a syndicate of underwriters co-led by Raymond James Ltd. and GMP Securities L.P.
The Underwriters have been granted an over-allotment option to purchase, on the same terms, up to an additional 1,935,484 Common Shares. This option is exercisable, in whole or in part, by the underwriters, in their sole discretion, at any time following the closing and before August 15, 2010. Additional gross proceeds of approximately Cdn$15,000,000 will be realized, should the over-allotment option be exercised in full.
Proceeds of the Offering will be used for Bankers production and development activities at its Patos- Marinza oilfields in Albania and for general corporate purposes.
Bankers Petroleum Ltd (BNK.TO) posted a first-quarter profit, helped by an increase in production and oil prices, and forecast a 50 percent rise in production rate by the end of the year. For the first quarter, the company posted net income of $470,000, or breakeven per share, compared with a net loss of $2.5 million, or 1 cent a share a year ago.
Oil revenue more than doubled to $35.1 million.
The company also projected a year-end production target of 15,000 barrels of oil per day (bopd). Its current production is in excess of 10,000 bopd.
In Albania, Bankers operates and has the full rights to develop both the Patos-Marinza and the Ku谶a heavy oilfields. Bankers’ shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.
