Bankers Petroleum has 152 Million USD capital program for Albania in 2010

TIRANA, March 23؂ankers Petroleum Ltd. reported it is targeting growth in production and reserves through application of new and proven technologies by an experienced technical team. All revenue is currently generated from its operations in Albania, which is located northwest of Greece in South Eastern Europe.
In Albania, Bankers operates and has the full rights to develop the Patos Marinza and Ku谶a oilfields pursuant to License Agreements with the Albanian National Agency for Natural Resources (AKBN) and Petroleum Agreements with Albpetrol Sh.A (Albpetrol), the state owned oil and gas corporation. The Patos Marinza oilfield is the largest onshore oilfield in continental Europe, holding approximately 6 billion barrels of original-oil-in-place (OOIP).
In the report, Bankers Petroleum stated that “for 2010, the Company will remain focused on achieving its priorities and implementation of its capital programs in Albania
In January 2010, a second drilling rig commenced drilling in the Patos Marinza oilfield and a third rig is being sourced to start drilling in the fourth quarter of 2010. The Company plans to drill 52 horizontal and 4 vertical wells in 2010.
An additional 80,000 barrels storage capacity will be ready by year-end at the Vlore export terminal. Two oil pipelines connecting the field by rail to the export terminal are underway and are expected to supplement current truck transport capacity of 85,000 barrels per day with an additional 9,500 barrels per day through rail transport by early 2011.
Bankers expects to fund the $152 million 2010 capital program using funds generated from operations, existing cash resources and a portion of its unutilized $110 million credit facilities.