Bankers Petroleum increases oil production in Albania in 2008

TIRANA, Feb 17 -Canadian oil and gas company Bankers Petroleum said the proven reserves in its two Albanian oilfields totaled 62.6 million barrels, 23% higher than the 2007 estimates.
The total probable reserves in Patos Marinze and Kucova oilfields were 116.69 million barrels, up by 21% from the estimation at the end of 2007. The total possible reserves were 123.343 million barrels, up from the 93.51 million barrels in end 2007.
In the Patos Marinze oilfield alone the proved reserves were 60.2 million barrels, up by 18%. The probable reserves were 109 million barrels, up by 19%, while the possible reserves were 97.9 million barrels.
Bankers Petroleum estimated the net present value of its total reserves in Albania after taxes at U.S. $233 million (182.5 million), taking $4.46 as the price per one barrel of heavy oil.
Bankers Petroleum said the exit production from the Patos Marinze oilfield rose last year by 31% to 6,960 barrels of oil per day, while the revenue rose by nearly half to $110 million.
Bankers Petroleum started last year a $310 million three-year investment programme on the development of its two oilfields in Albania.
Bankers Petroleum Ltd. provided the 2008 results and also independent reserves evaluation conducted by RPS Energy Canada Ltd. for the Patos Marinza Field, Albania and by DeGolyer and McNaughton Canada Ltd. for the Kucova Field, Albania.
Information also gave the expected future production levels from wells, future prices and netback, work plans, anticipated total oil recovery of the Patos Marinza and Kucova oil fields.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves. In Albania, Bankers operates and has the full rights to develop both the Patos Marinza and the Kucova heavy oil fields. Bankers’ shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.