Bankers Petroleum profit rises in Q2

TIRANA, Aug. 13 – Canadian-based Bankers Petroleum Ltd said quarterly profit rose 4 percent as it sold more oil at prices which were almost flat compared with a year earlier.
The net income rose to $11.2 million, or 4.4 cents per share, for April-June from $10.8 million, or 4.2 cents per share, a year earlier.
Bankers, which operates the Patos-Marinza heavy oilfield and Ku谶a oilfield in Albania, said oil revenue rose 16 percent to $98.6 million.
Oil sales for the quarter averaged 14,169 barrels per day, up 17 percent from a year earlier.
Average selling price per barrel fell 1 percent to $76.46.
Average third-quarter production to date is 15,400 barrels of oil per day, 9 percent higher than the second quarter rate of 14,169 barrels of oil/day, the company said in a statement.
The company reported deferred income tax expense of $15.4 million for the second quarter, down 18 percent from a year earlier.