Bankers Petroleum profits hit record $35.7 mln

TIRANA, Nov. 14 – Canadian-based Bankers Petroleum, which operates the Patos-Marinza heavy oilfield in southwestern Albania, has reported a record net income of US$35.7 million during the first three quarters of 2011, up 506 percent compared to the same period last year, on higher production and oil prices. In its latest financial and operational results, the company announced that net income for the third quarter of this year rose to USD 13.7 million, up from around USD 3 million in the third quarter of 2010 as average production climbed by 39 percent to 13,667 barrels of oil per day (bopd) while average oil prices rose by 60 percent to $74.48/barrel.
During the third quarter of 2011, the Bankers drilled 16 horizontal wells, a vertical cored delineation well, 2 thermal horizontal wells, and 2 water disposal wells, as well as reactivated 19 wells in addition to other related infrastructure/expansion projects.
“New export market agreements for 2012 have been agreed at higher average price levels than the current year crude oil contracts. ARMO, the Albanian refinery, also agreed to purchase Patos-Marinza crude in 2012 for a significant realized average price increase from the current year contract. The 2012 pricing agreements represent an average 7 percent increase over the 2011 Patos-Marinza oil price,” says Bankers Petroleum.
Current production at the Patos-Marinza oilfield is 14,750 bopd. This volume represents an 8 percent increase from third quarter production average. Four of the ten wells drilled and completed in the first five weeks of the fourth quarter targeted reserves and delineation drilling outside the main field. The Company plans to drill an additional 18 wells before the end of this 2011, including 17 horizontal and one water disposal well.
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 the Patos-Marinza heavy oilfield and has a 100% interest in the Ku谶a oilfield, and a 100% interest in Exploration Block “F”. Bankers’ shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.