Bankers Petroleum proven reserves up 43%

TIRANA, Feb. 13 – Canadian-based Bankers Petroleum, which operates the Patos-Marinza heavy oilfield in southwestern Albania, says its most recent evaluation shows a 43 per cent year-over-year increase in proven reserves.
As of Dec. 31, Bankers had 172 million barrels of proven reserves, representing more than 12 times production replacement. Proved plus probable reserves totalled 267 million barrels, a 12 per cent increase from Dec. 31, 2010.
“The 2011 reserves growth is primarily attributable to continued implementation of horizontal drilling, expansion of field development to enhance recovery and the upgrade of 3P into 2P reserves and 2P into 1P reserves, based on extended periods of actual well and reservoir performance,” the company said in a release.
“We are very pleased to report that for the last seven years, the company has continued to grow reserves and production year over year and demonstrate its ability to upgrade the total reserves volumes into proved and probable categories,” said president and CEO Abby Badwi.
“We anticipate adding significant primary reserves in future years by expanding development beyond the current field boundaries,” Badwi added.
Bankers Petroleum’s average oil sales for 2011 rose by 33 percent on higher production and demand. Calculations made from Bankers data show the company registered an annual turnover of around 340 million USD from crude oil sales, which in 2011 rose by 33 percent to 12,784 barrels of oil per day (bopd). Bankers’ latest operational update shows average oil production for 2011 was 13,051 bopd while average prices rose by 50 percent to US$72.84 per barrel (66% of Brent oil). Average oil production for 2011 was 13,051 bopd, 33% higher than 2010 production of 9,806 bopd.
Bankers’ 2012 capital program, worth US$ 215 million, will focus on major development activities at the Patos-Marinza oilfield, southwest Albania, to include production and reserves growth drilling, reactivation and workover of existing wells, associated field infrastructure and progression of the thermal program. The capital program will also include expansion of the waterflood program at the Ku谶a oilfield and exploration drilling on Block F acreage in Albania, the company says in a statement.
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.