Bankers Petroleum Q2 profit rises 75 percent, revenue up 182 percent

TIRANA, Aug 17 – The Canadian-based oil and gas producer, Bankers Petroleum Ltd., reported a surge in second quarter earnings, positively impacted by revenues that more than doubled from last year.
Net income rose 75% to C$1.05 million from C$600 thousand in the prior-year quarter. Earnings, on a per share basis, were C$0.006 compared to C$0.004 in the same period last year.
Funds from Operations rose 274% to C$17.9 million for the quarter from C$4.8 million a year ago. In the first quarter, Funds from Operations was C$10.1 million.
Quarterly revenue advanced 182% to C$36.4 million from C$12.9 million for the same period last year. Revenue growth was driven by higher production and increased commodity prices.
Average production for the quarter was 6,131 boepd, including 5,826 bopd from Albania and 305 boepd from its U.S. operations, representing a 12% increase from the first quarter of 2008 and 42% higher than the second quarter of 2007.
For the first half of fiscal year 2008, the company posted a net income of C$1.36 million compared to a net loss of C$450 thousand in the corresponding period last year. Funds from Operations rose to C$28.03 million from C$7.64 million in the same period a year ago. Oil and gas revenues more than doubled to C$62.6 million in the six-month period from C$23.65 million in the previous year. (Tirana Times Staff)