Bankers Petroleum sales up 12% in Q3

TIRANA, Oct. 3 – Canadian-based Bankers Petroleum oil sales from the Patos-Marinza oilfield in Albania during the third quarter of 2011 averaged 13,667 barrels of oil per day (bopd), registering a 12 percent increase compared to the second quarter of 2011, the company said in a statement. Average production for the third quarter was 13,232 bopd representing a 2% increase from 12,973 bopd in the second quarter. Current production is 14,250 bopd, 8% higher than the second quarter’s exit rate. The Patos-Marinza third quarter average oil price was approximately US$74.55 per barrel (representing 66% of the Brent oil price of US$113.46 per barrel), a decrease of 4% compared to the second quarter’s average oil price of US$77.03 per barrel (66% of Brent oil). For the nine months ended September 30, 2011 oil sales were 12,578 bopd ($73.30 per barrel) as compared to 9,318 bopd ($46.95 per barrel) for the comparable 2010 period. The company also reported several Patos-Marinza crude oil sales agreements for 2012. Three new export market agreements have been priced at an average of 72.5% of the Dated Brent oil benchmark. ARMO, the Albanian refinery, agreed to purchase Patos-Marinza crude in 2012 for an average price of 66% of Brent, which is approximately the same netback value as the export market due to lower transport and port fee costs. The 2012 pricing agreements represent an average 7% increase over the 2011 Patos-Marinza oil price. Twenty-one wells have been drilled during the third quarter, sixteen horizontal production wells, a vertical cored delineation well, two thermal horizontal wells, and two water disposal wells. 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.