Bankers posts Q2 profit on higher production

TIRANA August 13 – Canada’s Bankers Petroleum Ltd (BNK.TO: Quote) reported a quarterly profit, as average oil production at the company, which operates oilfields in Albania, rose 54 percent.
For the second quarter, the company earned $2.7 million, or 1 cent a share, compared with a net loss of $1.7 million, or 1 cent a share, a year ago.
The company’s funds generated from operations more than tripled to $18.8 million, while revenue more than doubled to $42.1 million.
Bankers Petroleum, which is focused on developing large oil and gas reserves in Albania, said its average production was 9,830 barrels of oil per day (bopd). The production was up 19 percent growth over the first quarter.
The company said it is presently producing about 10,300 bopd and expects to reach 15,000 bopd by the end of the year.
Bankers Petroleum operates and has the full rights to develop the Patos Marinza heavy oilfield and has a 100 percent interest in the Kucova oil field in Albania.