Bankers profits jump to US$14.3mln

CALGARY, March 23 – Bankers Petroleum Ltd. (TSX:BNK), a Calgary-based energy company which operates in the Balkan country of Albania, reports it earned US$14.3 million in profits for 2010, reversing a $150,000 loss for 2009.
Oil revenues rose to US$170.3 million from $86.6 million as the company benefited from higher oil prices and production, the Canadian Press reported.
The company, which reports in U.S. dollars, said its average output increased 49 per cent to 9,597 daily oil equivalent barrels from 6,438 barrels in 2009. Exit production at year-end 2010 exceeded 12,100 barrels.
“In 2010, Bankers was successful in progressing its strategic objectives and achieved record production, reserves, earnings and cash flow through its largest annual capital investment in Albania, of US$122 million,” the company said in a release Tuesday before Canadian stock markets opened.
Looking ahead, Bankers said it hopes to increase reserves, production and maximize cash flow from its Albanian operations in 2011.The company plans to drill 66 horizontal and vertical wells and complete 120 well reactivations and work-overs at the Patos-Marinza oilfield. Bankers aims to raise production facilities to handle a target exit production rate of 20,000 daily barrels.
In Albania, Bankers Petroleum operates and has the full rights to develop the Patos-Marinza heavy oilfield and has a 100 per cent interest in the Kucova oilfield, and a full interest in Exploration Block F.
Bankers’ shares are traded on the Toronto Stock Exchange and the AIM Market in London. In Tuesday trading on the TSX, Bankers shares rose 13 cents to C$8.37.