Bankers proved reserves increase by 30%

TIRANA, March 9 – Canadian based oil and gas explorer Bankers Petroleum Ltd said its proved reserves grew 30 percent at year end 2010 helped by expansion of horizontal drilling at its Patos-Marinza oil field in Albania.
The Calgary, Alberta-based company, which posted 2010 production of about 3.5 million barrels, said future undiscounted capital costs for Patos-Marinza and Kucova oil-fields are estimated at $1 billion on a proven reserves basis.
Proved reserves were 120 million barrels of oil at Dec. 31, 2010, while proved plus probable reserves rose 11 percent to 238 million barrels.
In January, Bankers Petroleum had reported a 50 percent rise in fourth-quarter oil production.
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.