Business
Bankers Achieves Significant Gains in 2007; Files 2007 Annual Documents
Production, Revenue, Net Operating Income and Funds from Operations Increased by 39%, 97%, 148% a...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nProduction, Revenue, Net Operating Income and Funds from Operations\n\n\nIncreased by 39%, 97%, 148% and 184%, Respectively\n\n\nCALGARY, March 28 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)\ntoday announced that it has filed its 2007 annual disclosure documents with\nCanadian securities commissions.\n\n\nBankers achieved strong results and continued growth in 2007. Revenue\nincreased 97% to $62.1 million compared to $31.6 million in 2006. Net\noperating income grew to $32.5 million in year from $13.1 million in 2006.\nFunds from operations were $24.1 million, compared to $8.5 million for the\nyear ended December 31, 2006. Net loss for 2007 increased to $2.3 million\nlargely due to the write down of the shares held in Palo Duro Energy Inc.\n\n\nResults at a Glance 2007 2006 2005\n-------------------------------------------------------------------------\nFinancial (US$000s, except as noted)\n\nOil and gas revenue 62,105 31,586 13,709\n\nNet operating income 32,483 13,111 3,921\n\nNet loss (2,342) (1,561) (3,498)\n\nBasic and diluted loss per share (0.005) (0.004) (0.011)\n\nFunds from (used in) operations 24,136 8,512 (171)\n\nAdditions to property, plant and equipment 80,703 67,727 35,048\n\nTotal assets 204,295 138,030 56,846\n\nBank loans 30,805 6,772 -\n\nOther long-term liabilities 16,010 4,719 282\n\nShareholders' equity 139,036 115,170 50,798\n\n\nOperating\n\nAlbania - crude oil\n\n Average production (bopd) 4,724 3,392 1,668\n\n Average price ($/barrel) 35.54 25.51 22.52\n\n Netback ($/barrel) 18.53 10.59 6.44\n\nU.S. - natural gas, natural gas liquids\n (NGL) and condensate(1)\n\n Average natural gas production (mcf/d) 154 - -\n\n Average condensate & NGL production (bopd) 13 - -\n\n Average natural gas price ($/mcf) 5.73 - -\n\n Average condensate & NGL price ($/barrel) 69.67 - -\n\n(1) U.S. production commenced in September 2007\n\n\n2007 Highlights:\n\nBankers accomplished several key achievements in both Albania and the\nUnited States in 2007 that advanced its plans to access additional reserves:\n\n- In Albania, average production increased 39% to 4,724 bopd from\n 3,392 bopd in 2006. Exit production at year-end 2007 was 5,337 bopd\n as compared to 4,406 bopd in 2006.\n\n- In the U.S., the Company began selling natural gas and liquids in\n September from two of its shale gas wells located in...