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Bankers announces strong operational and financial results in the first quarter of 2008
Record Revenue, Net Operating Income and Funds from Operations CALGARY, May 12 /CNW/ - Bankers Pe...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nRecord Revenue, Net Operating Income and Funds from Operations\n\n\nCALGARY, May 12 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) today\nannounced strong operational and financial results as continued growth was\nachieved over the first quarter of 2008.\n\n\n Three months ended March 31\n -----------------------------\n($000s, except as noted) 2008 2007 %\n-------------------------------------------------------------------------\nOil and gas revenue 26,244 10,739 144\nNet operating income 13,932 4,510 209\nNet income (loss) 306 (1,050) 129\nFunds from operations 10,115 2,852 255\n\nFirst Quarter Highlights:\n\n- In Albania, average production was 5,218 bopd compared to 4,388 bopd\n for the same period in 2007 and 5,429 bopd for the fourth quarter of\n 2007.\n\n- Crude oil inventory in Albania at March 31, 2008, increased to 98,000\n barrels to meet required export delivery schedules.\n\n- Exit production for March 2008 was approximately 5,420 bopd in\n Albania.\n\n- In the U.S., average gas production was 762 mcf/d compared to 462\n mcf/d for the fourth quarter of 2007; average condensate and NGL\n production was 107 bopd compared to 37 bopd for the previous quarter.\n\n- On a combined basis, this represented 5,452 boed for the first quarter\n of 2008, as compared to 4,388 boed for the first quarter of 2007 and\n 5,543 boed for the fourth quarter of 2007.\n\n- The Company completed a non-brokered private placement, issuing an\n aggregate of 66,666,666 common shares at CAD$0.90 per share, resulting\n in net proceeds of $58.3 million.\n\nAlbania\n\n- Effective January 1, 2008, the Company renegotiated its domestic crude\n oil sales agreement with the Albanian Refining and Marketing\n Organization, ARMO Sh.a (ARMO), renewed its export agreement with one\n of the Italian refineries and finalized a new agreement with a second\n Italian refinery. The new domestic price compares favourably to the\n previous contract, becoming competitive with export pricing.\n\n - The average oil price was $51.96 per barrel (54% of Brent); total\n export volume represented 42% of production.\n\n- Bankers acquired a 50% working interest in the Kucova oil field in\n Albania along with an option to acquire the remaining 50% working\n interest by June 30, 2008. The Kucova field has in excess of 490\n million barrels of original-oil-in-place.\...