Business
Bankers Petroleum Achieves Quarter-Over-Quarter Growth in Third Quarter 2007
Positive Results and Natural Gas Sales in Oklahoma Lead to Potential Development Project Unless o...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nPositive Results and Natural Gas Sales in Oklahoma Lead to Potential\n\n\nDevelopment Project\n\n\nUnless otherwise noted, all figures contained in this release are in\n\n\nU.S. dollars.\n\n\nCALGARY, Nov. 8 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) today\nannounced strong results and continued quarter-over-quarter growth in its\nthird quarter of 2007. Revenue for the quarter increased 77% to $16.4 million\ncompared to $9.4 million in the third quarter of 2006. Net operating income\ngrew to $8.8 million in the quarter from $4.3 million in the comparable period\nin 2006. Funds from operations were $6.4 million, compared to $3.0 million for\nthe third quarter of 2006.\n\n\n"Continued production growth, strength in our export capacity and\nincreased international oil prices have resulted in further gains to our\nnetback to almost $20 in the quarter," said Richard Wadsworth, President. "We\nare proving our ability to add value from our primary production efforts, and\nare stepping forward in our strategy to increase reservoir recovery and\nproduction from secondary and enhanced oil recovery technologies. The start-up\nof testing and steam injection from our thermal steam project will provide\nvaluable data for expansion of our pilot in 2008."\n\n\nMr. Wadsworth continued, "In the U.S., we've made significant progress in\na very short period in the Ardmore basin: our first vertical and horizontal\nwells were put on production at 3.1 mmcfe/d gross; our second horizontal well\nis testing with rates around 2.1 mmcfe/d gross; our third horizontal well is\ndrilled; and our fourth horizontal well spudded. With these initial results we\nbelieve this basin has the potential for a solid development project that will\nadd significant upside for the Company and its shareholders."\n\n\nThird Quarter Highlights:\n\n- Average crude oil production was 4,979 bopd compared to 4,746 bopd\n for the second quarter of 2007 and 4,000 bopd for the third\n quarter of 2006, increases of 5% and 24% respectively.\n\n- Exit crude oil production for September 2007 was approximately\n 5,000 bopd.\n\n- Bankers began selling natural gas from its Oklahoma properties in\n September.\n\n- Consolidated oil and gas revenue rose 77% to $16.4 million from\n $9.2 million in the comparable period in 2006, and 27% from\n $12.9 ...