Bankers Petroleum achieves record production, revenue, funds from operations and net income

About this update from Big Banc Split Corp. Class A

[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 13 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to announce record production, revenue and funds from operations\nduring the three months ended June 30, 2008.\n\n\n- Average production was 6,131 boepd, 5,826 bopd from Albania and\n 305 boepd from its U.S. operations, representing a 12% increase from\n 5,452 boepd for the first quarter of 2008, and 42% higher than the\n 4,314 boepd for the second quarter of 2007.\n\n- Higher production and increased commodity prices resulted in revenue\n of $36.4 million for the quarter, up 39% as compared to $26.2 million\n in the preceding quarter and up 182% from $12.9 million for the same\n period in 2007.\n\n- Funds from operations increased to $17.9 million from $10.1 million\n and $4.8 million for the three months ended March 31, 2008 and the\n corresponding period in 2007, respectively.\n\n\nALBANIA\n\n\nIn Albania, the average oil price was $64.36 per barrel during the second\nquarter of 2008 compared to $51.96 per barrel for the previous quarter and\n$32.89 for the same period in 2007, increases of 24% and 96% respectively.\n\n\nBankers commenced drilling operations in the Patos Marinza oil field with\nthe spudding of its first vertical infill well in June, 2008, the first of\nnumerous undrilled spacing units in the field that the Company interprets as\nbeing undrained areas. Two additional wells have been drilled and cased.\nInitial results confirm the Company's drainage model and support its plan to\ndrill 110 vertical horizontal wells within the field over the next three\nyears.\n\n\nBankers acquired the remaining 50% working interest in the Kucova oil\nfield in Albania, increasing total holdings in the field to 100%. The Company\nexpects that an independent reserves evaluation to define the remaining\nreserves and production potential of the Kucova oil field will be completed by\nthe end of August, 2008. Bankers will be focused on creating a plan of\ndevelopment for this field, incorporating many of the extraction techniques\nutilized in the Patos Marinza field.\n\n\nBankers has signed an agreement with the developers of the Port of Vlore\noil export terminal for the storage and handling of its oil in a 13,000 cubic\nmetre Company-dedicated oil tank. This storage facility will improve the\nCompany's export operations and allow for larger oil ...

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