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Bankers Petroleum Announces 2008 Reserves Report
Proved Reserves Increase by 29% and Proved plus Probable by 24% CALGARY, Feb. 13 /CNW/ - Bankers ...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nProved Reserves Increase by 29% and Proved plus Probable by 24%\n\n\nCALGARY, Feb. 13 /CNW/ - Bankers Petroleum Ltd. (the "Company") (TSX:\nBNK, AIM: BNK) is pleased to provide the results of its December 31, 2008,\nindependent reserves evaluation. Evaluations were conducted by RPS Energy\nCanada Ltd. ("RPS") for the Patos Marinza Field, Albania and by DeGolyer and\nMcNaughton Canada Ltd. ("D&M") for the Kucova Field, Albania and were prepared\nin accordance with National Instrument 51-101 - Standards of Disclosure for\nOil and Gas Activities.\n\n\nTotal Albania Reserves Summary\n\n - Proved reserves ("1P") of 63 million barrels (29% increase from\n December 31, 2007 after production of 2.1 million barrels in\n 2008);\n - Proved plus probable reserves ("2P") of 179 million barrels (24%\n increase from December 31, 2007 after 2008 production) and\n - Proved, probable and possible reserves ("3P") of 302 million\n barrels (27% increase from December 31, 2007 after 2008\n production).\n\nPatos Marinza Field\n\n - 1P reserves increased 24% to 60 million barrels of oil from 49\n million barrels at December 31, 2007 after 2008 production,\n representing a 6 times proved reserves replacement ratio;\n - 2P reserves increased 17% to 169 million barrels (December 31,\n 2007 - 145 million barrels)\n - 3P reserves increased 12% to 267 million barrels (December 31,\n 2007 - 238 million barrels)\n - Mean original oil in place resource estimate increased 140% to 4.7\n billion barrels\n - The reserves growth is primarily attributable to increased\n resource levels, improved well performance and the Company's 2008\n vertical and horizontal development drilling success. This is\n reflected in the upgrade of 2P and 3P reserves into 1P and 2P\n reserves category, respectively, and the expansion of the 3P\n reserves; and\n - All of Patos Marinza's 2008 reserves estimates are from primary\n recovery methods.\n\nKucova Field\n\n - 1P reserves 2.4 million barrels;\n - 2P reserves 10.1 million barrels;\n - 3P reserves 35.5 million barrels;\n - Original oil in place resource estimate is 297 million barrels;\n - Kucova reserves increased slightly from the interim September,\n 2008 report to reflect revised capital programs and D&M's\n January 1, 2009 pricing forecast. There was no ...