Business
Bankers Petroleum announces first quarter financial and operational results
CALGARY, May 14 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) ...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nCALGARY, May 14 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the\n"Company") (TSX: BNK, AIM: BNK) is pleased to provide its first quarter 2009\nFinancial and Operational Results.\n\n\nDuring the retrenchment in commodity prices that persisted during the\nfirst quarter of 2009, Bankers continued its initiative of capital reduction\nby suspending its drilling program and reducing the number of operating\nservice rigs from seven to four. The active producing well count was also\nreduced from 213 at the end of 2008 to 184 on March 31, 2009 by shutting down\nlow productivity wells. Consequently, average production was 5,864 bopd during\nthe quarter as compared to 6,561 during the preceding quarter and 5,218 bopd\nfor the same period in 2008. Current production exceeds 6,200 bopd.\n\n\nThe reduction in capital expenditures and the cost cutting measures\nimplemented during the last quarter of 2008 and the first quarter of 2009\nsucceeded in providing the Company with positive netbacks and the ability to\nendure during a difficult economic period with minimal balance sheet risk.\n\n\n-------------------------------------------------------------------------\n Q1 - 2009 Q4 - 2008 Q1 - 2008\n-------------------------------------------------------------------------\nCapital Expenditures ($000) 2,835 22,011 13,764\n-------------------------------------------------------------------------\nBrent Oil Price $/bbl 44.40 54.91 96.90\n-------------------------------------------------------------------------\nPatos Marinza Oil Price$/bbl 24.73 29.63 51.96\n-------------------------------------------------------------------------\nOperating Costs $/bbl 10.44 13.54 12.02\n-------------------------------------------------------------------------\nTransportation $/bbl 2.70 3.63 3.50\n-------------------------------------------------------------------------\nRoyalties $/bbl 6.61 6.69 9.05\n-------------------------------------------------------------------------\nNetback $/bbl 4.98 5.77 27.39\n-------------------------------------------------------------------------\n\nSome of the other highlights for the quarter ended March 31, 2009 are:\n\n - Revenue from the first quarter was $13.1 million compared to $24.7\n million for the same period in 2008.\n\n - Net operating income (netbacks) for the three months ended March\n 31, 2...