Bankers Petroleum announces second quarter financial and operational results

About this update from Big Banc Split Corp. Class A

[{"type":"text","content":"\n\n\n\n2009 Horizontal Drilling Update\n\n\nCALGARY, Aug. 14 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the\n"Company") (TSX: BNK, AIM: BNK) is pleased to announce today its financial and\noperating results for the period ended June 30th, 2009:\n\n\n-------------------------------------------------------------------------\n Q2 - 2009 Q1 - 2009 Q2 - 2008\n-------------------------------------------------------------------------\nCapital Expenditures ($000) 6,126 2,835 17,100\n-------------------------------------------------------------------------\nBrent Oil Price $/bbl 58.79 44.40 121.51\n-------------------------------------------------------------------------\nPatos Marinza Oil Price $/bbl 34.63 24.73 64.36\n-------------------------------------------------------------------------\nOperating Costs $/bbl 9.90 10.44 14.03\n-------------------------------------------------------------------------\nTransportation $/bbl 3.45 2.70 3.27\n-------------------------------------------------------------------------\nRoyalties $/bbl 9.28 6.61 12.43\n-------------------------------------------------------------------------\nNetback $/bbl 12.00 4.98 34.63\n-------------------------------------------------------------------------\n\nHIGHLIGHTS\n\n- Production averaged 6,383 bopd, an increase of 9% over the first\n quarter of 2009.\n\n- Revenue increased by 53% to $20.1 million ($34.63/bbl - 59% of Brent)\n in the second quarter of 2009 from $13.1 million ($24.73/bbl - 56% of\n Brent) in the first quarter. The fluctuation in the sales prices\n reflected the change in Brent prices, which averaged $58.79 for the\n second quarter of 2009. Comparatively, average Brent prices were\n $44.40 for the preceding quarter.\n\n- Net operating income (netbacks) increased to $7.0 million\n ($12.00/bbl) from $3.7 million ($4.98/bbl) over the first quarter of\n 2009.\n\n- Operating expenses have decreased to $9.90/bbl in the second quarter\n of 2009 from the preceding quarter of $10.44/bbl.\n\n- Funds generated from operations increased to $6.0 million in the\n second quarter of 2009 from $1.3 million over the previous quarter.\n\n- Capital expenditures were limited to $6.1 million to minimize balance\n sheet risk and to focus on forward planning in a stable oil price\n environment.\n\n- To strengthen its balance sheet, on May 7, Banker...

More updates from Big Banc Split Corp. Class A