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Bankers Petroleum Announces Second Quarter Financial Results and Operational Update
Bankers Petroleum Announces Second Quarter Financial Results and Operational Update
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\n Aug. 13, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n$56 Million Capital Investment in Albania in First Half 2010\n\nCALGARY, Aug. 13 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to provide its second quarter 2010 Financial and Operational Results, together with an operational update. The complete reporting package, consisting of Management's Discussion and Analysis along with Financial Statements and Notes, is posted on the Company's website www.bankerspetroleum.com and SEDAR: www.sedar.com.\n\n\n >\n\n\nHighlights for the quarter ended June 30, 2010 are:\n\n\n >\n\n\nOPERATIONAL UPDATE\n\nProduction\n\nSecond quarter production averaged 9,830 bopd from the Patos-Marinza oilfield in Albania compared to first quarter production of 8,282 bopd, an increase of 19%. The exit production rate for the quarter was 10,100 bopd and current production is 10,300 bopd.\nThe average Patos-Marinza oil price was US$47.12 per barrel representing 60% of the Brent oil price compared to the first quarter's average oil price of US$47.16 per barrel (62% of Brent). The lower realized wellhead price is due to the resumption of domestic sales in the second quarter. Oil sales into the domestic market realize similar netbacks as export sales when the additional transportation and export terminal costs are considered.\n\nDrilling Update\n\nThe Company continued execution of its horizontal drilling program targeting different productive zones and areas to fully evaluate the reserves potential of the Patos-Marinza oilfield. Eleven horizontal wells drilled during the quarter resulted in ten oil wells currently on production and one well suspended due to water intrusion. One vertical thermal core well and one water disposal well were also drilled during the quarter.\nAt June 30, 2010, there were 32 horizontal wells, 30 are on production with 24 wells producing between 75 and 240 bopd, wi...