Bankers Petroleum announces third quarter financial and operational results and provides Kucova reserves and budget updates

About this update from Big Banc Split Corp. Class A

[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 13 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)\nachieved record production and net income and significantly improved its\nrevenues and funds from operations during the period ended September 30, 2008:\n\n\n- Average production was 5,880 bopd compared to 4,753 bopd for the same\n period in 2007 an increase of 24%. Production at the end of\n September 2008 was approximately 6,200 bopd and current production\n exceeds 6,600 bopd.\n\n- Net income was $4.9 million ($0.026 per share) during the quarter,\n compared to a net income of $572,000 ($0.004 per share) for the same\n period in 2007.\n\n- Funds from continuing operations were $14.8 million, an increase of\n 130% from $6.4 million for the three months ended September 30, 2007.\n For the comparable nine month periods in 2008 and 2007, funds from\n operations totalled $41.4 million and $14.7 million, respectively.\n\n- An independent evaluation of the Kucova oil field estimates Bankers\n share of reserves to be 8.6 million barrels of proved plus probable\n reserves and 33.6 million barrels of proved, probable and possible\n reserves.\n\n- With recent sharp declines in oil prices Bankers has chosen a\n measured reduction of its capital expenditure program in 2009 with an\n objective to remain self-funding from cash flow, cash on hand and\n available credit facilities.\n\n\nPATOS MARINZA\n\n\nRevenue from the third quarter was $33.5 million ($62.08 per barrel) as\ncompared to $16.2 million ($37.14 per barrel) for the same period in 2007.\n\n\nNet operating income (netbacks) for the three months ended September 30\n2008 increased to $16.3 million ($30.79 per barrel) from $8.7 million ($19.93\nper barrel) in the corresponding 2007 quarter, an increase of 87%.\n\n\nBankers initiated its vertical infill drilling program on June 21, 2008\nto evaluate the different producing horizons and undrilled spacing units in\nthe field. Seven successful oil wells have been drilled as of September 30,\n2008. The initial production rates from these wells have been between 15 and\n45 bopd per well from four different zones and it is expected that production\nrates from each individual well will continue to increase. Overall the\nproduction levels from the new wells are in line with forecast. Since the end\nof the third quarter an additional three vertical oil wells have be...

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