Business
Bankers Petroleum demonstrates continued quarter over quarter growth in first quarter 2007
Bankers Petroleum demonstrates continued quarter over quarter growth in first quarter 2007.
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nSuccess from U.S. Exploration Program While Expanding Scope to Capture\n\n\nAdditional Albanian Upside\n\n\nUnless otherwise noted, all figures contained in this release are in U.S.\n\n\ndollars.\n\n\nCALGARY, May 10 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) today\nannounced continued strong results in its first quarter of 2007. Revenue for\nthe quarter almost doubled to $10.7 million compared to $5.7 million in the\nfirst quarter of 2006. Funds from operations were $2.9 million, compared to\n$0.7 million for the comparable period in 2006.\n\n\n"We continue to see strong quarter over quarter growth in our results,"\nsaid Richard Wadsworth, President. "Once again, we've achieved gains in\nproduction, revenue and netback through our various initiatives in Albania,\nand significantly advanced our work in the U.S."\n\n\nMr. Wadsworth continued, "In addition, we've taken important first steps\nin capturing additional upside value from our assets - both in Albania and the\nU.S. In the U.S. we've achieved successful drilling results in two of our\nshale gas basins - Oklahoma and Texas - leading to further drilling of\nhorizontal and vertical wells in these areas in the second quarter. Our\ncyclical thermal pilot project and other EOR studies are progressing, and\nwe're moving forward on further integration strategies in Albania. Step by\nstep we're delivering on our promise to prove our resource portfolio and build\nreturns for our shareholders over the long-term."\n\n\nFirst Quarter Highlights:\n\n- Average production increased 70% to 4,380 bopd from 2,579 bopd for\n the same period in 2006, and 5% compared to 4,165 bopd for the fourth\n quarter of 2006.\n\n- Oil and gas revenue rose 89% to $10.7 million from $5.7 million in\n the comparable period in 2006, and 15% from $9.3 million in the\n fourth quarter of 2006.\n\n- The netback in Albania improved to $11.42 per barrel from $9.75 in\n the preceding quarter and $8.51 per barrel for the same period in\n 2006.\n\n- Funds from operations increased to $2.9 million from $1.6 million and\n $0.7 million for the three months ended December 31, 2006 and the\n corresponding period in 2006, respectively.\n\n- The majority of the equipment required for the Company's cyclical\n steam pilot has been purchased and is either in country or on its way\n...