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Bankers Petroleum Demonstrates Strong Revenue and Funds from Operations Gains in Third Quarter 2006
Bankers Petroleum Demonstrates Strong Revenue and Funds from Operations Gains in Third Quarter 2006.
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\n\n>\n\nUnless otherwise noted, all figures contained in this release are in\nU.S. dollars.\n\nCALGARY, Nov. 9 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) today\nannounced improved third quarter results. Revenue for the quarter more than\ndoubled to $9.2 million compared to $3.7 million in the third quarter of 2005.\nFunds from operations were $3.0 million, compared to cash used in operations\nof $94,000 for the comparable period in 2005.\n\"Our results in Albania continue to improve due to the activities of our\nstrong operational team,\" said Richard Wadsworth, President. \"Once again,\nproduction, revenue and netback improved over the quarter and we anticipate\nclosing the year in a strong position. In addition, our enhanced oil pilot\nproject study is progressing, which we believe can increase production and\nresource recovery beyond the primary development plan in place for the Patos\nMarinza oilfield. We anticipate concluding our study and obtaining approvals\nto proceed by year-end with first drilling in the second half of 2007.\"\nMr. Wadsworth continued, \"We've made significant steps in our U.S.\nexploration program in a fairly short period of time. It's taken time to work\nthrough the vast amount of data gained through the acquisition, but our\noperational plans are coming together as expected. We're currently testing in\nthe Palo Duro basin in Texas, finished drilling our first well in Oklahoma and\nare about to start our drilling program in New York. I'm pleased to report\nthat we are delivering on what we said we'd accomplish by year-end.\"\n\n>\n\nConference Call:\n\nA conference call to discuss these results will be held Friday, November\n10 at 9:00 a.m. Mountain time, 11:00 a.m. Eastern time. To participate in the\nconference call, please dial 1-800-814-4860 or 1-416-644-3415 approximately\n10 minutes prior to the call. A live and archived audio webcast of the\nconference call will also be available on Bankers' website at\nwww.bankerspetroleum.com.\n\nAbout Bankers Petroleum Ltd.\n\nBankers Petroleum Ltd. is a Canadian-based oil and gas exploration and\nproduction company focused on opportunities in unconventional petroleum\nassets. Bankers holds interests in four prospects in the Northern and Central\nregions of the United States, where it is currently pursuing the exploration\nof shale gas plays...