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Bankers Petroleum files NI 51-101 Reserves disclosure
Proved and Probable 10% NPV exceeds $1 Billion CALGARY, March 26 /CNW/ - Bankers Petroleum Ltd. (...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nProved and Probable 10% NPV exceeds $1 Billion\n\n\nCALGARY, March 26 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the\n"Company") (TSX: BNK, AIM: BNK) is pleased to announce that it has filed its\n2008 Reserves disclosure information with the applicable securities regulatory\nauthorities. The NI 51-101 disclosure documents consist of the F1 - Statement\nof Reserves Data and Other Oil and Gas Information, the F2 - Report of\nIndependent Qualified Reserves Evaluator and the F3 - Report of Management and\nDirectors on Oil and Gas Disclosure.\n\n\nThe evaluations of the Albanian properties were conducted by RPS Energy\nCanada Ltd. (Patos Marinza oilfield) and by DeGolyer and MacNaughton Canada\nLimited (Kucova oilfield). At December 31, 2008, the reserves have increased\nin all three categories (proved, probable and possible), along with the\ncorresponding valuations, as shown below. On a Proved plus Probable basis, the\n2008 finding and development costs for the Albanian properties represented\n$5.55 per barrel, inclusive of the 2008 expenditures and change in future\ncapital.\n\n\nSubsequent to the Company's February 13, 2009 News Release announcing the\npreliminary reserve amounts, the final assessment for the Patos Marinza\noilfield increased slightly, primarily in the "Proved" and the "Proved plus\nProbable plus Possible" categories. The combined "Proved plus Probable"\ncategory has remained consistent at 180 million barrels having an after-tax\n10%-discounted valuation of $1 billion.\n\n\nIn the Patos Marinza oilfield, the original-oil-in-place resource\nestimate increased 140% to 4.7 billion barrels. The reserves growth is\nprimarily attributable to increased resource levels, improved well performance\nand the Company's 2008 vertical and horizontal development drilling successes.\nAll of Patos Marinza's 2008 reserves estimates are from primary recovery\nmethods.\n\n\nThe Kucova oilfield, acquired in 2008, has an original-oil-in-place\nresource estimate of 300 million barrels. This property is currently in the\nevaluation stage that will lead to creation of a development plan.\n\n\nGross Oil Reserves (Mbbls) - using Forecast Prices\n --------------------------- ----------------\n 2008 2007\n ---------------------------\n Patos Total Total\n Marinza Kucova Albania Alban...