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Bankers Petroleum Operational Update for the Fourth Quarter 2013
Average Quarterly Production 19,300 bopd CALGARY , Jan. 7, 2014 /CNW/ - Bankers P...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\nAverage Quarterly Production 19,300 bopd \n\n\nCALGARY, Jan. 7, 2014 /CNW/ - Bankers Petroleum Ltd. (Bankers or the\n Company) (TSX: BNK) (AIM: BNK) is pleased to announce the Company's\n fourth quarter operational update.\n\n\nProduction, Sales and Oil Prices\n\n\nAverage production from the Patos-Marinza oilfield in Albania for the\n fourth quarter of 2013 was 19,303 barrels of oil per day (bopd), 4.1%\n higher than 18,541 bopd in the third quarter. Average oil production\n for 2013 was 18,169 bopd, 21% higher than 2012 average production of\n 15,020 bopd.\n\n\nOil sales during the quarter averaged 19,710 bopd, 7.5% higher than the\n previous quarter average of 18,332 bopd.  The crude oil inventory at\n December 31, 2013 was 311,000 barrels, 38,000 barrels lower than\n 349,000 barrels at September 30, 2013.\n\n\nThe Patos-Marinza fourth quarter average oil price was approximately\n $85.71 per barrel (representing 78% of the Brent oil price of $109.27\n per barrel), as compared with the third quarter average oil price of\n $86.96 per barrel (representing 79% of the Brent oil price of $110.37\n per barrel).\n\n\nThe 2013 average oil sales were 18,173 bopd ($85.41 per barrel), an\n increase of 23% from 14,808 bopd ($79.73 per barrel) in 2012.\n\n\nDrilling Update\n\n\nForty (40) horizontal wells were drilled and rig released during the\n fourth quarter in the main area of the Patos-Marinza oilfield:\n thirty-seven (37) horizontal production wells and three (3) horizontal\n lateral re-drills.  Thirty-three (33) of these wells were completed and\n are on production, and the remaining seven (7) will be placed on\n production in January pending drilling rig move off the pad, well\n completion, and facilities build. This brings the total number of wells\n drilled in 2013 to 146.\n\n\nThe Company continues to develop the field through pad drilling of\n multiple zones within the core area of the Patos-Marina oilfield. Five\n (5) rigs are currently drilling with the sixth rig expected to begin\n drilling in the first quarter.\n\n\nSecondary and Tertiary Recovery Program\n\n\nThe Company continues to monitor and expand upon its water flood and\n polymer flood patterns, with initial production response in the Lower\n Driza (D5 reservoir sand) expected in the first half of 2014, as the\n first two polymer injectors commenced...