Business
Bankers Petroleum operational update for the fourth quarter 2015
Bankers Petroleum operational update for the fourth quarter 2015 Bankers Petroleum...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nBankers Petroleum operational update for the fourth quarter 2015\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBankers Petroleum operational update for the fourth quarter 2015\nCanada NewsWire\nCALGARY, Jan. 7, 2016\n\n\n\nCALGARY, Jan. 7, 2016 /CNW/ - Bankers Petroleum Ltd. (Bankers or the Company) (TSX: BNK, AIM: BNK) is pleased to announce the Company's fourth quarter operational update.\n\n\nProduction \n\nBankers achieved a fourth quarter 2015 production average of 18,137 bopd. The 2015 annual production average is 19,384 bopd, compared to average production of 20,690 bopd in 2014.  \n\n\nFollowing up the performance of the polymer flood program, a large number of injector conversions to expand the polymer flood project were completed in the fourth quarter bringing some production off-line temporarily until response is seen in the offset producers over the coming months in 2016. \n\nAs previously announced, Albania experienced significant rainfall and flash flooding early in the fourth quarter which impacted production by approximately 1,000 bopd for a two week period. As Bankers continued to optimize its new gathering and treating systems including the tie-in of sour production from the Bubullima, the Company elected to shut-in specific wells to manage the sour fluid at the central treating facility.  Bankers is working to optimize its treating process and modify existing facilities throughout the first half of 2016 to accommodate Bubullima production.\n\nDue to continued downward pressure on oil prices towards the end of 2015, the Company continued to evaluate the economic return of all wells resulting in additional shut-in production of marginal producers in accordance with the current economic environment. \n\nSales and Oil Prices\n\nIn 2015, oil sales averaged 19,546 bopd, compared to the annual average sales of 20,678 bopd in 2014. During the fourth quarter, oil sales averaged 18,561 bopd, compared to the previous quarter average of 19,730 bopd. Crude oil inventory at December 31, 2015 decreased to 258,000 barrels compared to 297,000 b...