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Bankers Petroleum Operational Update for the Second Quarter 2016
Bankers Petroleum Operational Update for the Second Quarter 2016 Bankers Petroleum...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nBankers Petroleum Operational Update for the Second Quarter 2016\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.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\nBankers Petroleum Operational Update for the Second Quarter 2016\nCanada NewsWire\nCALGARY, July 6, 2016\n\n\n\nCALGARY, July 6, 2016 /CNW/ - Bankers Petroleum Ltd. (\"Bankers\" or the \"Company\") (TSX: BNK, AIM: BNK) is pleased to announce the Company's second quarter operational update.\n\nProduction \n\nBankers achieved a second quarter 2016 production average of 15,934 barrels of oil per day (bopd), 8.2% below the first quarter 2016 average of 17,363 bopd.  Following a previously announced business interruption at the Petrolifera Italo Albanese (\"PIA\") Terminal port facility in late May, the Company curtailed production by approximately 4,000 bopd for 5 days due to lack of storage capacity.  Production was brought back on-line beginning June 8 and resumed production levels within a week.  In addition, maintenance and optimization of the water disposal system during the quarter further restricted production (approximately 300 bopd over the quarter).  The Company continued to optimize production levels and monitor the economic return of all wells in accordance with the current oil price environment.\n\nSales and Oil Prices\n\nIn the second quarter 2016, oil sales averaged 15,023 bopd, compared to the first quarter sales in 2016 of 17,280 bopd. Crude oil inventory at June 30, 2016 increased to 348,700 barrels compared to 266,000 barrels at March 31, 2016, with the last scheduled cargo of the quarter deferred to the first few days of July.  \n\nBankers' second quarter average oil price was approximately $29.99 per barrel (representing 66% of the Brent oil price of $45.57 per barrel), as compared with the first quarter 2016 average oil price of $21.07 per barrel (representing 62% of the Brent oil price of $33.89 per barrel). Sales to the export market during the second quarter 2016 represented 94% of total sales, at an average export price of 66%...