Bankers Petroleum Operational Update for the Third Quarter 2013

About this update from Big Banc Split Corp. Class A

[{"type":"text","content":"\n\n\nAverage Quarterly Production 18,541 bopd \n\n\nCALGARY, Oct. 4, 2013 /CNW/ - Bankers Petroleum Ltd. (Bankers or the\n Company) (TSX: BNK, AIM: BNK) is pleased to announce the Company's\n third quarter operational update.\n\n\nProduction, Sales and Oil Prices\n\n\nAverage production from the Patos-Marinza oilfield in Albania for the\n third quarter of 2013 was 18,541 barrels of oil per day (bopd), 3.7%\n higher than 17,886 bopd in the second quarter.  Oil sales during the\n quarter averaged 18,332 bopd, 1.8% higher than the previous quarter average of 18,008 bopd.  The\n crude oil inventory at September 30, 2013 was 349,000 barrels, 19,000\n barrels higher than 330,000 barrels at June 30, 2013.\n\n\nThe Patos-Marinza third quarter average oil price was approximately\n $86.88 per barrel (representing 79% of the Brent oil price of $110.37\n per barrel), as compared with the second quarter average oil price of\n $80.45 per barrel (representing 79% of the Brent oil price of $102.43\n per barrel).\n\n\nFor the nine months ended September 30, 2013 oil sales were 17,655 bopd\n ($85.26 per barrel) an increase of 23% from 14,393 bopd ($80.21 per\n barrel) for the comparable 2012 period.\n\n\nDrilling Update\n\n\nThirty-four (34) horizontal wells were drilled and rig released during\n the third quarter in the main area of the Patos-Marinza oilfield:\n thirty-two (32) horizontal production wells and two (2) horizontal\n lateral re-drills.  Twenty-five (25) of these wells were completed and\n are on production, and the remaining nine (9) will be placed on\n production in October pending rig move off the pad, well completion,\n and facilities build.\n\n\nBankers continues to develop the field through pad drilling of multiple\n zones within the core area of the Patos-Marina oilfield. In conjunction\n with the primary drilling program, the Company will continue to expand\n on the water and polymer flood patterns.\n\n\nIn addition, the Company drilled the second exploration well on Block\n \"F\" early in the third quarter and has commenced lease construction for\n the first horizontal development well at Kuçova which is expected to be\n spud in the fourth quarter.\n\n\nSecondary and Tertiary Recovery Program\n\n\nThe Company continues to monitor its Upper Marinza water flood and Lower\n Driza polymer flood patterns with...

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