Business
BANKERS PETROLEUM PROVIDES OPERATIONAL AND CORPORATE UPDATE
BANKERS PETROLEUM PROVIDES OPERATIONAL AND CORPORATE UPDATE
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\n Oct. 7, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nCALGARY, Oct. 7 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to announce the following operational and corporate updates.\n\nProduction\n\nThird quarter production averaged 9,826 bopd from the Patos-Marinza oilfield in Albania compared to second quarter production of 9,830 bopd. Current production is 10,500 bopd with 700 bopd shut-in awaiting maintenance and repairs. The average Patos-Marinza oil price was US$46.61 per barrel representing 61% of the Brent oil price compared to the second quarter's average oil price of US$47.12 per barrel(60% of the Brent oil price).\nThree main factors affected lower than anticipated daily production volumes to this date:\n\n\n >\n\n\nWith these operational and mechanical issues, the Company is adjusting its exit production target to 12,000 bopd for 2010 and to 20,000 bopd for 2011.\n\nDrilling Update\n\nThe Company continued execution of its horizontal drilling program targeting different productive zones and areas of the field to fully evaluate the reserves potential of the Patos-Marinza oilfield. Eleven horizontal wells drilled during the quarter resulted in four oil wells on production for over a month at an average rate of 165 bopd and seven wells recently placed on production and currently cleaning up and stabilizing with good initial productivity indication. The majority of the new producing wells are in the n...