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Bankers Petroleum provides operational and corporate update
Exit Production Rate for 2008 was 6,960 bopd CALGARY, Jan. 13 /CNW/ - Bankers Petroleum Ltd. (TSX...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nExit Production Rate for 2008 was 6,960 bopd\n\n\nCALGARY, Jan. 13 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to announce the following operational and corporate updates.\n\n\nProduction\n\n\nFourth quarter production averaged 6,563 bopd from the Patos Marinza oil\nfield in Albania compared to third quarter production of 5,880 bopd. Net oil\ninventory at the end of December was approximately 90,000 barrels, an increase\nof 10,000 barrels from the previous quarter. The exit production rate was\n6,960 bopd and represents a 31% increase from the 2007 exit production rate of\n5,300 bopd. During the quarter, 11 re-activation operations of existing wells\nwere completed with 10 wells placed on production. Six new oil wells were also\ndrilled.\n\n\nProduction for 2008 averaged 5,874 bopd, generating revenue of\napproximately $110 million, representing an average price of $51.29 per\nbarrel.\n\n\nPatos Marinza Oil Price\n\n\nFourth quarter average oil price was approximately $29.62 per barrel (54%\nof the Brent oil price), 52% lower than the third quarter price of $62.08 per\nbarrel.\n\n\nDrilling Update\n\n\nEleven new vertical infill wells were drilled in 2008 with 10 oil wells\ncurrently on production and one well awaiting completion. Total production\nfrom the new wells was 320 bopd with individual well averages ranging from 15\nto 75 bopd. Several of the wells are demonstrating productive capabilities\nbeyond their existing completion configurations and will be re-equipped with\nlarger tubing and rods in order to maximize production rates. Others, with\nlower production rates, will have additional pay sections perforated and\ncommingled with existing production.\n\n\nThe field extension well (5012) has also been drilled and log analysis\nindicates 42 meters of potential net oil pay from the four main producing\nformations. The well is currently being tested to evaluate productivity of the\ndifferent pay zones.\n\n\nThe first horizontal well (5013) in Patos Marinza has been successfully\ndrilled and completed with 375 meters of lateral pay section. The well is\ncurrently producing at a rate of 120 bopd. Fluid levels in the well are high\nand production rates are expected to increase as the well is optimized.\n\n\nOverall, the production levels from all the new wells are in line with\nforecast.\n\n\nKucov...