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Bankers Petroleum Reports 54% Increase in Reserves
Proved plus Probable Reserves of 147.1 Million Barrels for Albania & 9.5 Million Boe for Oklahoma...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nProved plus Probable Reserves of 147.1 Million Barrels for Albania &\n\n\n9.5 Million Boe for Oklahoma, U.S.\n\n\nCALGARY, March 20 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to provide the results of its December 31, 2007, independent reserves\nevaluation. Evaluations were conducted by RPS Energy Canada Ltd. (formerly APA\nPetroleum Engineering Inc.) for Bankers' Albanian assets and MHA Petroleum\nConsultants, Inc. for Bankers' U.S. assets, and were prepared in accordance\nwith National Instrument 51-101 - Standards of Disclosure for Oil and Gas\nActivities.\n\n\n2007 Reserves Summary\n\n- Proved reserves (1P) increased 19% to 54.0 million barrels of oil\n equivalent (MMboe) from 45.3 MMboe in 2006, net of 2007 production of\n 1.7 MMboe (4,764 bopd) in 2007;\n\n- Proved plus Probable reserves (2P) increased 54% to 156.6 MMboe from\n 101.9 MMboe in 2006; and\n\n- Possible reserves of 96.7 MMboe were added to the evaluation for\n total 3P reserves of 253.3 MMboe.\n\n\nThe majority of the increase in reserves is attributable to the\nPatos Marinza oilfield in Albania that has 1,957 MMboe of recognized\noil-in-place. The increase is attributable to the continuation of well\nreactivations and a new well development program associated with Bankers\nthree-year plan, which will be announced shortly. No reserves are included for\nthe recent Kucova field acquisition, announced in February 2008.\n\n\nIn Oklahoma, successful discoveries and development drilling in the\nTishomingo field established first commercial natural gas production for the\nCompany in September 2007. This resulted in 45.8 Bcfe of Proved plus Probable\nreserves at December 31, 2007. Additional drilling in this area will continue\nin 2008.\n\n\nSummary of Oil and Gas Reserves\nForecast Prices and Costs\n\nAll amounts in the following table represent Bankers' working interest\nbefore royalties.\n\n ------------------------------------------------------\n Albania United States\n -------------------------------------------\n Heavy Oil Light & Natural Natural\n Medium Oil Gas Gas Total\n Liquids 2007\n-------------------------------------------------------------------------\n (Mbbl) (Mbbl) (MMcf) (Mbbl) (Mboe)\n-------------------------------------------------------------------------\n Proved\n Developed\n Producing 14,000 40 4,717 236 15...