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Bankers Petroleum Significantly Increases Revenue and Net Operating Income in Second Quarter 2007
Bankers Petroleum Significantly Increases Revenue and Net Operating Income in Second Quarter 2007.
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nPromising Woodford Shale Sections Encountered in Several Oklahoma Wells\n\n\nUnless otherwise noted, all figures contained in this release are in U.S.\n\n\ndollars.\n\n\nCALGARY, Aug. 9 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) today\nannounced strong results and improvements in all financial areas in its second\nquarter of 2007. Revenue for the quarter increased 74% to $12.9 million\ncompared to $7.4 million in the second quarter of 2006. Net operating income\ngrew to 1.4 million in the quarter from a loss of $0.7 million in the second\nquarter of 2006. Funds from operations were $4.8 million, compared to\n$3.2 million for the comparable period in 2006.\n\n\n"Our ability to increase exports, capturing the discount relative to our\ndomestic sales and higher international oil prices, have substantially\ncontributed to increasing our netback to over $16 per barrel in the quarter,"\nsaid Richard Wadsworth, President. "Our continuing efforts to improve\noperations on all fronts have resulted in gains in production, revenue,\nnetback and funds from operations while decreasing operating costs in\nAlbania."\n\n\nMr. Wadsworth continued, "In the U.S., we've advanced our exploration\nprogram substantially with the drilling of our first horizontal wells in\nOklahoma and participation in numerous others. While we're still undergoing\ntesting on the first horizontal well, preliminary flowback results have been\npositive, leading us closer to a development plan for the Ardmore basin. This\nbasin represents a significant growth opportunity for the Company if\nproduction and reserve levels from our wells are similar to those of other\noperators in the area. In addition, we continue to work towards showing\nrepeatability in our drilling activities for the Palo Duro basin, and are\nmaking continuous progress."\n\n\nSecond Quarter Highlights:\n\n\n- Average production increased 49% to 4,746 bopd from 3,193 bopd for\n the same period in 2006, and 8% compared to 4,380 bopd for the first\n quarter of 2007.\n\n- Exit production for June 2007 was approximately 5,000 bopd.\n\n- Oil and gas revenue rose 74% to $12.9 million from $7.4 million in\n the comparable period in 2006, and 21% from $10.7 million in the\n first quarter of 2007.\n\n- The netback in Albania improved to $16.14 per barrel from $11.42 in...