Friday, April 8, 2011

Bankers Petroleum reports 1st Quarter 2011 operational results; Production up 14% over 2010 last quarter; Plan to achieve exit production target of 20,000 bopd for 2011


Oil sales from the Patos-Marinza oilfield in Albania during the first quarter averaged 11,894 bopd compared to fourth quarter sales of 10,424 bopd, an increase of 14%. Average production for the first quarter was 12,147 bopd.

Patos Marinza Oil Field
2011 Horizontal Program
The company drilled 60 successful horizontal wells in 2011. Horizontal well production forecast 135 bopd. 8 of 17 oil productive zones have been drilled and several more zones will be targeted in 2011
Block F Exploration Acreage
The company has three existing gas fields with potential field extensions.
Exploration well in Q3 to identify gas potential of Ardenica structure.
Continue work on potential Pliocene gas above Povelca and Frakullafields, and other untested stratigraphic anomalies
Continue reprocessing and interpreting 430 km of 2D seismic to detail identified anomalies for Q3 drilling.

US$ 50 million Plan of Development (PoD) for the field has been approved by the Albanian authorities. Activity has commenced as part of the approved 2011 work program on the first group of wells with recompletion of two production wells, one water source well and the conversion of one water injection well n"; mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA'>Continue reprocessing and interpreting 430 km of 2D seismic to detail identified anomalies for Q3 drilling.

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