Thursday, March 24, 2011

Bankers Petroleum reveals 2010 annual results; Production up 49% over 2009; Plan to achieve exit production target of 20,000 bopd for 2011

Bankers Petroleum’s 2010 average production increased 49% to 9,597 bopd from 6,438 bopd in 2009. The company increased production through annual capital investment in Albania, of US$122 million, which includes the effective implementation of the Patos-Marinza development plan as well as applying EOR and secondary extraction techniques to increase the field's recoverable reserves.

Bankers Petroleum 2011 capital program budgeted at US$ 215 million and projected 2012-2014 capital programs to average $200mm/year.

As part of 2011, the company plan to drill 66 horizontal and vertical wells and complete 120 well         reactivations and work-overs at the Patos-Marinza oilfield to increase production facilities to handle our target exit production rate of 20,000 bopd

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