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Lundin refreshes Bankers Petroleum buy

2009-08-20 17:41 ET - In the News

Brien Lundin, in the August, 2009, edition of the Gold Newsletter, refreshes his buy of Bankers Petroleum Ltd., recently $2.76. Mr. Lundin said buy Bankers in October, 2005, at 56 cents, and in March, 2005, at $1.30.

He then said sell some -- half, perhaps -- in April, 2005, at $1.80. Assuming a $1,000 investment for each of the two buys, selling half of the $2,000 investment at $1.80 would have yielded a profit of $1,241.

He said buy again five times between August, 2005, and March, 2009, at prices ranging from 52 cents to $2.14. (The stock consolidated 1:3 on July 30, 2008.) Assuming a $1,000 investment for of the five new buys, and taking into consideration the remaining $1,000 investment after the previous half sale, the total $6,000 investment is now worth $6,883.

On July 13, the company shipped its first batch of oil from Vlore, its new port in Albania. The newsletter editor says Vlore will give the company a chance to ship more oil, more safely. Production is also going well.

At Bankers's Patos Marinza oil field, the company averaged 6,385 barrels of oil per day in the second quarter of 2009, up from 5,864 barrels of oil per day in the previous quarter. Mr. Lundin says the company's liquidity has improved, production has increased and oil prices have risen, making Bankers Petroleum a buy.