| House Positions for C:BNK from 20110329 to 20110329 |
| House | Bought | $Val | Ave | Sold | $Val | Ave | Net | $Net |
| 7 TD Sec | 163,266 | 1,302,637 | 7.979 | 25,925 | 207,220 | 7.993 | 137,341 | -1,095,417 |
| 74 GMP | 70,600 | 563,475 | 7.981 | 0 | 70,600 | -563,475 | ||
| 52 NCP | 122,767 | 977,871 | 7.965 | 73,125 | 582,224 | 7.962 | 49,642 | -395,647 |
| 99 Jitney | 113,400 | 901,857 | 7.953 | 67,500 | 538,500 | 7.978 | 45,900 | -363,357 |
| 86 Pictet | 33,400 | 264,585 | 7.922 | 0 | 33,400 | -264,585 | ||
| 9 BMO Nesbitt | 52,600 | 418,880 | 7.963 | 22,017 | 175,578 | 7.975 | 30,583 | -243,302 |
| 80 National Bank | 48,270 | 384,583 | 7.967 | 20,600 | 164,189 | 7.97 | 27,670 | -220,394 |
| 46 Macquarie | 22,300 | 179,045 | 8.029 | 0 | 22,300 | -179,045 | ||
| 13 Instinet | 18,400 | 146,916 | 7.985 | 500 | 3,960 | 7.92 | 17,900 | -142,956 |
| 2 RBC | 100,850 | 803,443 | 7.967 | 94,059 | 749,385 | 7.967 | 6,791 | -54,058 |
| 72 Credit Suisse | 6,900 | 55,062 | 7.98 | 469 | 3,734 | 7.962 | 6,431 | -51,328 |
| 124 Questrade | 7,200 | 57,225 | 7.948 | 1,700 | 13,508 | 7.946 | 5,500 | -43,717 |
| 89 Raymond James | 8,700 | 69,306 | 7.966 | 3,600 | 28,872 | 8.02 | 5,100 | -40,434 |
| 58 Qtrade | 3,000 | 24,010 | 8.003 | 0 | 3,000 | -24,010 | ||
| 101 Newedge | 4,800 | 38,268 | 7.973 | 2,800 | 22,341 | 7.979 | 2,000 | -15,927 |
| 37 MacDougall | 1,400 | 11,186 | 7.99 | 0 | 1,400 | -11,186 | ||
| 53 Morgan Stanley | 3,069 | 24,347 | 7.933 | 1,676 | 13,482 | 8.044 | 1,393 | -10,865 |
| 33 Canaccord | 3,900 | 31,114 | 7.978 | 2,813 | 22,633 | 8.046 | 1,087 | -8,481 |
| 57 Interactive | 250 | 1,992 | 7.968 | 0 | 250 | -1,992 | ||
| 22 Fidelity | 0 | 700 | 5,572 | 7.96 | -700 | 5,572 | ||
| 19 Desjardins | 9,150 | 72,897 | 7.967 | 11,000 | 87,650 | 7.968 | -1,850 | 14,753 |
| 81 HSBC | 5,820 | 46,310 | 7.957 | 8,500 | 68,000 | 8.00 | -2,680 | 21,690 |
| 121 Jennings | 0 | 3,400 | 27,236 | 8.011 | -3,400 | 27,236 | ||
| 15 UBS | 3,600 | 28,989 | 8.053 | 8,600 | 68,730 | 7.992 | -5,000 | 39,741 |
| 10 FirstEnergy | 0 | 14,200 | 113,008 | 7.958 | -14,200 | 113,008 | ||
| 39 Merrill Lynch | 2,000 | 15,984 | 7.992 | 17,727 | 141,798 | 7.999 | -15,727 | 125,814 |
| 90 Barclays | 0 | 25,100 | 199,780 | 7.959 | -25,100 | 199,780 | ||
| 85 Scotia | 27,800 | 221,551 | 7.969 | 65,290 | 521,877 | 7.993 | -37,490 | 300,326 |
| 12 Wellington | 0 | 47,100 | 378,408 | 8.034 | -47,100 | 378,408 | ||
| 79 CIBC | 314,284 | 2,501,102 | 7.958 | 365,425 | 2,908,354 | 7.959 | -51,141 | 407,252 |
| 123 Citigroup | 0 | 93,400 | 745,512 | 7.982 | -93,400 | 745,512 | ||
| 1 Anonymous | 121,700 | 969,218 | 7.964 | 292,200 | 2,320,302 | 7.941 | -170,500 | 1,351,084 |
| TOTAL | 1,269,426 | 10,111,853 | 7.966 | 1,269,426 | 10,111,853 | 7.966 | 0 | 0 |
March, Tuesday 29 2011 - 10:55:25
WTI Crude Oil $104.21 ▲0.23 0.22% 10:55 AM EDT - 2011.03.29
Brent Crude Oil $114.26 ▼0.54 0.47% 10:50 AM EDT - 2011.03.29
Crude Oil Price by OIL-PRICE.NET © Price Change Trades Volume 10:50 - $ 104.21 
0.23 0.22% 77,044 109,822 Range Open 52 Wk Range 1 Year Forecast 102.70 - 104.24 103.94 68.01 - 105.95 $120 / Barrel
PETROLEUM ANNOUNCES 2010 FINANCIAL RESULTS2011-03-22 08:44 ET - News Release
Mr. Abdel Badwi reports
BANKERS PETROLEUM ANNOUNCES 2010 FINANCIAL RESULTS
Bankers Petroleum Ltd. has released its 2010 financial results and outlook for 2011.
In 2010, Bankers was successful in progressing its strategic objectives and achieved record production, reserves, earnings and cash flow through its largest annual capital investment in Albania of $122-million (U.S.).
ANNUAL RESULTS (thousands of U.S. dollars) Year Year ended ended Dec. 31, Dec. 31, 2010 2009 Oil revenue $170,376 $86,614 Net operating income 81,103 31,496 Net income (loss) 14,265 (150) Funds generated from operations 73,166 25,422 Capital expenditures 122,012 38,324- Average production increased 49 per cent to 9,597 barrels of oil per day from 6,438 bopd in 2009. Exit production at year-end 2010 exceeded 12,100 bopd as compared with 8,100 bopd at year-end 2009.
- A second and third drilling rig commenced operation in the Patos-Marinza oil field in January and July, 2010, respectively. A total of 55 wells were drilled and completed in 2010, of which 50 were horizontal oil wells.
- Reserves in Albania increased at all levels: a 30-per-cent increase in the original-oil-in-place (OOIP) assessment to 7.8 billion barrels from six billion barrels, an increase of 30 per cent to 120 million barrels of proved reserves, and an 11-per-cent increase to 238 million barrels of proved plus probable reserves. Additionally, the company's independent reservoir engineers assigned contingent and prospective resource oil estimates of 1.2 billion and 540 million barrels, respectively. The corresponding net present value (NPV) after tax (discounted at 10 per cent) of the proved plus probable reserves increased by 30 per cent to $2-billion from $1.5-billion.
- In April, 2010, the production sharing contract for the block F exploration acreage application was finalized. The area contains several seismically defined structural and amplitude anomalies prospective for oil and natural gas.
- On July 15, 2010, the company completed a prospectus offering with a syndicate of underwriters and issued an aggregate of 12,903,228 common shares at a price of $7.75 (Canadian) per common share on a bought-deal basis, resulting in gross proceeds of $96.2-million.
- The company continues to maintain a strong balance sheet with cash of $108.1-million and working capital of $130.9-million at Dec. 31, 2010, as compared with cash of $68.3-million and working capital of $75.4-million at Dec. 31, 2009.
Outlook
For 2011, the company's continued focus is to increase reserves, production and maximize cash flow from operations. To achieve this, the company will implement the following:
- Drill 66 horizontal and vertical wells, and complete 120 well reactivations and workovers at the Patos-Marinza oil field. A fourth drilling rig is expected in the second quarter;
- Increase production facilities to handle the company's target exit production rate of 20,000 bopd;
- 2011 will be a milestone year for thermal development of the Patos-Marinza oil field. Bankers will drill a vertical delineation well and two horizontal wells designed for high-pressure and temperature steam injection, install a 25,000 BTU steam generator and all associated production facilities;
- Complete phase 1 (10 kilometres) of the 40-kilometre pipeline to Vlore and construction of the receiving hub in Fier;
- Continue with the environmental stewardship and social initiatives in the company's area of operations;
- Bankers is building a larger team of senior professionals to complement its existing team of engineers, geoscientists, production and support staff to manage another record capital program in 2011, currently budgeted at $215-million.
For additional information, please see an updated version of the company's corporate presentation on its website.
Review by qualified person
This release was reviewed by Abdel Badwi, president and chief executive officer of Bankers Petroleum, who is a qualified person under the rules and policies of the Alternative Investment Market in his role with the company and due to his training as a professional petroleum geologist (member of APEGGA) with over 40 years experience in domestic and international oil and gas operations.
We seek Safe Harbor.
Record Year of Financial and Operating Results CALGARY, March 22 /PRNewswire-FirstCall/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK) (AIM: BNK) is pleased to provide its 2010 Financial Results and Outlook for 2011.
In 2010, Bankers was successful in progressing its strategic objectives and achieved record production, reserves, earnings and cash flow through its largest annual capital investment in Albania, of US$122 million.
Results at a Glance (US$000, except as noted) Change 2010 2009 ------------------------------------------------------------------------- Oil revenue 97% 170,376 86,614 Net operating income 158% 81,103 31,496 Net income (loss) 96 x 14,265 (150) Funds generated from operations 188% 73,166 25,422 Capital expenditures 218% 122,012 38,324 December 31 ------------------- Change 2010 2009 ------------------------------------------------------------------------- Cash and deposits 58% 108,119 68,270 Working capital 74% 130,920 75,414 Total assets 53% 467,414 304,820 Bank loans (8%) 25,829 28,085 Shareholders' equity 60% 343,307 213,960 Average production (bopd) 49% 9,597 6,438 Average price ($/barrel) 32% 48.64 36.86 Netback ($/barrel) 73% 23.15 13.40 - Average production increased 49% to 9,597 bopd from 6,438 bopd in 2009. Exit production at year-end 2010 exceeded 12,100 bopd as compared to 8,100 bopd at year-end 2009. - A second and third drilling rig commenced operation in the Patos- Marinza oilfield in January and July 2010, respectively. A total of 55 wells were drilled and completed in 2010, of which 50 were horizontal oil wells. - Reserves in Albania increased at all levels: a 30% increase in the Original-Oil-In-Place (OOIP) assessment to 7.8 billion barrels from 6.0 billion barrels, an increase of 30% to 120 million barrels of proved reserves and, an 11% increase to 238 million barrels of proved plus probable reserves. Additionally, the Company's independent reservoir engineers assigned contingent and prospective resource oil estimates of 1.2 billion and 540 million barrels, respectively. The corresponding net present value (NPV) after tax (discounted at 10%) of the proved plus probable reserves increased by 30% to $2.0 billion from $1.5 billion. - In April 2010, the production sharing contract for the Block "F" exploration acreage application was finalized. The area contains several seismically defined structural and amplitude anomalies prospective for oil and natural gas. - On July 15, 2010, the Company completed a prospectus offering with a syndicate of underwriters and issued an aggregate of 12,903,228 common shares at a price of CAD$7.75 per common share on a bought deal basis, resulting in gross proceeds of $96.2 million. - The Company continues to maintain a strong balance sheet with cash of $108.1 million and working capital of $130.9 million at December 31, 2010 as compared to cash of $68.3 million and working capital of $75.4 million at December 31, 2009. OUTLOOK
For 2011, our continued focus is to increase reserves, production and maximize cash flow from operations. To achieve this, the Company will implement the following:
- Drill 66 horizontal and vertical wells and complete 120 well reactivations and work-overs at the Patos-Marinza oilfield. A fourth drilling rig is expected in the second quarter. - Increase production facilities to handle our target exit production rate of 20,000 bopd. - 2011 will be a milestone year for thermal development of the Patos- Marinza oilfield. Bankers will drill a vertical delineation well and two horizontal wells designed for high pressure and temperature steam injection, install a 25,000 BTU steam generator and all associated production facilities. - Complete Phase 1 (10 kilometres) of the 40 kilometre pipeline to Vlore and construction of the receiving hub in Fier. - Continue with the environmental stewardship and social initiatives in our area of operations. - Bankers is building a larger team of senior professionals to complement its existing team of engineers, geoscientists, production and support staff to manage another record capital program in 2011, currently budgeted at $215 million.
Equedia.com and Equedia Weekly provides research on the top Canadian companies with a focus on mining and resource stocks. Equedia is continuing research and evaluation on the prospects of Bankers Petroleum Ltd. (Toronto:BNK.TO) and Athabasca Oil Sands Corp. (Toronto:ATH.TO). To be further notified of our updates on these companies and special report editions through the Equedia Weekly letter, please obtain your free subscription here:
http://equedia.com/equediaweekly
Many companies previously featured in our special report editions have hit new 52 – week highs since the initiation of our coverage and many companies under evaluation have made strong gains since being placed under evaluation. To receive these reports, please make sure to subscribe for your complimentary subscription to Equedia Weekly here:
http://equedia.com/equediaweekly
Here is a brief excerpt from one of our latest newsletters with our story, "The Controversy":
“There are many ways to play the coming months and I remain completely bullish on the resource and commodities sector. Companies with dividends in the telecom and energy sector are looking good, but oil and gas is on the top of my radar, as are precious metals stocks.
Record earnings this year have pulled in some of the highest profit margins since 1993 for many of the oil and gas producers. That means most of these oil companies can not only sustain their current dividend levels, but also increase them if they choose - especially with oil above the $80 mark. Oil is over $100 right now which leaves a lot of room for error.
The worldwide demand for oil will decrease based on Japan's recent disaster, but this is very short term. Without the nuclear power plants, it will have to turn to oil and gas - coal and other means will not nearly be enough. I would not be surprised to see oil..."
To continue reading and receive your next free edition of Equedia Weekly, please subscribe by going tohttp://equedia.com/equediaweekly/ and visit http://equedia.com/blog/view.php/The-Controversy/ for a copy of this edition.
UPDATE 2-Bankers Petroleum reserves growth lags view; shrs sink 12:53 EST Wednesday, March 09, 2011 * Says proved reserves up 30 pct at end 2010 * Proved plus probable reserves up 11 pct to 238 mln barrels
* Shrs fall 10 pct (Rewrites, adds analysts comments in 2nd, 5th, 8th and 10th paragraphs, updates share paragraph)
March 9 (Reuters) - Bankers Petroleum Ltd's proved plus probable reserves at its Albanian heavy oil operations rose 11 percent at end 2010, but fell short of market expectations, sending the oil and gas explorer's shares down 10 percent.
"The increase in proven plus probable reserves is toward the bottom end of our expectations for 10-20 percent...the market may have been expecting something closer to the top end," TD Newcrest analyst Jamie Somerville wrote in a note to clients.
The Calgary, Alberta-based company, which posted 2010 production of about 3.5 million barrels, said future undiscounted capital costs for Patos-Marinza and Kucova oil-fields in Albania are estimated at $1.2 billion on proved plus probable reserves basis.
The company, which plans to reactivate 624 wells starting 2011, also said exploration and development costs are estimated at $5.80 per barrel on proved plus probable reserves basis.
The total size of the field (Albanian) is now much higher, so it looks like it is going to cost them (Bankers Petroleum) more on a unit basis to develop the reserves, analyst John of Ticonderoga Securities told Reuters.
The company said proved plus probable reserves were 238 million barrels at Dec. 31, 2010, while proved reserves rose 30 percent to 120 million barrels of oil.
The growth in reserves is attributable to the expansion of horizontal drilling at Patos-Marinza, Bankers Petroleum said in a statement.
"The proved (reserves) outperformed but the probable is down a bit," John Malone said.
In January, the company had reported a 50 percent rise in fourth-quarter oil production. [ID: nSGE70A09R]
"The market is likely to look past any minor disappointment regarding proved plus probable reserves to longer term resource potential, which has increased substantially...," analyst Somerville said.
Bankers Petroleum shares were trading down 87 Canadian cents at C$8.52 on Wednesday on the Toronto Stock Exchange. They touched a low of C8.44 earlier in the session.
Globe says Nuttall expects Bankers to be sold next year
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In 2010, Bankers was successful in progressing its strategic objectives and achieved record production, reserves, earnings and cash flow through its largest annual capital investment in Albania of $122-million (U.S.).
PETROLEUM ANNOUNCES 2010 FINANCIAL RESULTS2011-03-22 08:44 ET - News Release
Mr. Abdel Badwi reports
BANKERS PETROLEUM ANNOUNCES 2010 FINANCIAL RESULTS
Bankers Petroleum Ltd. has released its 2010 financial results and outlook for 2011.
ANNUAL RESULTS (thousands of U.S. dollars) Year Year ended ended Dec. 31, Dec. 31, 2010 2009 Oil revenue $170,376 $86,614 Net operating income 81,103 31,496 Net income (loss) 14,265 (150) Funds generated from operations 73,166 25,422 Capital expenditures 122,012 38,324- Average production increased 49 per cent to 9,597 barrels of oil per day from 6,438 bopd in 2009. Exit production at year-end 2010 exceeded 12,100 bopd as compared with 8,100 bopd at year-end 2009.
- A second and third drilling rig commenced operation in the Patos-Marinza oil field in January and July, 2010, respectively. A total of 55 wells were drilled and completed in 2010, of which 50 were horizontal oil wells.
- Reserves in Albania increased at all levels: a 30-per-cent increase in the original-oil-in-place (OOIP) assessment to 7.8 billion barrels from six billion barrels, an increase of 30 per cent to 120 million barrels of proved reserves, and an 11-per-cent increase to 238 million barrels of proved plus probable reserves. Additionally, the company's independent reservoir engineers assigned contingent and prospective resource oil estimates of 1.2 billion and 540 million barrels, respectively. The corresponding net present value (NPV) after tax (discounted at 10 per cent) of the proved plus probable reserves increased by 30 per cent to $2-billion from $1.5-billion.
- In April, 2010, the production sharing contract for the block F exploration acreage application was finalized. The area contains several seismically defined structural and amplitude anomalies prospective for oil and natural gas.
- On July 15, 2010, the company completed a prospectus offering with a syndicate of underwriters and issued an aggregate of 12,903,228 common shares at a price of $7.75 (Canadian) per common share on a bought-deal basis, resulting in gross proceeds of $96.2-million.
- The company continues to maintain a strong balance sheet with cash of $108.1-million and working capital of $130.9-million at Dec. 31, 2010, as compared with cash of $68.3-million and working capital of $75.4-million at Dec. 31, 2009.
Outlook
For 2011, the company's continued focus is to increase reserves, production and maximize cash flow from operations. To achieve this, the company will implement the following:
- Drill 66 horizontal and vertical wells, and complete 120 well reactivations and workovers at the Patos-Marinza oil field. A fourth drilling rig is expected in the second quarter;
- Increase production facilities to handle the company's target exit production rate of 20,000 bopd;
- 2011 will be a milestone year for thermal development of the Patos-Marinza oil field. Bankers will drill a vertical delineation well and two horizontal wells designed for high-pressure and temperature steam injection, install a 25,000 BTU steam generator and all associated production facilities;
- Complete phase 1 (10 kilometres) of the 40-kilometre pipeline to Vlore and construction of the receiving hub in Fier;
- Continue with the environmental stewardship and social initiatives in the company's area of operations;
- Bankers is building a larger team of senior professionals to complement its existing team of engineers, geoscientists, production and support staff to manage another record capital program in 2011, currently budgeted at $215-million.
For additional information, please see an updated version of the company's corporate presentation on its website.
Review by qualified person
This release was reviewed by Abdel Badwi, president and chief executive officer of Bankers Petroleum, who is a qualified person under the rules and policies of the Alternative Investment Market in his role with the company and due to his training as a professional petroleum geologist (member of APEGGA) with over 40 years experience in domestic and international oil and gas operations.
We seek Safe Harbor.
CALGARY, March 22 /PRNewswire-FirstCall/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK) (AIM: BNK) is pleased to provide its 2010 Financial Results and Outlook for 2011.
In 2010, Bankers was successful in progressing its strategic objectives and achieved record production, reserves, earnings and cash flow through its largest annual capital investment in Albania, of US$122 million.
Results at a Glance (US$000, except as noted) Change 2010 2009 ------------------------------------------------------------------------- Oil revenue 97% 170,376 86,614 Net operating income 158% 81,103 31,496 Net income (loss) 96 x 14,265 (150) Funds generated from operations 188% 73,166 25,422 Capital expenditures 218% 122,012 38,324 December 31 ------------------- Change 2010 2009 ------------------------------------------------------------------------- Cash and deposits 58% 108,119 68,270 Working capital 74% 130,920 75,414 Total assets 53% 467,414 304,820 Bank loans (8%) 25,829 28,085 Shareholders' equity 60% 343,307 213,960 Average production (bopd) 49% 9,597 6,438 Average price ($/barrel) 32% 48.64 36.86 Netback ($/barrel) 73% 23.15 13.40 - Average production increased 49% to 9,597 bopd from 6,438 bopd in 2009. Exit production at year-end 2010 exceeded 12,100 bopd as compared to 8,100 bopd at year-end 2009. - A second and third drilling rig commenced operation in the Patos- Marinza oilfield in January and July 2010, respectively. A total of 55 wells were drilled and completed in 2010, of which 50 were horizontal oil wells. - Reserves in Albania increased at all levels: a 30% increase in the Original-Oil-In-Place (OOIP) assessment to 7.8 billion barrels from 6.0 billion barrels, an increase of 30% to 120 million barrels of proved reserves and, an 11% increase to 238 million barrels of proved plus probable reserves. Additionally, the Company's independent reservoir engineers assigned contingent and prospective resource oil estimates of 1.2 billion and 540 million barrels, respectively. The corresponding net present value (NPV) after tax (discounted at 10%) of the proved plus probable reserves increased by 30% to $2.0 billion from $1.5 billion. - In April 2010, the production sharing contract for the Block "F" exploration acreage application was finalized. The area contains several seismically defined structural and amplitude anomalies prospective for oil and natural gas. - On July 15, 2010, the Company completed a prospectus offering with a syndicate of underwriters and issued an aggregate of 12,903,228 common shares at a price of CAD$7.75 per common share on a bought deal basis, resulting in gross proceeds of $96.2 million. - The Company continues to maintain a strong balance sheet with cash of $108.1 million and working capital of $130.9 million at December 31, 2010 as compared to cash of $68.3 million and working capital of $75.4 million at December 31, 2009. OUTLOOK
For 2011, our continued focus is to increase reserves, production and maximize cash flow from operations. To achieve this, the Company will implement the following:
- Drill 66 horizontal and vertical wells and complete 120 well reactivations and work-overs at the Patos-Marinza oilfield. A fourth drilling rig is expected in the second quarter. - Increase production facilities to handle our target exit production rate of 20,000 bopd. - 2011 will be a milestone year for thermal development of the Patos- Marinza oilfield. Bankers will drill a vertical delineation well and two horizontal wells designed for high pressure and temperature steam injection, install a 25,000 BTU steam generator and all associated production facilities. - Complete Phase 1 (10 kilometres) of the 40 kilometre pipeline to Vlore and construction of the receiving hub in Fier. - Continue with the environmental stewardship and social initiatives in our area of operations. - Bankers is building a larger team of senior professionals to complement its existing team of engineers, geoscientists, production and support staff to manage another record capital program in 2011, currently budgeted at $215 million.
Equedia.com and Equedia Weekly provides research on the top Canadian companies with a focus on mining and resource stocks. Equedia is continuing research and evaluation on the prospects of Bankers Petroleum Ltd. (Toronto:BNK.TO) and Athabasca Oil Sands Corp. (Toronto:ATH.TO). To be further notified of our updates on these companies and special report editions through the Equedia Weekly letter, please obtain your free subscription here:
http://equedia.com/equediaweekly
Many companies previously featured in our special report editions have hit new 52 – week highs since the initiation of our coverage and many companies under evaluation have made strong gains since being placed under evaluation. To receive these reports, please make sure to subscribe for your complimentary subscription to Equedia Weekly here:
http://equedia.com/equediaweekly
Here is a brief excerpt from one of our latest newsletters with our story, "The Controversy":
“There are many ways to play the coming months and I remain completely bullish on the resource and commodities sector. Companies with dividends in the telecom and energy sector are looking good, but oil and gas is on the top of my radar, as are precious metals stocks.
Record earnings this year have pulled in some of the highest profit margins since 1993 for many of the oil and gas producers. That means most of these oil companies can not only sustain their current dividend levels, but also increase them if they choose - especially with oil above the $80 mark. Oil is over $100 right now which leaves a lot of room for error.
The worldwide demand for oil will decrease based on Japan's recent disaster, but this is very short term. Without the nuclear power plants, it will have to turn to oil and gas - coal and other means will not nearly be enough. I would not be surprised to see oil..."
To continue reading and receive your next free edition of Equedia Weekly, please subscribe by going tohttp://equedia.com/equediaweekly/ and visit http://equedia.com/blog/view.php/The-Controversy/ for a copy of this edition.
* Proved plus probable reserves up 11 pct to 238 mln barrels
* Shrs fall 10 pct (Rewrites, adds analysts comments in 2nd, 5th, 8th and 10th paragraphs, updates share paragraph)
March 9 (Reuters) - Bankers Petroleum Ltd's proved plus probable reserves at its Albanian heavy oil operations rose 11 percent at end 2010, but fell short of market expectations, sending the oil and gas explorer's shares down 10 percent.
"The increase in proven plus probable reserves is toward the bottom end of our expectations for 10-20 percent...the market may have been expecting something closer to the top end," TD Newcrest analyst Jamie Somerville wrote in a note to clients.
The Calgary, Alberta-based company, which posted 2010 production of about 3.5 million barrels, said future undiscounted capital costs for Patos-Marinza and Kucova oil-fields in Albania are estimated at $1.2 billion on proved plus probable reserves basis.
The company, which plans to reactivate 624 wells starting 2011, also said exploration and development costs are estimated at $5.80 per barrel on proved plus probable reserves basis.
The total size of the field (Albanian) is now much higher, so it looks like it is going to cost them (Bankers Petroleum) more on a unit basis to develop the reserves, analyst John of Ticonderoga Securities told Reuters.
The company said proved plus probable reserves were 238 million barrels at Dec. 31, 2010, while proved reserves rose 30 percent to 120 million barrels of oil.
The growth in reserves is attributable to the expansion of horizontal drilling at Patos-Marinza, Bankers Petroleum said in a statement.
"The proved (reserves) outperformed but the probable is down a bit," John Malone said.
In January, the company had reported a 50 percent rise in fourth-quarter oil production. [ID: nSGE70A09R]
"The market is likely to look past any minor disappointment regarding proved plus probable reserves to longer term resource potential, which has increased substantially...," analyst Somerville said.
Bankers Petroleum shares were trading down 87 Canadian cents at C$8.52 on Wednesday on the Toronto Stock Exchange. They touched a low of C8.44 earlier in the session.
2011-02-10 08:47 ET - In the News
The Globe and Mail reports in its Thursday, Feb. 10, edition that Sprott Asset Management portfolio manager Eric Nuttall believes Bankers Petroleum is ready to soar in tandem with the price of oil. Clea Simos writes in The Globe's BNN Market Call column that Mr. Nuttall says: "Bankers is a low-risk heavy oil development story that has tremendous leverage to a stronger oil price. ... If the price of oil continues to be strong, we expect Bankers to sell themselves in March, 2012, for over $14 a share." The stock finished Wednesday in Toronto at $8.70, down 27 cents. David Whetham of Scotia Asset Management said in The Globe on April 21, 2010, that Bankers Petroleum still had "good growth potential with little risk." It could then be had for $8.71. Mr. Nuttall recommended buying Banker Petroleum in The Globe on June 15, 2010. In the item Mr. Nuttall said Bankers Petroleum will likely be sold over the next two years and fetch about $12 a share. The shares were then worth $7.33. Mr. Nuttall's top holdings in the Sprott Energy Fund are WestFire Energy at 7.5 per cent, Novus Energy at 5.3 per cent, Bankers Petroleum at 4.9 per cent, Painted Pony Petroleum at 4.8 per cent and Vero Energy at 4.7 per cent.
The Calgary, Alberta-based company, which posted 2010 production of about 3.5 million barrels, said future undiscounted capital costs for Patos-Marinza and Kucova oil-fields are estimated at $1 billion on a proven reserves basis.
Proved reserves were 120 million barrels of oil at Dec. 31, 2010, while proved plus probable reserves rose 11 percent to 238 million barrels.
In January, Bankers Petroleum had reported a 50 percent rise in fourth-quarter oil production. [ID: nSGE70A09R]
Bankers Petroleum shares closed at C$9.39 on Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Sriraj Kalluvila) (arnika.thakur@thomsonreuters.com within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arnika.thakur.thomsonreuters.com@reuters.net)
2011-03-09 08:21 ET - News ReleaseAnd This Indepth News:
Mr. Abby Badwi reports
BANKERS PETROLEUM ANNOUNCES 2010 RESERVES REPORT
Bankers Petroleum Ltd. has released the results of its Dec. 31, 2010, independent reserves evaluation and reports the sixth consecutive year of reserves additions since company inception in 2004.
Evaluations were conducted by RPS Energy Canada Ltd. for the Patos-Marinza oil field, Albania, and by DeGolyer and McNaughton Canada Ltd. for the Kucova oil field, Albania, and were prepared in accordance with National Instrument 51-101 -- "Standards of Disclosure for Oil and Gas Activities."
Total Albania reserves summary
- Proved reserves of 120 million barrels (30-per-cent increase from Dec. 31, 2009) representing over 11 times production replacement;
- Proved plus probable reserves of 238 million barrels (11-per-cent increase from Dec. 31, 2009);
- Proved, probable and possible reserves of 427 million barrels (1-per-cent increase from Dec. 31, 2009);
- Mean original oil in place resource estimate (OOIP) of 7.8 billion barrels (30-per-cent increase from Dec. 31, 2009);
- 2010 production was approximately 3.5 million barrels.
Patos-Marinza field
- Proven reserves increased 30 per cent to 117 million barrels of oil from 90 million barrels at Dec. 31, 2009;
- Proven plus probable reserves increased 11 per cent to 226 million barrels (Dec. 31, 2009 -- 203 million barrels);
- Proved, probable and possible reserves increased 1 per cent to 395 million barrels (Dec. 31, 2009 -- 390 million barrels);
- Original oil in place estimate (P50) increased 32 per cent to 7.5 billion barrels (Dec. 31, 2009 -- 5.7 billion barrels)
- All of Patos-Marinza's 2010 recoverable reserves estimates are from primary recovery methods only.
The 2010 reserves growth is primarily attributable to the expansion of the company's horizontal drilling program in new areas of the field and new zones within the field area. This is reflected in the upgrade of proven and probable, and proved, probable and possible reserves into the proven and proven plus probable reserves categories, respectively, and the expansion of proved, probable and possible reserves and oil in place.
Patos-Marinza contingent and prospective resources
RPS has also released an update with respect to the contingent and prospective resource oil estimates for the Patos-Marinza oil field as at Dec. 31, 2010. Contingent and prospective resources are based on thermal development technologies to be applied to the Gorani and Driza formations and secondary waterflood methods proposed for the Marinza formation and expansion of the development areas, primarily to the west of the current development.
The thermal pilot first steam injection is scheduled for the third quarter of 2011. There are no current waterflood plans for the field.
Contingent resource for 2010 is 1.2 billion barrels, compared with 838 million barrels in 2009;
Prospective resource for 2010 is 568 million barrels, compared with 384 million barrels in 2009.
Kucova field
There were no activities or company production from the field in 2010; field reserves remain unchanged. Early stage development has begun with road building and lease clearing.
- 1P reserves 3 million barrels;
- 2P reserves 11 million barrels;
- 3P reserves 32 million barrels;
- Mean original oil in place resource estimate remains unchanged at 297 million barrels.
Total Net Present Value of Total Albania Reserves (After Tax, discounted at 10%)
- 1P reserves US$949 million - 2P reserves US$1.97 billion - 3P reserves US$3.55 billion - Values are based on RPS (Patos-Marinza) and D&M (Kuçova) January 1, 2011 price forecast tables summarized below - Basic shares outstanding of as of December 31, 2010 were approximately 245 million
Finding and Development Costs ("F&D")
With successful results from the Company's horizontal drilling activities in the northern part of Patos-Marinza oilfield, the Company is expanding the horizontal drilling program into the central, southern and western part of the field. Also, due to casing failures in old vertical wells, replacement of old vertical wells with new horizontal wells has been added to the capital program. Accordingly, in the 2P development case, the number of well re-activations has been reduced to 310 wells and new horizontal wells have increased from 260 wells in the previous year's projected capital program to 624 wells in 2011 and beyond.
Future undiscounted capital costs for Patos-Marinza and Kuçova are now projected to be US$1.5 billion, US$1.2 billion and US$1.0 billion on a 3P, 2P and 1P basis, respectively. This represents the following F&D costs:
- 1P reserves US$10.06 per barrel - 2P reserves US$5.80 per barrel - 3P reserves US$3.85 per barrel
Gross Oil Reserves - Using Forecast Prices (MMbbls)
-------------------------- ----------------- 2010 2009 -------------------------- Patos- Total Total Marinza Kuçova Albania Albania % ------------------------------------------------------- ----------------- Proved Developed Producing 17.3 - 17.3 22.9 -24 Developed Non-Producing - - - - - Undeveloped 99.7 3.2 102.9 69.9 47 -------------------------- ----------------- Total Proved 117.0 3.2 120.2 92.8 30 Probable 109.2 8.2 117.4 121.1 -3 -------------------------- ----------------- Total Proved Plus Probable 226.2 11.4 237.6 213.9 11 Possible 168.4 20.6 189.0 208.4 -9 -------------------------- ----------------- Total Proved, Probable & Possible 394.6 32.0 426.6 422.3 1 ------------------------------------------------------- -----------------
Net Present Value at 10% - After Tax Using Forecast Prices ($ millions)
-------------------------- ----------------- 2010 2009 -------------------------- Patos- Total Total Marinza Kuçova Albania Albania % ------------------------------------------------------- ----------------- Proved Developed Producing 220 - 220 149 48 Developed Non-Producing - - - - - Undeveloped 710 19 729 377 93 -------------------------- ----------------- Total Proved 930 19 949 526 80 Probable 904 115 1,019 993 3 -------------------------- ----------------- Total Proved Plus Probable 1,834 134 1,968 1,519 30 Possible 1,278 306 1,584 1,514 5 -------------------------- ----------------- Total Proved, Probable & Possible 3,112 440 3,552 3,033 17 ------------------------------------------------------- -----------------
Patos-Marinza Contingent and Prospective Resource (MMbbls)
---------------------- 2010 2009 % --------------------------------------------------------- Contingent Resource 1,200 838 43 --------------------------------------------------------- Prospective Resource 568 384 48 --------------------------------------------------------- Total Resources 1,768 1,222 45 ---------------------------------------------------------
Reserve Auditor Price Decks - Dated Brent
--------------------------------------- BRENT Oil Price Forecast US$/bbl --------------------------------------- Year RPS D&M --------------------------------------- 2011 $90.00 $91.00 --------------------------------------- 2012 $89.50 $91.78 --------------------------------------- 2013 $89.10 $92.64 --------------------------------------- 2014 $89.25 $94.57 --------------------------------------- 2015 $91.00 $97.58 --------------------------------------- 2016 $93.20 $99.58 --------------------------------------- 2017 $95.30 $101.61 --------------------------------------- 2018 $97.30 $103.68 --------------------------------------- 2019 $99.40 $105.79 --------------------------------------- 2020 $101.58 $107.95 --------------------------------------- 2021 $103.61 $110.15 --------------------------------------- 2022 $105.68 $112.39 --------------------------------------- 2023 $107.80 +2.0% Thereafter ---------------------------------------
Field gate prices the Company is receiving in Albania are currently at a discount to Brent:
-- Patos-Marinza field gate price is approximately 65% of Brent; -- Kuçova field gate price is approximately 70% of Brent
For additional information, please see an updated version of the Company's corporate presentation on www.bankerspetroleum.com
Conference Call
The Management of Bankers will host a conference call on March 9, 2011 at 7:30am MST to discuss this reserves report. Following Management's presentation, there will be a question and answer session for analysts and investors.
To participate in the conference call, please contact the conference operator ten minutes prior to the call at 1-888-231-8191 or 1-647-427-7450. A live audio web cast of the conference call will also be available on Bankers website at www.bankerspetroleum.com or by entering the following URL into your web browser http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3434640
The web cast will be archived two hours after the presentation on the website, and posted on the website for 90 days. A replay of the call will be available until March 23, 2011 by dialing 1-800-642-1687 or 1-416-849-0833 and entering access code 50341069.
Review by Qualified Person
This release was reviewed by Abdel F. (Abby) Badwi, CEO of Bankers Petroleum Ltd., who is a "qualified person" under the rules and policies of AIM in his role with the Company and due to his training as a professional petroleum geologist (member of APEGGA) with over 40 years experience in domestic and international oil and gas operations.
We seek Safe Harbor.
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