By The Canadian Press CALGARY - Bankers Petroleum Ltd. (TSX:BNK.TO - News) earned net income of US$35.9 million in 2011, more than tripling its net income of US$10.5 million in 2010.Oil sales averaged 12,784 barrels of oil per day in 2011, an increase of 33 per cent over 2010 levels, the Calgary-based company focused on heavy oil assets in Albania said Tuesday.Capital expenditures were US$242.8 million, more than double the $119.7 million it spent in 2010.In the fourth quarter of 2011, Bankers Petroleum had net income of US$281,000 versus $4.6 million in the same quarter of 2010.
The company drilled 84 wells in 2011, including 76 horizontal production wells, two vertical delineation wells, two cyclic steam horizontal wells and four water disposal wells. In 2010, a total of 55 wells were drilled.For 2012, the company said it's capital expenditure program will be $215 million, funded from projected cash flow based on an average Brent oil price of US$90 a barrel.Bankers Petroleum said it expects to drill 100 horizontal and vertical wells and complete 60 well reactivations at the Patos-Marinza oilfield.
The company has said its most recent evaluation shows a 43 per cent year-over-year increase in proven reserves.As of Dec. 31, Bankers had 172 million barrels of proven reserves, representing more than 12 times production replacement. Proved plus probable reserves totalled 267 million barrels, a 12 per cent increase from Dec. 31, 2010.
And yet the stock sits at 4.15 because shorts punish great news, go figure.
The company drilled 84 wells in 2011, including 76 horizontal production wells, two vertical delineation wells, two cyclic steam horizontal wells and four water disposal wells. In 2010, a total of 55 wells were drilled.For 2012, the company said it's capital expenditure program will be $215 million, funded from projected cash flow based on an average Brent oil price of US$90 a barrel.Bankers Petroleum said it expects to drill 100 horizontal and vertical wells and complete 60 well reactivations at the Patos-Marinza oilfield.
The company has said its most recent evaluation shows a 43 per cent year-over-year increase in proven reserves.As of Dec. 31, Bankers had 172 million barrels of proven reserves, representing more than 12 times production replacement. Proved plus probable reserves totalled 267 million barrels, a 12 per cent increase from Dec. 31, 2010.
And yet the stock sits at 4.15 because shorts punish great news, go figure.
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