Tuesday, November 13, 2012

BNK.to earns 12.27 Million US in Q3

TSX: BNK
Last Price:$2.55
Change:$-0.09
Volume:298,689

House Positions for C:BNK from 20121113 to 20121113
HouseBought$ValAveSold$ValAveNet$Net
33 Canaccord93,200242,0602.5970
93,200-242,060
10 FirstEnergy34,90090,7402.600
34,900-90,740
7 TD Sec49,240127,3882.58723,99062,2962.59725,250-65,092
39 Merrill Lynch25,70066,4182.5844,20010,8742.58921,500-55,544
19 Desjardins4,80012,5182.6082807242.5864,520-11,794
82 Stifel Nicholas11,21228,6532.5567,42719,3852.613,785-9,268
85 Scotia3,4758,9202.5672,7006,9932.59775-1,927
124 Questrade5001,3002.600
500-1,300
58 Qtrade0
751952.60-75195
25 Odlum0
1,0002,5502.55-1,0002,550
81 HSBC0
2,5276,5132.577-2,5276,513
9 BMO Nesbitt5,00013,0002.607,89020,5242.601-2,8907,524
15 UBS1002622.624,10010,6332.593-4,00010,371
101 Newedge1,5003,8612.5745,90015,3622.604-4,40011,501
99 Jitney2,0005,2402.627,00018,0002.571-5,00012,760
89 Raymond James0
5,00013,0502.61-5,00013,050
80 National Bank0
5,25013,4022.553-5,25013,402
53 Morgan Stanley2,6126,7552.5867,90020,4002.582-5,28813,645
13 Instinet14,80038,4272.59627,40070,8842.587-12,60032,457
90 Barclays0
20,40053,1712.606-20,40053,171
79 CIBC30,80079,4792.5856,900146,9792.583-26,10067,500
1 Anonymous6,00015,6502.60841,500107,4202.588-35,50091,770
2 RBC6,10015,6512.56660,500156,9672.594-54,400141,316
TOTAL291,939756,3222.591291,939756,3222.59100



Highlights for the quarter and nine months ended Sept. 30, 2012, are:
  • For the third quarter of 2012, oil sales averaged 15,715 barrels of oil per day, an increase of 15 per cent compared with 13,667 barrels of oil per day for the same period in 2011, and an increase of 11 per cent compared with 14,169 barrels of oil per day for the preceding quarter. For the nine months ended Sept. 30, 2012, oil sales increased 14 per cent to 14,393 barrels of oil per day from 12,578 barrels of oil per day for the comparable 2011 period.
  • Revenue for the third quarter of 2012 increased by 23 per cent to $115.1-million ($79.58 per barrel) from $93.7-million ($74.48 per barrel) in the same period of 2011. Revenue for the third quarter of 2012 represented 73 per cent of the Brent oil price of $110 per barrel. Revenue for the nine-month 2012 period totalled $316.3-million ($80.21 per barrel), an increase of 26 per cent from $251.6-million ($73.26 per barrel) for the same period of 2011.
  • Royalties to the Albanian government and related entities were $23.3-million and $18.5-million for the third quarter of 2012 and 2011, respectively (both representing 20 per cent of total revenue). Total royalties were $59.6-million and $45.3-million for the nine months ended Sept. 30, 2012, and 2011, respectively.
  • Operating, sales and transportation costs in the third quarter of 2012, originating from Albanian-based companies and their employees, were $33.6-million, compared with $30.3-million for the third quarter of 2011.
  • The company recorded net operating income (netback) of $58.2-million ($40.23 per barrel) in the third quarter of 2012, an increase of 30 per cent compared with $44.9-million ($35.71 per barrel) in the same period of 2011. For the nine months ended Sept. 30, 2012, net operating income totalled $158.9-million ($40.29 per barrel), a 20-per-cent increase from $132-million ($38.43 per barrel) for the same period in 2011.
  • Funds generated from operations for the third quarter of 2012 were $48.3-million, a 15-per-cent increase compared with $42.1-million for the third quarter of 2011. For the nine months ended Sept. 30, 2012, funds generated from operations were $139.5-million, compared with $115.3-million for the nine months ended Sept. 30, 2011. Included in funds generated from operations is a payment of $3.9-million for a financial commodity contract in August, 2012.
  • Capital expenditures in the third quarter of 2012 were $53.5-million. The company drilled 34 wells during the quarter, comprising 31 horizontal wells, one lateral redrill sidetrack well and two core wells in the southern area of the field. Reactivation and recompletion work continued during the quarter. During the same period of 2011, capital expenditures were $65.1-million. For the nine months ended Sept. 30, 2012, capital expenditures totalled $168.9-million, a reduction of 9 per cent from $186.5-million for the comparable 2011 period.
  • During the third quarter of 2012, Bankers participated in the bid evaluation process for the privatization of the Albanian national oil company Albpetrol ShA. Although the company's participation was unsuccessful, the winning bid value of 850 million euros attributed to Albpetrol's assets enhances the company's oil fields' valuation and also demonstrates its commitment to expand its business activities in Albania.
  • At Sept. 30, 2012, total deposits and prepaid expenses were $29.2-million, compared with $17.5-million at the end of December, 2011, of which $16.6-million and $1.2-million, respectively, are paid to the Albanian court as deposits for procedure purposes on several legal cases. The recoverability of these amounts is dependent on the outcome of these cases. As of Sept. 30, 2012, these amounts were considered recoverable.
  • The company is in the process of challenging assessments from the Albanian government tax director negating the previous exemption relief from carbon and circulation taxes on diluent imports. These assessments represent a total of $15-million, covering the last five years. The company was successful in setting aside a recently introduced separate excise tax assessment amounting to $8-million on the company's importation and use of diluent. Other audits have also resulted in an additional assessment of previously exempted value-added taxes for some of the company's subcontractors. Bankers has urged the government of Albania to reconsider its position before proceeding with implementation of this assessment, and is hopeful that these contractual exemptions will continue to be applied.
  • The company continues to maintain a strong financial position at Sept. 30, 2012, with cash of $40.1-million and working capital of $106.5-million. Working capital for Dec. 31, 2011, and Sept. 30, 2011, totalled $80.3-million and $73.5-million, respectively.
Financial update
Bankers has commenced discussions with EBRD and IFC, its reserve-based lenders, for an increase to its $110-million credit facility and a term extension that would extend existing repayments, currently scheduled to commence in October, 2013. The existing 2009 facility was based on 2008 year-end reserves; subsequent reserve increases have significantly expanded the company's borrowing base.

The fiscal cliff is a trumped-up phony

By David Weidner, MarketWatch
SAN FRANCISCO (MarketWatch) – The fiscal cliff is a trumped-up phony.
It’s a political issue, not a pressing economic one. There’s a couple of tricks to solving it, but it’s not impossible. Wall Street could do it. It’s fixed tougher, albeit smaller, problems.
The fiscal cliff, as designed by lawmakers, would instigate draconian automatic spending cuts on Jan. 1. It would be something like trying to fix a car with poor gas mileage by depriving it of gasoline.
To understand how our national debt problem could be fixed, it might be helpful to step back and see what’s in our favor and what’s not.

The positives

First let’s look at the strengths. The good news is that we have time. This is probably our greatest asset. Despite our worsening debt picture, U.S. obligations remain the safest in the world. There is no reason to think the U.S. cannot manage its debts. Wall Street would be the first to vouch for that fact. The 10-year Treasury 10_YEAR -0.87% yields less than 2%; inflation is running at about the same rate.
That’s not some biased opinion of a liberal economist like Paul Krugman or Joseph Stiglitz. It’s the verdict of the free market. It’s said that investors are the ultimate ratings agency. If that’s true, in the words of Warren Buffett, the U.S. is a “quadruple-A” credit.
Second, contrary to opinion, the $16 trillion national debt mostly is in the hands of friends. Two-thirds, 66%, is owned by U.S. investors, including the government itself. The rest is split up among foreign countries. China owns 8.1%, Japan 7%, according to the Treasury Department.
That last part might sound alarming, but this is how global finance works. Nations lend to each other. We are competitors, but we are partners too. Because China owns our debt, it has an interest in our economic well-being. It needs our markets. China’s wealth is tied to the value of our dollar.
Finally, there’s our potential. A Wall Street adviser would see if there is anything worth investing in. And here, too, the outlook is good. All sides agree that given the right conditions, the economy will start humming again. Stronger gross domestic product will translate into a bigger tax base. It will be the quickest and easiest way to pare annual deficits and trim the debt.

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