Tuesday, May 21 2013 1:22 PM EDT2013-05-21 17:22:01 GMT
If you're looking to help the victims of the deadly tornado in Oklahoma here are some resources: Red Cross You can also text REDCROSS to: 90999. Each text will donate $10 and will be charged to your phoneMore >>
If you're looking to help the victims of the deadly tornado in Oklahoma here are some resources. More >>
Tuesday, May 21 2013 12:32 PM EDT2013-05-21 16:32:21 GMT
ABC World News With Diane Sawyer will be expanded to one hour Tuesday night. According to ABC News, the 1 hour telecast will provide information about the Oklahoma tornado. ABC22 will go on-air at 7:30More >>
Tuesday, May 21 2013 11:55 AM EDT2013-05-21 15:55:33 GMT
New York State Police are investigating a fatal accident in Champlain, N.Y. on Monday night. A press release says when Ronald Trombly, 85, of Mooers, N.Y., was trying to get around 4 runners on the shoulderMore >>
New York State Police are investigating a fatal accident in Champlain, N.Y. Monday night.More >>
Tuesday, May 21 2013 11:15 AM EDT2013-05-21 15:15:46 GMT
There is a meeting for the Burlington Community in regards to the rail yard enterprise project. This project would essentially connect Pine Street and Battery Street at the Kilburn intersection, cuttingMore >>
There is a meeting for the Burlington Community in regards to the rail yard enterprise project. More >>
Tuesday, May 21 2013 11:07 AM EDT2013-05-21 15:07:08 GMT
A judge has denied the request of Patricia Prue for a new lawyer. The judge says difference of opinion is not enough to substitute new counsel. Patricia and Allen Prue are accused of strangling and beatingMore >>
A judge has denied the request of Patricia Prue for a new lawyer.More >>
Tuesday, May 21 2013 8:31 AM EDT2013-05-21 12:31:52 GMT
Vermont State Parks are set to open this weekend. A press release says the Memorial Day holiday, the unofficial start of summer, marks the beginning of the prime season for all 52 Vermont State Parks.More >>
Vermont State Parks are set to open this weekend.More >>
Tuesday, May 21 2013 8:16 AM EDT2013-05-21 12:16:17 GMT
It's not just you that may be dealing with seasonal allergies. If you have pets, they too may be suffering. According to a local veterinarian, often times, animals will get itchy. Extreme scratching canMore >>
It's not just you that may be dealing with seasonal allergies. If you have pets, they too may be suffering. More >>
Tuesday, May 21 2013 7:38 AM EDT2013-05-21 11:38:49 GMT
Rescue crews are still searching for people caught in Monday's massive tornado near Oklahoma City. The tornado is estimated to have been at least 2 miles wide. So far Tuesday morning, there have been 51More >>
Rescue crews are still searching for people caught in Monday's massive tornado near Oklahoma City.More >>
Tuesday, May 21 2013 7:10 AM EDT2013-05-21 11:10:02 GMT
A Florida based company is breaking out the checkbook for Vermonters. The company in trouble is American Debt Counseling. They provide debt reduction programs and credit counseling to consumers. In a recentMore >>
A Florida based company is breaking out the checkbook for Vermonters.More >>
Monday, May 20 2013 10:29 PM EDT2013-05-21 02:29:03 GMT
Now more than a month after the Boston Bombings, Burlington police are giving us a glimpse at their plans and the changes they've made for the Vermont City Marathon on Sunday. Burlington police say, inMore >>
Now more than a month after the Boston Bombings, Burlington police are giving us a glimpse at their plans and the changes they've made for the Vermont City Marathon on Sunday.More >>
Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.
SOURCE Bankers Petroleum Ltd.
224 Million Barrels of Proved plus Probable (2P) Reserves; NPV of $1.86
billion Average Production 1st Quarter to Date 16,800 bopd
CALGARY, Feb. 24, 2013 /PRNewswire/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to provide the results of
its December 31, 2012 independent reserves evaluation. Evaluations were
conducted by RPS Energy Canada Ltd. (RPS) for the Patos-Marinza
oilfield, Albania and by DeGolyer and McNaughton Canada Ltd. (D&M) for
the Kuçova oilfield, Albania and were prepared in accordance with
Canadian National Instrument 51-101 - Standards of Disclosure for Oil
and Gas Activities.
Total Company Reserves Summary
Gross Oil Reserves - Using Forecast Prices (Million barrels)
Total Proved (1P)
Total Proved Plus Probable (2P)
Total Proved, Probable & Possible (3P)
2P Reserves after tax value at 10% is $1.86 billion ($7.31 per share);
2012 Company average production was 15,020 bopd for an annual total
volume of 5.45 million barrels (4.1% of total proved reserves);
Reserves Life Index is 30+ years;
Technical adjustments to the estimated ultimate recovery (EUR) per
horizontal well and type curves reflect production performance,
improved geological mapping, reservoir modeling, fluid testing and
Reserve volumes have been adjusted to reflect reduced recoverable oil
booking in non-core area extensions of the field where drilling to date
has been limited.
Net Present Value at 10% - After Tax Using Forecast Prices ($ millions)
Total Proved Plus Probable
Total Proved, Probable & Possible
Reserves Value 10% Discounted, After Tax
Basic shares outstanding of as of December 31, 2012 were approximately
254 million (274 million diluted).
Values are based on RPS (Patos-Marinza) and D&M (Kuçova) January 1, 2013
price forecast tables summarized below:
Reserve Auditor Price Decks - Dated Brent
BRENT Oil Price Forecast US$/bbl
Patos-Marinza Crude Pricing
The average realized sales price the Company is receiving for crude oil
from the Patos-Marinza and Kuçova oilfields are at a discount to Brent
oil. Currently, the average sales price for export sales is
approximately 80% of Brent (an increase of 13% over the 2012 average
realized pricing of 71% of Brent).
Finding and Development Costs (F&D)
In the 2012 2P development case, the horizontal well count has been
increased from 910 wells at a cost of $1.4 million per well in the
previous year to 1,085 total wells at a cost of $1.2 million per well
in 2013 and beyond.
Total future undiscounted capital costs for Patos-Marinza and Kuçova are
projected to be US$2.3 billion, US$2.4 billion and US$2.7 billion on a
1P, 2P and 3P basis, respectively. This represents the following F&D
costs, calculated as total future development capital divided by
recoverable reserves excluding currently developed PDP and PDNP
Original Oil in Place
The Original Oil in Place ("OOIP") volumes in the reserves area of the
field has been revised to 2.4 billion barrels, compared to 2.6 billion
barrels at the end of 2011. OOIP outside the reserves area is 2.7
billion barrels compared to 5.1 billion barrels in 2011.
Kucova OOIP resource estimate remains at 297 million barrels.
Abby Badwi, President and CEO of Bankers commented "The 2012 reserves
are attributable to primary recovery methods by continued
implementation of horizontal drilling which has been demonstrating
positive results based on extended periods of actual well and reservoir
performance. Well counts have increased marginally from the 2011
forecast, however, individual well and project economic metrics remain
strong. While additional drilling capital and corresponding reserves
could have been added to the development plan in lower recovery areas
and zones in the field, the Company elected to defer these plans until
further evaluation drilling is conducted in these areas. Looking
forward to the waterflood and polymer flood development opportunities,
a successful thermal pilot and confirming an economic source for
natural gas, the Company will be able to increase and accelerate the
overall recovery from this world class asset."
Average production for the first quarter to date was 16,800 bopd; this
rate is 4.0% higher than the fourth quarter average production of
Last month one of the five drilling rigs operating for the Company in
Albania was damaged during mobilization between locations. The rig is
currently being repaired and is expected to resume drilling next week.
Bankers 2012 production forecast remains unchanged.
The Government of Albania declared last week that the process for the
privatization of Albpetrol was unsuccessful and has been terminated.
There was no further disclosure regarding future plans for proceeding
with this process.
Further details, including the February 2013 Corporate Presentation, are
available on the Company's website www.bankerspetroleum.com.
The Management of Bankers will host a conference call on February 25,
2013 at 6:30 am MST to discuss this reserves report. Following
Management's presentation, there will be a question and answer session
for analysts and investors.
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 11, 2013 by dialing 1-855-859-2056 or
1-416-849-0833 and entering access code 11243361.
Caution Regarding Forward-looking Information
Information in this news release respecting matters such as the expected
future production levels from wells, future prices and netback, work
plans, anticipated total oil recovery of the Patos-Marinza and Kuçova
oilfields constitute forward-looking information. Statements containing
forward-looking information express, as at the date of this news
release, the Company's plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are
believed to be reasonable based on information currently available to
Exploration for oil is a speculative business that involves a high
degree of risk. The Company's expectations for its Albanian operations
and plans are subject to a number of risks in addition to those
inherent in oil production operations, including: that Brent oil prices
could fall resulting in reduced returns and a change in the economics
of the project; availability of financing; delays associated with
equipment procurement, equipment failure and the lack of suitably
qualified personnel; the inherent uncertainty in the estimation of
reserves; exports from Albania being disrupted due to unplanned
disruptions; and changes in the political or economic environment.
Production and netback forecasts are based on a number of assumptions
including that the rate and cost of well takeovers, well reactivations
and well recompletions of the past will continue and success rates will
be similar to those rates experienced for previous well
recompletions/reactivations/development; that further wells taken over
and recompleted will produce at rates similar to the average rate of
production achieved from wells recompletions/reactivations/development
in the past; continued availability of the necessary equipment,
personnel and financial resources to sustain the Company's planned work
program; continued political and economic stability in Albania; the
existence of reserves as expected; the continued release by Albpetrol
of areas and wells pursuant to the Plan of Development and Addendum;
the absence of unplanned disruptions; the ability of the Company to
successfully drill new wells and bring production to market; and
general risks inherent in oil and gas operations.
Forward-looking statements and information are based on assumptions that
financing, equipment and personnel will be available when required and
on reasonable terms, none of which are assured and are subject to a
number of other risks and uncertainties described under "Risk Factors"
in the Company's Annual Information Form and Management's Discussion
and Analysis, which are available on SEDAR under the Company's profile
There can be no assurance that forward-looking statements will prove to
be accurate. Actual results and future events could differ materially
from those anticipated in such statements. Readers should not place
undue reliance on forward-looking information and forward looking
Review by Qualified Person
This release was reviewed by Suneel Gupta, Executive Vice President and
COO 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 engineer (member of APEGGA) with
over 20 years' experience in domestic and international oil and gas
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and
production company focused on developing large oil and gas reserves. In
Albania, Bankers operates and has the full rights to develop the
Patos-Marinza heavy oilfield and has a 100% interest in the Kuçova
oilfield, and a 100% interest in Exploration Block F. Bankers' shares
are traded on the Toronto Stock Exchange and the AIM Market in London,
England under the stock symbol BNK.