Second Quarter Cash Margin of US$29.52/bbl
CALGARY, Aug. 13, 2015 /PRNewswire/ - Bankers Petroleum
Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased
to provide its 2015 second quarter financial and operational
results.
During the quarter, Bankers achieved a cash margin of
US$29.52 per barrel and netback of
US$23.24 per barrel. All amounts
listed in this news release are in US dollars unless otherwise
stated.
Results at a
Glance
|
Three months ended
June 30
|
Six months ended
June 30
|
(US$000s, except
as noted)
|
2015
|
2014
|
% change
|
2015
|
2014
|
% change
|
Financial
|
|
|
|
|
|
|
Oil
revenue
|
85,707
|
170,531
|
(50%)
|
158,111
|
315,516
|
(50%)
|
|
Net operating
income
|
41,503
|
106,019
|
(61%)
|
66,371
|
198,510
|
(67%)
|
|
Net income
(loss)
|
(10,462)
|
27,196
|
(138%)
|
(9,583)
|
52,188
|
(118%)
|
|
|
Basic
(US$/share)
|
(0.04)
|
0.11
|
(136%)
|
(0.04)
|
0.20
|
(120%)
|
|
|
Diluted
(US$/share)
|
(0.04)
|
0.10
|
(140%)
|
(0.04)
|
0.20
|
(120%)
|
|
Funds generated from
operations
|
50,230
|
93,713
|
(46%)
|
75,120
|
176,822
|
(58%)
|
|
|
Basic
(US$/share)
|
0.19
|
0.36
|
(47%)
|
0.29
|
0.69
|
(58%)
|
|
|
Basic
(CAD$/share)
|
0.24
|
0.40
|
(40%)
|
0.36
|
0.75
|
(52%)
|
|
Capital
expenditures
|
37,567
|
71,501
|
(47%)
|
87,512
|
131,366
|
(33%)
|
Operating
|
|
|
|
|
|
|
|
Average production
(bopd)
|
20,050
|
20,630
|
(3%)
|
19,909
|
20,272
|
(2%)
|
|
Average sales
(bopd)
|
19,626
|
21,620
|
(9%)
|
19,953
|
20,036
|
(0%)
|
|
Average Brent oil
price (US$/barrel)
|
61.88
|
109.67
|
(44%)
|
57.84
|
108.93
|
(47%)
|
|
Average realized
price (US$/barrel)
|
47.99
|
86.68
|
(45%)
|
43.78
|
87.00
|
(50%)
|
|
Netback
(US$/barrel)
|
23.24
|
53.89
|
(57%)
|
18.38
|
54.74
|
(66%)
|
|
Cash margin
(US$/barrel)
|
29.52
|
53.89
|
(45%)
|
26.39
|
54.74
|
(52%)
|
|
|
|
|
|
|
|
|
|
|
June 30,
2015
|
December 31,
2014
|
June 30,
2014
|
Cash and restricted
cash
|
|
|
39,589
|
73,036
|
54,827
|
Working
capital
|
|
|
160,909
|
201,325
|
191,023
|
Total
assets
|
|
|
1,257,837
|
1,284,846
|
1,150,878
|
Long-term
debt
|
|
|
98,459
|
98,276
|
98,198
|
Shareholders'
equity
|
|
|
710,245
|
716,536
|
634,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highlights for the period ended June
30, 2015 are:
Operational Highlights:
- Average oil production for the three months ended June 30, 2015 was 20,050 barrels of oil per day
(bopd) compared to 19,767 bopd in the previous quarter and 20,630
bopd in the second quarter of 2014. For the six months ended
June 30, 2015, average oil production
was 19,909 bopd compared to 20,272 bopd for the same period in
2014.
- Oil sales for the second quarter of 2015 averaged 19,626 bopd
compared to 20,283 bopd for the previous quarter and 21,620 bopd
for the second quarter of 2014. Crude oil inventory at
June 30, 2015 increased to 307,000
barrels compared to 270,000 barrels at March
31, 2015. For the six months ended June 30, 2015, oil sales were 19,953 bopd
compared to 20,036 bopd for the same period in 2014.
- Capital expenditures during the second quarter of 2015 were
$38 million. The Company
drilled 12 wells during the quarter, comprised of 10 horizontal
production wells, one water disposal well and one suspended well at
the Patos-Marinza oilfield. Capital expenditures were
$50 million for the previous quarter
and $72 million for the second
quarter of 2014.
Product Margin Highlights:
- For the three months and six months ended June 30, 2015, operating costs and sales and
transportation (S&T) costs, originating from Albanian-based
companies and their employees, were $32
million ($17.86/bbl) and
$69 million ($19.18/bbl), respectively, reduced from
$39 million ($19.99/bbl) and $70
million ($19.27/bbl) for the
same periods in 2014. Operating and S&T costs improved by
13%, on a per barrel basis, from the first quarter of 2015 to the
second quarter of 2015.
- In the second quarter of 2015, net operating income (netback)
was $42 million ($23.24/bbl) compared to $25 million ($13.62/bbl) for the previous quarter and
$106 million ($53.89/bbl) for the second quarter of 2014.
Net operating income for the six months ended June 30, 2015 was $66
million ($18.38/bbl) compared
to $199 million ($54.74/bbl) for the same period in 2014.
- Cash margin for the second quarter of 2015 was $29.52/bbl compared to $23.32/bbl in the previous quarter and
$53.89/bbl in the second quarter of
2014. Cash margin represents netback inclusive of the
realized gain on commodity contracts and recovery against an
outstanding accounts receivable balance. Cash margin for the
six months ended June 30, 2015 was
$26.39/bbl compared to $54.74/bbl for the same period in 2014.
Financial Highlights:
- Revenue was $86 million
($47.99/bbl) for the second quarter
of 2015, compared to $72 million
($39.66/bbl) in the previous quarter
and $171 million ($86.68/bbl) in the second quarter of 2014.
Field price realization represented 78% of the Brent oil benchmark
price ($61.88/bbl) for the second
quarter of 2015 compared to 74% of the Brent oil benchmark price
($53.94/bbl) in the previous quarter
and 79% of the Brent oil benchmark price ($109.67/bbl) in the second quarter of 2014.
The increase, as a percentage of Brent, compared to the previous
quarter was mainly due to higher export sales during the second
quarter of 2015. For the six months ended June 30, 2015, revenue was $158 million ($43.78/bbl) compared to $316 million ($87.00/bbl) for the same period in 2014.
- Royalties to the Albanian Government and related entities
during the second quarter of 2015 were $12
million (14% of revenue) compared to $10 million (14% of revenue) for the previous
quarter and $25 million (15% of
revenue) for the second quarter of 2014. For the six months
ended June 30, 2015, royalties were
$22 million (14% of revenue) compared
to $47 million (15% of revenue) for
the same period in 2014.
- Funds generated from operations for the second quarter of 2015
were $50 million (US$0.19 per share, CAD$0.24 per share) compared to $25 million (US$0.10 per share, CAD$0.12 per share) for the previous quarter and
$94 million (US$0.36 per share, CAD$0.40 per share) for the second quarter of
2014. Funds generated from operations for the six months
ended June 30, 2015 were $75 million (US$0.29 per share, CAD$0.36 per share) compared to $177 million (US$0.69 per share, CAD$0.75 per share) for the same period in
2014.
- The Company continues to maintain a strong financial position
at June 30, 2015, with cash of
$40 million and working capital of
$161 million. At June 30, 2015, the Company had drawn $114 million of its $223
million approved credit facilities. Working capital
for December 31, 2014 and
June 30, 2014 was $201 million and $191
million, respectively.
- Bankers recognized realized gains of $10
million ($5.52/bbl) and
$24 million ($6.64/bbl) on financial commodity contracts
during the three and six months periods ended June 30, 2015, respectively. The financial
commodity contracts represent 6,000 bopd at a floor price of
$80/bbl of Dated Brent for
2015. At June 30, 2015, the
fair value of these contracts was $21
million.
OUTLOOK
The Company continues to carry out its 2015 capital program as
planned based on an annual average oil price of $50/bbl of Dated Brent by managing spending to
cash flow. Bankers' activities in the third quarter focus on
its three part strategy to deliver reliable and repeatable low cost
horizontal wells through the primary drilling program, to expand
its product margin through surface-level improvements and to
accelerate the enhanced oil recovery program.
The 2015 third quarter-to-date average production is 19,500 bopd
from the Patos-Marinza and Kuçova oilfields in Albania, slightly lower than the second
quarter average of 20,050 bopd. Twelve (12) horizontal
production wells are scheduled for drilling in the third quarter in
the main area of the Patos-Marinza oilfield.
Infrastructure and facilities projects in the third quarter
include the final stages of construction of the northern emulsion
gathering flow line system, and the inlet vessels at Satellite
3. When commissioned later in the third quarter, this will
complete the main facilities for the northern area of the
oilfield. The Company's second commercial polymer skid is
expected to be commissioned within the quarter, supporting the
southernmost patterns of the secondary recovery program. The
vapor recovery units at Pad H and Pad D are planned to be completed
by the end of the quarter with commissioning in the fourth quarter.
These two projects will capture additional gas to be used to
offset diesel, propane and electricity costs. In addition,
the Company expects to begin construction of the high-voltage power
line for the water disposal system which will increase power
reliability and support future expansion of the water disposal
system.
The Company will continue to expand on the polymer and water
flood program with one (1) water and five (5) polymer conversions
in the third quarter.
The Company intends to issue the third quarter 2015 operational
update and host a conference call on Wednesday, October
7, 2015.
Supporting Documents
The full Management Discussion and Analysis (MD&A),
Financial Statements and updated corporate presentation are
available on www.bankerspetroleum.com. The MD&A and Financial
Statements will also be available on www.sedar.com.
BANKERS PETROLEUM
LTD.
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
(Unaudited,
expressed in thousands of US dollars, except per share
amounts)
|
|
|
|
Three months
ended June
30
|
|
Six months
ended June
30
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
85,707
|
$
|
170,531
|
$
|
158,111
|
$
|
315,516
|
Royalties
|
|
|
(12,306)
|
|
(25,178)
|
|
(22,450)
|
|
(47,126)
|
|
|
|
73,401
|
|
145,353
|
|
135,661
|
|
268,390
|
Realized gain on
financial commodity contracts
|
|
|
9,856
|
|
-
|
|
23,986
|
|
-
|
Unrealized loss on
financial commodity contracts
|
|
|
(20,798)
|
|
(2,307)
|
|
(22,837)
|
|
(2,772)
|
|
|
|
62,459
|
|
143,046
|
|
136,810
|
|
265,618
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
22,132
|
|
24,808
|
|
45,627
|
|
44,978
|
Sales and
transportation expenses
|
|
|
9,766
|
|
14,526
|
|
23,663
|
|
24,902
|
General and
administrative expenses
|
|
|
5,188
|
|
6,097
|
|
9,840
|
|
11,969
|
Contract settlement
expenses
|
|
|
40
|
|
347
|
|
395
|
|
519
|
Depletion and
depreciation
|
|
|
30,830
|
|
27,983
|
|
60,949
|
|
54,676
|
Share-based
compensation
|
|
|
721
|
|
999
|
|
1,903
|
|
2,467
|
|
|
|
68,677
|
|
74,760
|
|
142,377
|
|
139,511
|
|
|
|
(6,218)
|
|
68,286
|
|
(5,567)
|
|
126,107
|
|
|
|
|
|
|
|
|
|
|
Net finance
expense
|
|
|
(1,590)
|
|
(3,994)
|
|
(10,478)
|
|
(7,807)
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income tax
|
|
|
(7,808)
|
|
64,292
|
|
(16,045)
|
|
118,300
|
Deferred income tax
recovery (expense)
|
|
|
(2,654)
|
|
(37,096)
|
|
6,462
|
|
(66,112)
|
Net income (loss)
for the period
|
|
|
(10,462)
|
|
27,196
|
|
(9,583)
|
|
52,188
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
Currency translation
adjustment
|
|
|
115
|
|
434
|
|
(1,305)
|
|
200
|
Comprehensive
income (loss) for the period
|
|
$
|
(10,347)
|
$
|
27,630
|
$
|
(10,888)
|
$
|
52,388
|
|
|
|
|
|
|
|
|
|
|
Basic earnings
(loss) per share
|
|
$
|
(0.040)
|
$
|
0.105
|
$
|
(0.037)
|
$
|
0.202
|
Diluted earnings
(loss) per share
|
|
$
|
(0.040)
|
$
|
0.102
|
$
|
(0.037)
|
$
|
0.197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKERS PETROLEUM
LTD.
|
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
|
(Unaudited,
expressed in thousands of US dollars)
|
|
ASSETS
|
|
|
|
|
|
|
June
30 2015
|
|
December
31 2014
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
|
33,817
|
$
|
68,036
|
Restricted
cash
|
|
|
|
|
|
5,772
|
|
5,000
|
Accounts
receivable
|
|
|
|
|
|
87,161
|
|
81,612
|
Inventory
|
|
|
|
|
|
6,132
|
|
10,008
|
Deposits and prepaid
expenses
|
|
|
|
|
|
61,226
|
|
62,984
|
Financial commodity
contracts
|
|
|
|
|
|
21,333
|
|
44,170
|
|
|
|
|
|
|
215,441
|
|
271,810
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
|
|
|
1,033,741
|
|
1,004,508
|
Exploration and
evaluation assets
|
|
|
|
|
|
8,655
|
|
8,528
|
|
|
|
|
|
$
|
1,257,837
|
$
|
1,284,846
|
|
LIABILITIES
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
|
|
|
$
|
42,465
|
$
|
69,285
|
|
Current portion of
long-term debt
|
|
|
|
|
|
12,067
|
|
1,200
|
|
|
|
|
|
|
54,532
|
|
70,485
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
|
|
98,459
|
|
98,276
|
Decommissioning
obligation
|
|
|
|
|
|
27,661
|
|
26,147
|
Deferred tax
liabilities
|
|
|
|
|
|
366,940
|
|
373,402
|
|
|
|
|
|
|
547,592
|
|
568,310
|
|
SHAREHOLDERS'
EQUITY
|
Share
capital
|
|
|
|
|
|
365,045
|
|
363,670
|
Contributed
surplus
|
|
|
|
|
|
89,631
|
|
86,409
|
Currency translation
reserve
|
|
|
|
|
|
3,105
|
|
4,410
|
Retained
earnings
|
|
|
|
|
|
252,464
|
|
262,047
|
|
|
|
|
|
|
710,245
|
|
716,536
|
|
|
|
|
|
$
|
1,257,837
|
$
|
1,284,846
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKERS PETROLEUM
LTD.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited,
expressed in thousands of US dollars)
|
|
|
Three months
ended June
30
|
|
Six months
ended June
30
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cash provided by
(used in):
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) for
the period
|
|
$
|
(10,462)
|
$
|
27,196
|
$
|
(9,583)
|
$
|
52,188
|
|
Depletion and
depreciation
|
|
|
30,830
|
|
27,983
|
|
60,949
|
|
54,676
|
|
Accretion of
long-term debt
|
|
|
250
|
|
598
|
|
500
|
|
1,049
|
|
Accretion of
decommissioning obligation
|
|
|
321
|
|
272
|
|
636
|
|
546
|
|
Unrealized foreign
exchange loss
|
|
|
5,118
|
|
109
|
|
4,340
|
|
64
|
|
Deferred income tax
(recovery) expense
|
|
|
2,654
|
|
37,096
|
|
(6,462)
|
|
66,112
|
|
Share-based
compensation
|
|
|
721
|
|
999
|
|
1,903
|
|
2,467
|
|
Discount and
revaluation of long-term receivable
|
|
|
-
|
|
-
|
|
-
|
|
(205)
|
|
Unrealized loss on
financial commodity contracts
|
|
|
20,798
|
|
2,307
|
|
22,837
|
|
2,772
|
|
Cash premiums paid
for financial commodity contracts
|
|
|
-
|
|
(2,847)
|
|
-
|
|
(2,847)
|
|
|
|
50,230
|
|
93,713
|
|
75,120
|
|
176,822
|
|
Change in non-cash
working capital
|
|
|
(26,856)
|
|
(33,979)
|
|
(19,017)
|
|
(36,738)
|
|
|
|
23,374
|
|
59,734
|
|
56,103
|
|
140,084
|
Investing
activities
|
|
|
|
|
|
|
|
|
|
|
Additions to
property, plant and equipment
|
|
|
(37,567)
|
|
(71,250)
|
|
(87,385)
|
|
(131,098)
|
|
Additions to
exploration and evaluation assets
|
|
|
-
|
|
(251)
|
|
(127)
|
|
(268)
|
|
Restricted
cash
|
|
|
(181)
|
|
(5,000)
|
|
(772)
|
|
(2,891)
|
|
Change in non-cash
working capital
|
|
|
(7,216)
|
|
1,694
|
|
(12,934)
|
|
2,498
|
|
|
|
(44,964)
|
|
(74,807)
|
|
(101,218)
|
|
(131,759)
|
Financing
activities
|
|
|
|
|
|
|
|
|
|
|
Issue of shares for
cash
|
|
|
511
|
|
9,212
|
|
722
|
|
13,060
|
|
Financing
costs
|
|
|
-
|
|
(2)
|
|
-
|
|
(435)
|
|
Change in long-term
debt
|
|
|
2,505
|
|
(600)
|
|
10,267
|
|
(896)
|
|
|
|
3,016
|
|
8,610
|
|
10,989
|
|
11,729
|
Foreign exchange
gain (loss) on cash and cash equivalents
|
|
|
140
|
|
118
|
|
(93)
|
|
176
|
Increase
(decrease) in cash and cash equivalents
|
|
|
(18,434)
|
|
(6,345)
|
|
(34,219)
|
|
20,230
|
Cash and cash
equivalents, beginning of period
|
|
|
52,251
|
|
51,172
|
|
68,036
|
|
24,597
|
Cash and cash
equivalents, end of period
|
|
$
|
33,817
|
$
|
44,827
|
$
|
33,817
|
$
|
44,827
|
|
|
|
|
|
|
|
|
|
|
Interest
paid
|
|
$
|
3,095
|
$
|
3,358
|
$
|
3,140
|
$
|
3,431
|
Interest
received
|
|
$
|
55
|
$
|
52
|
$
|
151
|
$
|
274
|
|
|
|
|
|
|
|
|
|
|
|
BANKERS PETROLEUM
LTD.
|
CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY
|
(Unaudited,
expressed in thousands of US dollars, except number of common
shares)
|
|
|
Number of
common shares
|
|
Share
capital
|
|
Contributed
surplus
|
|
Currency
translation
reserve
|
|
Retained
earnings
|
|
Total
|
Balance at December
31, 2013
|
|
255,681,911
|
$
|
340,305
|
$
|
84,811
|
$
|
6,345
|
$
|
133,214
|
$
|
564,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
4,587
|
|
-
|
|
-
|
|
4,587
|
Options
exercised
|
|
4,613,648
|
|
20,312
|
|
(8,377)
|
|
-
|
|
-
|
|
11,935
|
Warrants
exercised
|
|
400,000
|
|
1,561
|
|
(438)
|
|
-
|
|
-
|
|
1,123
|
Net income for the
period
|
|
-
|
|
-
|
|
-
|
|
-
|
|
52,188
|
|
52,188
|
Currency translation
adjustment
|
|
-
|
|
-
|
|
-
|
|
200
|
|
-
|
|
200
|
Balance at June 30,
2014
|
|
260,695,559
|
$
|
362,178
|
$
|
80,583
|
$
|
6,545
|
$
|
185,402
|
$
|
634,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
6,453
|
|
-
|
|
-
|
|
6,453
|
Options
exercised
|
|
388,834
|
|
1,492
|
|
(627)
|
|
-
|
|
-
|
|
865
|
Net income for the
period
|
|
-
|
|
-
|
|
-
|
|
-
|
|
76,645
|
|
76,645
|
Currency translation
adjustment
|
|
-
|
|
-
|
|
-
|
|
(2,135)
|
|
-
|
|
(2,135)
|
Balance at December
31, 2014
|
|
261,084,393
|
$
|
363,670
|
$
|
86,409
|
$
|
4,410
|
$
|
262,047
|
$
|
716,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
-
|
|
-
|
|
3,875
|
|
-
|
|
-
|
|
3,875
|
Options
exercised
|
|
339,935
|
|
1,375
|
|
(653)
|
|
-
|
|
-
|
|
722
|
Net loss for the
period
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(9,583)
|
|
(9,583)
|
Currency translation
adjustment
|
|
-
|
|
-
|
|
-
|
|
(1,305)
|
|
-
|
|
(1,305)
|
Balance at June 30,
2015
|
|
261,424,328
|
$
|
365,045
|
$
|
89,631
|
$
|
3,105
|
$
|
252,464
|
$
|
710,245
|
------------
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 the
Company.
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 at
www.sedar.com.
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 statements.
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, 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.
SOURCE Bankers Petroleum Ltd.