George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Record Year of Financial and Operating Results CALGARY, March 22 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (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.