31 Mar 2008 07:03
Bankers Achieves Significant Gains in 2007; Files 2007 Annual Documents
Production, Revenue, Net Operating Income and Funds from Operations
Increased by 39%, 97%, 148% and 184%, Respectively
CALGARY, March 28 /CNW/ - Bankers Petroleum Ltd. today announced that it has filed its 2007 annual disclosure documents with Canadian securities commissions.
Bankers achieved strong results and continued growth in 2007. Revenue increased 97% to $62.1 million compared to $31.6 million in 2006. Net operating income grew to $32.5 million in year from $13.1 million in 2006. Funds from operations were $24.1 million, compared to $8.5 million for the year ended December 31, 2006. Net loss for 2007 increased to $2.3 million largely due to the write down of the shares held in Palo Duro Energy Inc.
Results at a Glance 2007 2006 2005 ------------------------------------------------------------------------- Financial (US$000s, except as noted) Oil and gas revenue 62,105 31,586 13,709 Net operating income 32,483 13,111 3,921 Net loss (2,342) (1,561) (3,498) Basic and diluted loss per share (0.005) (0.004) (0.011) Funds from (used in) operations 24,136 8,512 (171) Additions to property, plant and equipment 80,703 67,727 35,048 Total assets 204,295 138,030 56,846 Bank loans 30,805 6,772 - Other long-term liabilities 16,010 4,719 282 Shareholders' equity 139,036 115,170 50,798 Operating Albania - crude oil Average production (bopd) 4,724 3,392 1,668 Average price ($/barrel) 35.54 25.51 22.52 Netback ($/barrel) 18.53 10.59 6.44 U.S. - natural gas, natural gas liquids (NGL) and condensate(1) Average natural gas production (mcf/d) 154 - - Average condensate & NGL production (bopd) 13 - - Average natural gas price ($/mcf) 5.73 - - Average condensate & NGL price ($/barrel) 69.67 - - (1) U.S. production commenced in September 2007 2007 Highlights:
Bankers accomplished several key achievements in both Albania and the United States in 2007 that advanced its plans to access additional reserves:
- In Albania, average production increased 39% to 4,724 bopd from 3,392 bopd in 2006. Exit production at year-end 2007 was 5,337 bopd as compared to 4,406 bopd in 2006. - In the U.S., the Company began selling natural gas and liquids in September from two of its shale gas wells located in Oklahoma. - Revenue increased to $62.1 million from $31.6 million a year ago, an increase of 97%. - Net operating income improved 148% to $32.5 million from $13.1 million in 2006. - The debt facility increased by $10.0 million to $31.0 million; total bank loans drawn at year-end were $30.8 million. The total facility was further increased to $51.0 million in early 2008. - Two equity financings were closed in March and November, representing 36.0 million common shares on a bought deal basis and 4.4 million units (comprised of 4.4 million each of common shares and warrants) through a private placement. The net proceeds from these issuances were $22.4 million. Albania - Total export volume and production increased in 2007, representing 53% of production at an average price of $42.25 per barrel. - Export to a second Italian refinery began in March, providing benefit from higher prices. - The central treatment facilities were completed in October, increasing oil treatment capacity of the Company to approximately 8,000 bopd. - Construction of a thermal steam pilot was completed; testing and steam injection commenced in November. United States - In Oklahoma, Bankers drilled its first wells in the Ardmore Basin with successful results. First natural gas production began in September from two wells drilled during 2007. - A production facility was completed to handle 3.5 MMcf/d gross production from the Oklahoma Tishomingo gasfield; facility capacity can be increased to 7.0 MMcf/d with the addition of a compressor. - In Texas, the Company sold a 27% interest in the Palo Duro Basin to Palo Duro Energy Inc.; available proceeds were utilized to provide funds for the U.S. exploration program.
Banker's 2007 Financial Review contains the Company's audited consolidated financial statements and notes for the year-ended December 31, 2007 and related management's discussion and analysis. The 2007 Annual Information Form (AIF) contains information about Bankers' oil and gas activities and Company management and directors; disclosure and reports relating to reserves data and other oil and gas information according to National Instrument 51-101, Standards for Disclosure for Oil and Gas Activities, has been filed separately from the AIF. Bankers will file with securities commissions its 2007 Management Information Circular at a later date, providing governance and voting information for shareholders in advance of the Company's June 27, 2008, annual general and special meeting.
Copies of the documents are available on SEDAR at www.sedar.com and the Company's website at www.bankerspetroleum.com.
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 50% interest in the Kucova oil field. It also holds an average 50% interest in the Tishomingo gas field in Oklahoma and varied interests in three other areas in the Northern and Central regions of the United States, where it is currently pursuing the exploration, development and production of shale and tight sand gas plays. Bankers shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the ticker symbol BNK.
For further information: Abby Badwi, Chief Executive Officer, (403) 513-2694; Doug Urch, VP, Finance and Chief Financial Officer, (403) 513-2691; Susan J. Soprovich, VP, Investor Relations and Corporate Governance, (403) 513-2681; Email: investorrelations(at)bankerspetroleum.com; Website: www.bankerspetroleum.com; AIM NOMAD: Canaccord Adams Limited, Ryan Gaffney, Adam Janikowski, +44 20 7050 6500 (BNK)
BANKERS PETROLEUM LIMITED