|
Bankers Petroleum Announces 2014 Second Quarter Financial and Operational Results
Netback of $53.89/bbl and Q3 Average Production to Date 21,500 bopd
CALGARY, Aug. 13, 2014 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK) (AIM: BNK) is pleased to provide its 2014 second quarter financial and operational results.
During the quarter, Bankers achieved a netback of $53.89 per barrel and free cash flow of $22 million. All amounts listed below are in US dollars unless otherwise stated.
| Results at a Glance |
Three months ended June 30 |
Six months ended June 30 |
| ($000s, except as noted) |
2014 |
2013 |
% change |
2014 |
2013 |
% change |
| Financial |
|
|
|
|
|
|
| |
Oil revenue |
170,531 |
131,838 |
29% |
315,516 |
264,400 |
19% |
| |
Net operating income |
106,019 |
69,142 |
53% |
198,510 |
142,307 |
39% |
| |
Net income |
27,196 |
13,024 |
109% |
52,188 |
27,201 |
92% |
| |
Basic ($/share) |
0.11 |
0.05 |
120% |
0.20 |
0.11 |
82% |
| |
Diluted ($/share) |
0.10 |
0.05 |
100% |
0.20 |
0.11 |
82% |
| |
Funds generated from operations |
93,713 |
61,717 |
52% |
176,822 |
127,136 |
39% |
| |
Basic ($/share) |
0.36 |
0.24 |
50% |
0.69 |
0.50 |
38% |
| |
Capital expenditures |
71,501 |
52,389 |
36% |
131,366 |
99,716 |
32% |
| Operating |
|
|
|
|
|
|
| |
Average production (bopd) |
20,630 |
17,886 |
15% |
20,272 |
17,404 |
16% |
| |
Average sales (bopd) |
21,620 |
18,008 |
20% |
20,036 |
17,310 |
16% |
| |
Average Brent oil price ($/barrel) |
109.67 |
102.43 |
7% |
108.93 |
107.50 |
1% |
| |
Average realized price ($/barrel) |
86.68 |
80.45 |
8% |
87.00 |
84.39 |
3% |
| |
Netback ($/barrel) |
53.89 |
42.19 |
28% |
54.74 |
45.42 |
21% |
| |
|
|
|
|
|
|
|
| |
June 30, 2014 |
December 31, 2013 |
|
June 30, 2013 |
| Cash and restricted cash |
54,827 |
31,706 |
|
33,381 |
| Working capital |
|
191,023 |
134,094 |
|
116,656 |
| Total assets |
|
1,150,878 |
1,007,148 |
|
918,034 |
| Long-term debt |
|
98,198 |
98,150 |
|
97,864 |
| Shareholders' equity |
|
634,708 |
564,675 |
|
519,507 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highlights for the quarter ended June 30, 2014 are:
Primary Drilling Program Highlights:
- Average oil production for the three months ended June 30, 2014 was 20,630 barrels of oil per day (bopd), 4% higher as compared to 19,911 bopd in the previous quarter and 15% higher than 17,886 bopd in the second quarter of 2013. For the six months ended June 30, 2014, average oil production was 20,272 bopd, 16% higher than 17,404 bopd for the same period in 2013.
- Oil sales for the second quarter of 2014 averaged 21,620 bopd, a 17% increase compared to 18,435 bopd for the previous quarter and 20% increase compared to 18,008 bopd for the second quarter of 2013. Crude oil inventory at June 30, 2014 decreased to 354,000 barrels, 90,000 barrels lower than 444,000 barrels at March 31, 2014, with inclusion of the export cargo that carried over from the first quarter into the first few days of the second quarter. Oil sales for the six months ended June 30, 2014 were 20,036 bopd, an increase of 16% from 17,310 bopd for the comparable 2013 period.
- Second quarter capital expenditures in 2014 were $72 million. The Company drilled 42 wells during the quarter, comprised of 39 horizontal production wells and three horizontal lateral re-drill wells in the main area of the Patos-Marinza oilfield. Capital expenditures were $60 million for the previous quarter and $52 million for the second quarter of 2013.
Expansion of Product Margin Highlights:
- For the three and six months ended June 30, 2014, operating, sales and transportation costs, originating from Albanian-based companies and their employees, were $39 million ($19.99/bbl) and $70 million ($19.27/bbl), respectively, compared to $41 million ($25.03/bbl) and $77 million ($24.61/bbl) for the same periods in 2013.
- In the second quarter of 2014, net operating income (netback) was $106 million ($53.89/bbl), a 15% increase compared to $92 million ($55.75/bbl) and a 53% increase compared to $69 million ($42.19/bbl) in the previous quarter and second quarter of 2013, respectively. Net operating income for the six months ended June 30, 2014 was $199 million ($54.74/bbl) compared to $142 million ($45.42/bbl) in the comparable 2013 period.
Financial Highlights:
- Revenue for the second quarter of 2014 was $171 million ($86.68/bbl), an increase of 18% from $145 million ($87.39/bbl) in the previous quarter and an increase of 29% from $132 million ($80.45/bbl) in the second quarter of 2013. Field price realization represented 79% of the Brent oil benchmark price ($109.67/bbl) for the second quarter of 2014 compared to 81% of the Brent oil price ($108.21/bbl) in the previous quarter and 79% of the Brent oil price ($102.43/bbl) in the second quarter of 2013. The reduction as a percentage of Brent compared to the previous quarter was due to spot market sales during the quarter.
- For the second quarter of 2014, royalties to the Albanian Government and related entities were $25 million (15% of revenue) as compared to $22 million (15% of revenue) in the previous quarter and $22 million (16% of revenue) for the second quarter of 2013. For the six months ended June 30, 2014, royalties were $47 million (15% of revenue) compared to $45 million (17% of revenue) for the comparable period in 2013.
- For the second quarter of 2014, funds generated from operations were $94 million, a 13% increase compared to $83 million for the previous quarter and a 52% increase compared to $62 million for the second quarter of 2013. Funds generated from operations for the six months period ended June 30, 2014 were $177 million, a 39% increase from $127 million for the same period in 2013.
- The Company continues to maintain a strong financial position at June 30, 2014, with cash of $55 million and working capital of $191 million. At June 30, 2014, the Company had drawn $104 million of its $224 million approved credit facilities. Working capital for December 31, 2013 and June 30, 2013 was $134 million and $117 million, respectively.
- Subsequent to June 30, 2014, the Company received approximately $31 million of Value Added Tax (VAT) reimbursement, of the $52 million owed to the Company at the end of the quarter. Bankers anticipates that the reimbursement mechanism will continue to run smoothly and to receive the remaining balance as well as ongoing VAT repayments in a timely manner.
Outlook
In the second half of 2014, the Company will remain focused on its three part strategy to deliver steady and reliable growth through the development drilling program, expanding product margins through surface-level improvements and continuing to validate the polymer and water flood projects through expansion into new areas of the field.
The third quarter 2014 average production to date is 21,500 bopd from the Patos-Marinza oilfield, 4.2% higher than the second quarter average of 20,630 bopd. Development drilling with six rigs continues in the main part of the field along with drilling and completion of Bankers' first dual lateral well in the Gorani formation. Mechanical drilling operations went smoothly and the well will be brought on production shortly.
The Company plans to expand its polymer and water flood patterns further with conversion of up to an additional ten (10) wells in the second half of the year; three (3) polymer flood injector conversions in the third quarter and the remaining six (6) polymer flood conversions and one (1) water flood conversion in the fourth quarter.
Infrastructure projects continue with commissioning of the sludge treatment and sour cascade tank facilities. Other projects ongoing in the third quarter include additional flow lines to reduce infield trucking, electrification of well pads to reduce energy consumption, and installation of a new polymer mixing skid along with associated pipelines for the polymer and water flood programs.
The 3D seismic shoot over the central and northern areas of Patos-Marinza and eastern region of Block F is underway. Data acquisition is projected to be complete by the end of third quarter followed by processing in the fourth quarter.
Discussions between Bankers' Management and the Government of Albania regarding the previously announced fiscal changes and tax law related amendments, continue to progress. The Company has now received written assurances from the Government that a financial offset will be offered to mitigate the impact of fiscal changes implemented in 2014. A formal agreement is expected to be finalized in the third quarter.
The Company intends to issue the third quarter 2014 operational update and host a conference call on Monday, October 6, 2014.
Supporting Documents
The full Management Discussion and Analysis (MD&A), Financial Statements and updated August 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 |
| (Unaudited, expressed in thousands of US dollars, except per share amounts) |
| |
|
|
Three months ended
June 30 |
|
Six months ended
June 30 |
| |
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| |
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
170,531 |
$ |
131,838 |
$ |
315,516 |
$ |
264,400 |
| Royalties |
|
|
(25,178) |
|
(21,673) |
|
(47,126) |
|
(44,991) |
| |
|
|
145,353 |
|
110,165 |
|
268,390 |
|
219,409 |
| Unrealized loss on financial commodity contracts |
|
|
(2,307) |
|
(6) |
|
(2,772) |
|
(1,380) |
| |
|
|
143,046 |
|
110,159 |
|
265,618 |
|
218,029 |
| |
|
|
|
|
|
|
|
|
|
| Operating expenses |
|
|
24,808 |
|
22,291 |
|
44,978 |
|
43,445 |
| Sales and transportation expenses |
|
|
14,526 |
|
18,732 |
|
24,902 |
|
33,657 |
| General and administrative expenses |
|
|
6,444 |
|
4,513 |
|
12,488 |
|
10,468 |
| Depletion and depreciation |
|
|
27,983 |
|
24,438 |
|
54,676 |
|
47,635 |
| Share-based compensation |
|
|
999 |
|
3,103 |
|
2,467 |
|
6,361 |
| |
|
|
74,760 |
|
73,077 |
|
139,511 |
|
141,566 |
| |
|
|
68,286 |
|
37,082 |
|
126,107 |
|
76,463 |
| |
|
|
|
|
|
|
|
|
|
| Net finance expense |
|
|
(3,994) |
|
(3,616) |
|
(7,807) |
|
(5,556) |
| |
|
|
|
|
|
|
|
|
|
| Income before income tax |
|
|
64,292 |
|
33,466 |
|
118,300 |
|
70,907 |
| Deferred income tax expense |
|
|
(37,096) |
|
(20,442) |
|
(66,112) |
|
(43,706) |
| Net income for the period |
|
|
27,196 |
|
13,024 |
|
52,188 |
|
27,201 |
| |
|
|
|
|
|
|
|
|
|
| Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
| Currency translation adjustment |
|
|
434 |
|
(510) |
|
200 |
|
(862) |
| Comprehensive income for the period |
|
$ |
27,630 |
$ |
12,514 |
$ |
52,388 |
$ |
26,339 |
| |
|
|
|
|
|
|
|
|
|
| Basic earnings per share |
|
$ |
0.105 |
$ |
0.051 |
$ |
0.202 |
$ |
0.107 |
| Diluted earnings per share |
|
$ |
0.102 |
$ |
0.051 |
$ |
0.197 |
$ |
0.107 |
| |
|
|
|
|
|
|
|
|
|
| BANKERS PETROLEUM LTD. |
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
| (Unaudited, expressed in thousands of US dollars) |
| |
| ASSETS |
| |
|
|
|
|
|
June 30
2014 |
|
December 31
2013 |
| Current assets |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
|
$ |
44,827 |
$ |
24,597 |
| Restricted cash |
|
|
|
|
|
10,000 |
|
7,109 |
| Accounts receivable |
|
|
|
|
|
106,791 |
|
53,981 |
| Inventory |
|
|
|
|
|
13,044 |
|
38,025 |
| Deposits and prepaid expenses |
|
|
|
|
|
58,379 |
|
44,956 |
| Financial commodity contracts |
|
|
|
|
|
6 |
|
734 |
| |
|
|
|
|
|
233,047 |
|
169,402 |
| Non-current assets |
|
|
|
|
|
|
|
|
| Long-term receivable |
|
|
|
|
|
7,224 |
|
7,019 |
| Financial commodity contracts |
|
|
|
|
|
803 |
|
- |
| Property, plant and equipment |
|
|
|
|
|
902,717 |
|
823,908 |
| Exploration and evaluation assets |
|
|
|
|
|
7,087 |
|
6,819 |
| |
|
|
|
|
$ |
1,150,878 |
$ |
1,007,148 |
| |
| LIABILITIES |
| Current liabilities |
|
|
|
|
|
|
|
|
| Accounts payable and accrued liabilities |
|
|
|
|
$ |
40,824 |
$ |
33,812 |
| Current portion of long-term debt |
|
|
|
|
|
1,200 |
|
1,496 |
| |
|
|
|
|
|
42,024 |
|
35,308 |
| Non-current liabilities |
|
|
|
|
|
|
|
|
| Long-term debt |
|
|
|
|
|
98,198 |
|
98,150 |
| Decommissioning obligation |
|
|
|
|
|
23,627 |
|
22,806 |
| Deferred tax liabilities |
|
|
|
|
|
352,321 |
|
286,209 |
| |
|
|
|
|
|
516,170 |
|
442,473 |
| |
| SHAREHOLDERS' EQUITY |
| Share capital |
|
|
|
|
|
362,178 |
|
340,305 |
| Contributed surplus |
|
|
|
|
|
80,583 |
|
84,811 |
| Currency translation reserve |
|
|
|
|
|
6,545 |
|
6,345 |
| Retained earnings |
|
|
|
|
|
185,402 |
|
133,214 |
| |
|
|
|
|
|
634,708 |
|
564,675 |
| |
|
|
|
|
$ |
1,150,878 |
$ |
1,007,148 |
| |
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
| Cash provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income for the period |
|
$ |
27,196 |
|
$ |
13,024 |
|
$ |
52,188 |
|
$ |
27,201 |
| |
Depletion and depreciation |
|
|
27,983 |
|
|
24,438 |
|
|
54,676 |
|
|
47,635 |
| |
Accretion of long-term debt |
|
|
598 |
|
|
829 |
|
|
1,049 |
|
|
1,978 |
| |
Accretion of decommissioning obligation |
|
|
272 |
|
|
250 |
|
|
546 |
|
|
491 |
| |
Unrealized foreign exchange (gain) loss |
|
|
109 |
|
|
(268) |
|
|
64 |
|
|
(448) |
| |
Deferred income tax expense |
|
|
37,096 |
|
|
20,442 |
|
|
66,112 |
|
|
43,706 |
| |
Share-based compensation |
|
|
999 |
|
|
3,103 |
|
|
2,467 |
|
|
6,361 |
| |
Discount and revaluation of long-term receivable |
|
|
- |
|
|
(107) |
|
|
(205) |
|
|
(1,168) |
| |
Unrealized loss on financial commodity contracts |
|
|
2,307 |
|
|
6 |
|
|
2,772 |
|
|
1,380 |
| |
Cash premiums paid for financial commodity contracts |
|
|
(2,847) |
|
|
- |
|
|
(2,847) |
|
|
- |
| |
|
|
|
93,713 |
|
|
61,717 |
|
|
176,822 |
|
|
127,136 |
| |
Change in long-term receivable |
|
|
- |
|
|
202 |
|
|
- |
|
|
2,057 |
| |
Change in non-cash working capital |
|
|
(33,979) |
|
|
(7,137) |
|
|
(36,738) |
|
|
(44,949) |
| |
|
|
59,734 |
|
|
54,782 |
|
|
140,084 |
|
|
84,244 |
| Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Additions to property, plant and equipment |
|
|
(71,250) |
|
|
(51,842) |
|
|
(131,098) |
|
|
(99,035) |
| |
Additions to exploration and evaluation assets |
|
|
(251) |
|
|
(547) |
|
|
(268) |
|
|
(681) |
| |
Restricted cash |
|
|
(5,000) |
|
|
(2,109) |
|
|
(2,891) |
|
|
(2,109) |
| |
Change in non-cash working capital |
|
|
1,694 |
|
|
968 |
|
|
2,498 |
|
|
1,532 |
| |
|
|
|
(74,807) |
|
|
(53,530) |
|
|
(131,759) |
|
|
(100,293) |
| Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Issue of shares for cash |
|
|
9,212 |
|
|
1,309 |
|
|
13,060 |
|
|
1,410 |
| |
Financing costs |
|
|
(2) |
|
|
(1,994) |
|
|
(435) |
|
|
(1,994) |
| |
Change in long-term debt |
|
|
(600) |
|
|
(9,136) |
|
|
(896) |
|
|
9,201 |
| |
|
|
|
8,610 |
|
|
(9,821) |
|
|
11,729 |
|
|
8,617 |
| Foreign exchange gain (loss) on cash and cash equivalents |
|
|
118 |
|
|
(6) |
|
|
176 |
|
|
(36) |
| Increase (decrease) in cash and cash equivalents |
|
|
(6,345) |
|
|
(8,575) |
|
|
20,230 |
|
|
(7,468) |
| Cash and cash equivalents, beginning of period |
|
|
51,172 |
|
|
34,847 |
|
|
24,597 |
|
|
33,740 |
| Cash and cash equivalents, end of period |
|
$ |
44,827 |
|
$ |
26,272 |
|
$ |
44,827 |
|
$ |
26,272 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest paid |
|
$ |
3,358 |
|
$ |
2,566 |
|
$ |
3,431 |
|
$ |
2,788 |
| Interest received |
|
$ |
52 |
|
$ |
73 |
|
$ |
274 |
|
$ |
118 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BANKERS PETROLEUM LTD. |
| CONSOLIDATED STATEMENT 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, 2012 |
|
253,828,650 |
|
$ |
334,764 |
|
$ |
69,435 |
|
$ |
7,362 |
|
$ |
71,471 |
|
$ |
483,032 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share-based payments |
|
- |
|
|
- |
|
|
8,726 |
|
|
- |
|
|
- |
|
|
8,726 |
| Options exercised |
|
648,399 |
|
|
2,384 |
|
|
(974) |
|
|
- |
|
|
- |
|
|
1,410 |
| Net income for the period |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
27,201 |
|
|
27,201 |
| Currency translation adjustment |
|
- |
|
|
- |
|
|
- |
|
|
(862) |
|
|
- |
|
|
(862) |
| Balance at June 30, 2013 |
|
254,477,049 |
|
$ |
337,148 |
|
$ |
77,187 |
|
$ |
6,500 |
|
$ |
98,672 |
|
$ |
519,507 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share-based compensation |
|
- |
|
|
- |
|
|
8,859 |
|
|
- |
|
|
- |
|
|
8,859 |
| Options exercised |
|
1,204,862 |
|
|
3,157 |
|
|
(1,235) |
|
|
- |
|
|
- |
|
|
1,922 |
| Net income for the period |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
34,542 |
|
|
34,542 |
| Currency translation adjustment |
|
- |
|
|
- |
|
|
- |
|
|
(155) |
|
|
- |
|
|
(155) |
| 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 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.  For further information:
David French
President and Chief Executive Officer
403-513-6930
Doug Urch
Executive VP, Finance and Chief Financial Officer
403-513-2691
Laura Bechtel
Investor Relations Analyst
403-513-3428
Email: investorrelations@bankerspetroleum.com
Website: www.bankerspetroleum.com
AIM NOMAD:
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor
+44 0 207 523 8000
AIM BROKER:
FirstEnergy Capital LLP
Hugh Sanderson / David van Erp
+44 0 207 448 0200
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