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Re: News Release - Friday, March 28, 2008
Bankers Achieves Significant Gains in 2007; Files 2007 Annual
Documents
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Production, Revenue, Net Operating Income and Funds from Operations
Increased by 39%, 97%, 148% and 184%, Respectively
CALGARY, March 28, 2008 - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
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
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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 contact:
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@bankerspetroleum.com
Website: www.bankerspetroleum.com;
AIM NOMAD:
Canaccord Adams Limited,
Ryan Gaffney/Adam Janikowski
+44 20 7050 6500
View News Release in PDF Format:
Associated File:
http://www.bankerspete.com/i/pdf/2008-03-28_NR.pdf
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Copyright (c) 2008 BANKERS PETROLEUM LTD. (BNK.H) All rights reserved.
For more information visit our website at http://www.bankerspete.com/
or send mailto:info@bankerspetroleum.com
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