Average Quarterly Production 17,800 bopd
CALGARY, July 4, 2013 /PRNewswire/ - Bankers Petroleum Ltd. (Bankers or the Company) (TSX: BNK) (AIM: BNK) is pleased to announce the Company's second quarter operational update.
Production, Sales and Oil Prices
Average production from the Patos-Marinza oilfield in Albania for the second quarter of 2013 was 17,800 barrels of oil per day (bopd), 5% higher than 16,919 bopd in the first quarter. Oil sales during the quarter averaged 18,008 bopd, 8% higher than the previous quarter average of 16,605 bopd. The crude oil inventory at June 30, 2013 was 330,000 barrels, 10,000 barrels less than 340,000 barrels at March 31, 2013.The Patos-Marinza second quarter average oil price was approximately $80.36 per barrel (representing 78% of the Brent oil price of $102.44 per barrel), as compared with the first quarter average oil price of $88.70 per barrel (representing 79% of the Brent oil price of $112.57 per barrel). For the six months ended June 30, 2013 oil sales were 17,310 bopd ( $84.34 per barrel) an increase of 26% from 13,724 bopd ( $80.57 per barrel) for the comparable 2012 period. Drilling Update Thirty-nine (39) horizontal wells were drilled and rig released during the second quarter in the main area of the Patos-Marinza oilfield: thirty-five (35) horizontal production wells and four (4) horizontal lateral re-drills. Thirty-four (34) of these wells were completed and are on production, and the remaining five (5) will be placed on production in July. The Company continues to focus on pad drilling within production fairways and ongoing legacy vertical well remediation, where necessary, ahead of the program. Pattern development drilling for secondary recovery techniques in the Marinza and Lower Driza zones has continued in the second quarter.