Bankers Petroleum's Q3 costs in Albania rise 10.9%

Royalties to the Albanian Government and related entities were $23.3 million and $18.5 million for the third quarter of 2012 and 2011, respectively, both representing 20% of total revenue, Bankers Petroleum said in its third-quarter financial report posted on its website.

Total royalties for the nine months ended September 30 were $59.6 million.

Bankers Petroleum Ltd. is an oil and gas exploration and production company focused on maximizing the value of its heavy oil assets in Albania.

Bankers Petroleum's main operations are in Albania where the company has the full rights to develop the Patos-Marinza and Kucova heavy oilfields pursuant to 25-year license agreements with the Albanian National Agency for Natural Resources and a Petroleum Agreement with oil and gas corporation Albpetrol.

The Patos-Marinza oilfield is the largest onshore oilfield in continental Europe, holding approximately 7.7 billion barrels of original oil in place. The Kucova field has 297 million barrels of original-oil-in-place.

Bankers also holds a seven-year exploration license on a 185,000 acre block named "Block F", which is also prospective for natural gas.

($=0.7729 euro)