Canada's Bankers Petroleum Q3 Avg Daily Production from Albanian Oilfield Rises 1.0% Q/Q

“New wells being placed on production impacted average production for the quarter. Bankers Petroleum is on track to meet its production target of 7,000 bopd b y the end of the year,” the company said in a statement.

During the third quarter 39 wells were re-activated and 24 new wells were also placed on production, the statement said.

The company's quarterly exit production rate from the Patos Marinze onshore oilfied was 6,200 bopd.

The average oil price in Albania during the quarter was $62.55 (45.6 euro) per barrel, which is 3.0% lower than the average price in the second quarter.

Bankers Petroleum (www.bankerspetroleum.com) is an oil and gas exploration and production company which drills Albania's onshore Patos Marinze and Driza oilfields and fields in northern and central regions of the United States and in Canada.

It plans to invest $370 million (233.3 million euro) in the development of its Albanian oilfields in the next three years.

($=0.7299euro)