October 8 (SeeNews) - Canadian oil and gas company Bankers Petroleum said its third-quarter production from the Albanian onshore oilfield Patos Marinze fell to 6,258 barrels of oil per day (bopd) from 6,383 bopd in the previous quarter.
"The slight drop in production was due to restricted production during the month of July caused by water disposal infrastructure enhancements, which have since been completed," the company said in a statement on its website.
The Patos Marinze average oil price was $40.70 (27.5 euro) per barrel, representing 60% of the price of benchmark Brent crude. This compared to an average oil price of $34.63 per barrel in the second quarter, which was equal to 59% of the Brent price.
Current production at the Patos Marinze oil field is 7,000 bopd, it added.
The company drilled and completed five horizontal wells in the quarter through September.
It also entered into an agreement for the provision of a drill rig with the Croatian CROSCO Integrated Drilling & Well Services Co. The contract is for one year with an option to extend for a second year and the rig will arrive in Albania in late November as the anticipated spud date is January 2010.
The additional rig will provide Bankers Petroleum with the capacity to drill another 20 to 24 horizontal and vertical wells during 2010, which will help accelerate field development plans and production, it added.
Bankers Petroleum (www.bankerspetroleum.com) is an oil and gas exploration and production company which drills Albania's onshore Patos Marinze and Kucova heavy oilfields and fields in the northern and central regions of the United States and in Canada.