Canada's Bankers Petroleum Q3 Net Operating Income from Albanian Operations Rises 87.3% Y/Y to $16.3 Mln

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.

Oil revenue from its operations in Albania reached $33.54 million in the third quarter, slightly down from $34.16 million in the second quarter, but up from the $16.23 million in the third quarter last year, Bankers Petroleum said in a statement posted on its website.

The average production of crude oil in Albania in the third quarter reached 5,880 barrels of oil per day (bopd), up from the 5,826 bopd in the second quarter and from the 4,753 bopd in the third quarter a year ago, the statement said.

Revenue in Albania increased due to the opening of more wells, Bankers Petroleum said. In the third quarter alone 29 new wells were put into operation, bringing the total number of wells to 195.

Bankers Petroleum posted a $6.42 million nine-month net income, up from the $992,000 it had in the same period of last year. It plans to invest $370 million in the development of its Albanian oilfields in the next three years.

($=0.7937 euro)