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Nov 16, 2009 18:59 EEST
November 16 (SeeNews) - Canadian oil and gas company Bankers Petroleum said its net operating income rose 33% on the quarter to $9.3 million (6.2 million euro) in the three months to September but was down 43% from a year earlier.
The company's net income from operations in Albania plunged 65% on the year to $1.7 million in the three months to September, Bankers Petroleum said in its third-quarter financial statement posted on its website.
Oil revenue increased 17% quarter-on-quarter to $23.4 million in the three months to September but dropped 30% on the year.
Production in Albania averaged 6,258 barrels of oil per day (bopd) in the quarter through September, compared to second-quarter production of 6,383 bopd.
Current production is 7,100 bopd with 350 bopd shut-in pending well servicing, while for 2009 the projected $44 million capital expenditure programme is expected to yield an exit production rate of approximately 8,000 bopd, the company said.
"Bankers maintained a strong balance sheet with working capital of $50.2 million at September 30, 2009 ($61.4 million in cash) as compared to working capital of $28.2 million at June 30, 2009," it added.
Bankers Petroleum (www.bankerspetroleum.com) is an oil and gas exploration and production company which drills Albania's onshore Patos Marinze and Kucova heavy oilfields and fields in the northern and central regions of the U.S. and in Canada.
($ = 0.6677 euro)
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