Bankers Petroleum Operational Update for the Fourth Quarter 2012

Average Quarterly Production 16,160 bopd 
CALGARY, Jan. 7, 2013 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the 
"Company") (TSX: BNK, AIM: BNK) is pleased to announce the following fourth 
quarter operational update. 
Average production for the fourth quarter was 16,163 bopd, representing a 3.5% 
increase from 15,616 bopd in the third quarter. While late November and early 
December production volumes were impacted by heavy rains, production continued 
to grow steadily. Average oil production for 2012 was 15,020 bopd, 15% higher 
than 2011 average production of 13,051 bopd. 
Oil sales from the Patos-Marinza oilfield in Albania during the fourth quarter 
averaged 16,033 bopd. Average oil sales for 2012 were 14,805 bopd, 16% higher 
than 2011 sales of 12,784 bopd. Crude oil inventory on December 31(st )was 
313,000 barrels, an increase of 12,000 barrels from September 30(th). 
The Patos-Marinza fourth quarter average oil price was approximately US$79.12 
per barrel, representing 72% of the Brent oil price of US$110.02 per barrel, 
as compared with the third quarter average oil price of US$79.58 per barrel 
(73% of Brent oil). 
The average oil price for 2012 was US$79.91 per barrel (72% of Brent oil), a 
10% increase from US$72.84 per barrel (65% of Brent oil) for 2011. 
Twenty-nine (29) wells have been drilled during the fourth quarter: twenty 
(20) horizontal production wells, six (6) horizontal lateral re-drill wells, 
one (1) appraisal well and two (2) vertical core wells in the main area of the 
Patos-Marinza field. Nineteen (19) of the horizontal production wells have 
been completed and are on production plus an additional two (2) horizontal 
laterals that were drilled from the wellbore of the two cored wells. 
A total of 128 wells were drilled in 2012: 111 horizontal production wells, 
seven (7) lateral re-drills, one (1) appraisal well, four (4) vertical core 
delineation wells, and four (4) water disposal wells in the Patos-Marinza 
field, plus one (1) exploration well in Block "F". 
Four drilling rigs are currently operating at Patos-Marinza and drilling in 
the field. The fifth rig was loaned to another operator in the country for an 
eight week term and is anticipated to resume operations at Patos-Marinza in 
the next week. 
Data gathering and analysis for secondary and enhanced recovery planning 
continued with the objective to identify the most suitable reservoir layers 
and areas of the field to initiate water-flood, polymer-flood and enhanced oil 
recovery programs. 
Two (2) water-flood patterns, one in each of the Lower Driza and Upper Marinza 
formations will be initiated in 2013. A third water-flood pattern in the Lower 
Driza is planned for later in the year along with a polymer-flood pattern. 
Initial results from these initiatives are expected within 12 months from 
starting injections. 
With the data collected from the first thermal pilot and additional detailed 
data including special core analysis of the expanded 2012 coring program, 
prospect areas are being selected and data is being gathered to design a 
second thermal pilot. 
The second Block "F" exploration location has been selected and site 
construction is underway. The well is expected to spud within the first 
quarter. . 
The Central Treatment Facility ("CTF") is being expanded with construction of 
an additional 2,000 m(3) crude oil sales storage tank to allow additional 
operational flexibility in the Patos-Marinza field. 
Planning and construction for a new satellite facility in the north-central 
area of the field is also underway for scheduled completion in the third 
quarter of 2013. These facilities, along with additional in-field flow-lines, 
will improve the crude oil treating performance in the field. 
Planning and application to gain preliminary approvals for the second phase of 
the crude oil sales pipeline extending 35 km from Fier to the export terminal 
at Vlore is underway and will continue through 2013. 
Geological and engineering evaluations continue with plans to drill a vertical 
core well in the second quarter of 2013. Additional horizontal production 
drilling targets are scheduled in the third quarter to further test 
water-flood recovery in the Arreza Pool. 
Well take-over and reactivations are also expected in the Arreza Pool in two 
phases, with the first set of well take-overs scheduled for the first quarter 
and the second tranche of wells in the third quarter of 2013. 
Extensive soil and groundwater assessments were completed in 2012 and it was 
determined that impacts from historical operations are less than previous 
Environmental cleanup of more than 200 older leases taken-over from Albpetrol 
was completed in 2012 in conjunction with the water control program. This 
program continues to demonstrate improvement in oil rate and reduced 
water-cuts in wells and areas affected by water influx issues. 
The Company has initiated design and construction of a commercial scale sludge 
treatment operation to help reclaim oil from the sludge on old leases in the 
production area as part of on-going lease clean-up activities. 
The Company continues discussions with the European Bank for Reconstruction 
and Development (EBRD) and the International Finance Corporation (IFC), its 
reserve-based lenders, for an increase to its existing $110 million credit 
facility. Based on the 2011 year-end independent reserves evaluation, the 
underlying valuation of the proved reserve basis increased over 275% on a 10% 
discounted net present value basis since the 2008 year-end reserves, upon 
which the existing 2009 credit facility is based. 
In the interim, the Company has now received approval from the banks to defer 
the scheduled October 2013 repayment to January 2014. At December 31, 2012, 
Bankers had drawn $86 million on this facility. 
For additional information on this operational update, please see the January 
2013 version of the Company's corporate presentation at 
The Management of Bankers will host a conference call on January 7, 2013 at 
7:00am MST to discuss this Operational Update. Following Management's 
presentation, there will be a question and answer session for analysts and 
To participate in the conference call, please contact the conference operator 
ten minutes prior to the call at 1-888-231-8191 or 1-647-427-7450. A live 
audio web cast of the conference call will also be available on Bankers 
website at or by entering the following URL into your 
web browser The web 
cast will be archived two hours after the presentation on the website, and 
posted on the website for 90 days. A replay of the call will be available 
until January 21, 2013 by dialing 1-855-859-2056 or 1-416-849-0833 and 
entering access code 86031796. 
Caution Regarding Forward-looking Information 
Information in this news release respecting matters such as the expected 
future production levels from wells, future prices and netback, work plans, 
anticipated total oil recovery of the Patos-Marinza and Kuçova oilfields 
constitute forward-looking information. Statements containing forward-looking 
information express, as at the date of this news release, the Company's plans, 
estimates, forecasts, projections, expectations, or beliefs as to future 
events or results and are believed to be reasonable based on information 
currently available to the Company. 
Exploration for oil is a speculative business that involves a high degree of 
risk. The Company's expectations for its Albanian operations and plans are 
subject to a number of risks in addition to those inherent in oil production 
operations, including: that Brent oil prices could fall resulting in reduced 
returns and a change in the economics of the project; availability of 
financing; delays associated with equipment procurement, equipment failure and 
the lack of suitably qualified personnel; the inherent uncertainty in the 
estimation of reserves; exports from Albania being disrupted due to unplanned 
disruptions; and changes in the political or economic environment. 
Production and netback forecasts are based on a number of assumptions 
including that the rate and cost of well takeovers, well reactivations and 
well recompletions of the past will continue and success rates will be similar 
to those rates experienced for previous well 
recompletions/reactivations/development; that further wells taken over and 
recompleted will produce at rates similar to the average rate of production 
achieved from wells recompletions/reactivations/development in the past; 
continued availability of the necessary equipment, personnel and financial 
resources to sustain the Company's planned work program; continued political 
and economic stability in Albania; the existence of reserves as expected; the 
continued release by Albpetrol of areas and wells pursuant to the Plan of 
Development and Addendum; the absence of unplanned disruptions; the ability of 
the Company to successfully drill new wells and bring production to market; 
and general risks inherent in oil and gas operations. 
Forward-looking statements and information are based on assumptions that 
financing, equipment and personnel will be available when required and on 
reasonable terms, none of which are assured and are subject to a number of 
other risks and uncertainties described under "Risk Factors" in the Company's 
Annual Information Form and Management's Discussion and Analysis, which are 
available on SEDAR under the Company's profile at 
There can be no assurance that forward-looking statements will prove to be 
accurate. Actual results and future events could differ materially from those 
anticipated in such statements. Readers should not place undue reliance on 
forward-looking information and forward looking statements. 
Review by Qualified Person 
This release was reviewed by Suneel Gupta, Executive Vice President and Chief 
Operating Officer of Bankers Petroleum Ltd., who is a "qualified person" under 
the rules and policies of AIM in his role with the Company and due to his 
training as a professional engineer (member of APEGGA) with over 20 years 
experience in domestic and international oil and gas operations. 
About Bankers Petroleum Ltd. 
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and 
production company focused on developing large oil and gas reserves. In 
Albania, Bankers operates and has the full rights to develop the Patos-Marinza 
heavy oilfield and has a 100% interest in the Kuçova oilfield, and a 100% 
interest in Exploration Block "F". Bankers' shares are traded on the Toronto 
Stock Exchange and the AIM Market in London, England under the stock symbol 
Abby Badwi President and Chief Executive Officer (403) 513-2694  Doug Urch 
Executive VP, Finance and Chief Financial Officer (403) 513-2691  Mark Hodgson 
VP, Business Development (403) 513-2695 
AIM NOMAD: Canaccord Genuity Limited Henry Fitzgerald-O'Connor +44 0 207 523 
AIM BROKER: FirstEnergy Capital LLP Hugh Sanderson / David van Erp +44 0 207 
448 0200 
SOURCE: Bankers Petroleum Ltd. 
To view this news release in HTML formatting, please use the following URL: 
CO: Bankers Petroleum Ltd.
ST: Alberta
-0- Jan/07/2013 13:00 GMT
Press spacebar to pause and continue. Press esc to stop.