Bankers Petroleum announces filing of 2012 statutory filings including AIF and
Statement of Reserves Data
CALGARY, March 28, 2013
CALGARY, March 28, 2013 /PRNewswire/ - Bankers Petroleum Ltd. ("Bankers" or
the "Company") (TSX: BNK) (AIM: BNK) announces completion of its 2012
statutory filings including the Annual Information Form ("AIF") and the
Statement of Reserves Data ("51-101") for the year ended December 31, 2012.
The filings can be accessed on the System of Electronic Document Analysis
("SEDAR") and Bankers website.
Contingent and Prospective Resources
Bankers Petroleum announces its 2012 contingent and prospective resources
attributed to the periphery extensions and increased development of the
Patos-Marinza oilfield as provided by its reserves evaluator, RPS Energy
Canada Ltd. Contingent resources for 2012 are 534 million barrels, compared to
994 million barrels in 2011. Prospective resources are 254 million barrels,
compared to 616 million barrels in 2011. The resource estimates include
expansion of primary recovery development as well as recognition for secondary
and tertiary recovery methods.
The contingent and prospective resource adjustments reflect the reduction in
the oil in place volumes in the field disclosed on February 25, 2013, from
updated geologic mapping of the individual reservoir sands. The reduced
resource volumes are aligned with the Company's deferred development plans in
the area and allow for further evaluation through delineation drilling and
The Company intends to issue the first quarter 2013 operational update and
host a conference call on Friday, April 5, 2013. Mr. David French, Bankers'
newly appointed President and CEO will also be participating on the call.
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 www.sedar.com.
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 COO 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 petroleum 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, 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
SOURCE Bankers Petroleum Ltd.
President and Chief Executive Officer
Executive VP, Finance and Chief Financial Officer
VP, Business Development
Canaccord Genuity Limited
+44 0 207 523 8000
FirstEnergy Capital LLP
Hugh Sanderson / David van Erp
+44 0 207 448 0200
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