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Bankers Petroleum Operational Update for the First Quarter 2014

 Average Quarterly Production 19,900 bopd  CALGARY, April 8, 2014 /CNW/ - Bankers Petroleum Ltd. (Bankers or the Company)  (TSX: BNK, AIM: BNK) is pleased to announce the Company's first quarter  operational update.  Production, Sales and Oil Prices  Average production from the Patos-Marinza oilfield in Albania for the first  quarter of 2014 was 19,911 barrels of oil per day (bopd), 3.2% higher than  19,303 bopd in the fourth quarter of 2013.  Oil sales during the quarter averaged 18,435 bopd, 6.5% lower than the  previous quarter average of 19,710 bopd as a result of the final export cargo  of the quarter slipping into the second quarter due to weather delays. The  crude oil inventory at March 31, 2014 increased 43% to 444,000 barrels,  133,000 barrels higher than 311,000 barrels at December 31, 2013.  The Patos-Marinza first quarter average oil price was approximately $87.35 per  barrel (representing 81% of the Brent oil price of $108.22 per barrel), as  compared with the fourth quarter average oil price of $85.71 per barrel  (representing 78% of the Brent oil price of $109.27 per barrel).  Drilling Update  Thirty-four (34) wells were drilled and rig released during the first quarter  in the main area of the Patos-Marinza oilfield: twenty-nine (29) horizontal  production wells, three (3) horizontal lateral re-drills and two (2) water  disposal wells.  Twenty-three (23) of these wells were completed and are on  production, and the remaining nine (9) will be placed on production in April  pending drilling rig move off the pad, well completions, and facilities build.  The sixth (6) drilling rig spud its first well in the main area of the field  on March 18, 2014 and rig released in fifteen (15) days. The Company continues  to focus drilling on development through pad drilling of multiple zones within  the main area of the Patos-Marina oilfield. The additional rig provides  flexibility to move forward with southern delineation drilling and Kuçova  oilfield development.  Secondary Recovery Program  The Company continues to expand its secondary recovery program with the  conversion of four (4) additional polymer injection wells in the Lower Driza  during the first quarter along with additional polymer treatment facilities to  support the expanded program.  Bankers continues to monitor the early 2013  water flood and polymer flood patterns with initial production response  expected in the first half of 2014. Injection performance has been maintained  at target rates with no premature breakthrough of fluids to offset producers  which is indicative of good reservoir conformance.  Reservoir pressure is  rising and is following current projection models.  To-date, Bankers has implemented three (3) water flood injectors in the Upper  Marinza zone (M0 reservoir sand) and nine (9) polymer flood injectors in three  (3) separate Lower Driza zones (D5, D4, and D3 reservoir sands) in the  southern part of the main Patos-Marinza oilfield.  The Company plans to  convert an additional three (3) to six (6) wells to injection in the second  quarter of 2014.  Infrastructure Development  In the first quarter of 2014, the Company completed maintenance turnaround on  the remaining two (2) trains of the Central Treating Facility. The third  satellite treatment facility is in the final stages of construction and will  be operational in the second quarter along with the sludge treatment facility  which is nearing completion as well.  The Company continues to maintain a diluent blend of approximately 8%, a  result of the improved treating process over the past year.  In the coming year, Bankers will remain focused on key infrastructure projects  aimed at reducing costs and optimizing operations, including field  electrification, flow-lines, sour treatment facilities, gas gathering and  additional cascade systems.  Government of Albania Fiscal Changes for 2014  Over the course of the first quarter, Management of Bankers has been in  regular discussions with the Government of Albanian with regard to the  previously announced fiscal changes and tax law related amendments. The  Company has received assurances from the Government that a financial offset  will be offered to mitigate the impact of fiscal changes which were approved  at the end of 2013.  A formal agreement is expected to be finalized in the  second quarter of 2014.  "The Company is encouraged by the progress that has been made and expects to  reach a formal agreement with the Government of Albania with regard to an  offset mechanism for Excise Tax which was implemented on April 1, 2014 as well  as other changes included in the 2014 fiscal package. The Company continues to  carry out its 2014 capital program as originally conceived and foresees  minimal impact on our ongoing business with the government assurances. With  the addition of a sixth drilling rig, continued emphasis on margin expansion,  and further validation of our water and polymer flood programs, Bankers is  excited about our continued momentum into 2014," commented David French,  President and Chief Executive Officer of Bankers Petroleum.  Updated Corporate Presentation  For additional information on this Operational Update, please see the  Company's April 2014 corporate presentation at www.bankerspetroleum.com.  Conference Call  The Management of Bankers will host a conference call on April 8, 2014, at  6:30 am MDT to discuss this Operational Update. Following Management's  presentation there will be a question and answer session for analysts and  investors.  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 www.bankerspetroleum.com or by entering the following URL into your  web browser, http://www.newswire.ca/en/webcast/detail/1331909/1471999.  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 April 22, 2014 by dialing 1-855-859-2056 or 1-416-849-0833 and entering  access code 23433364.  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 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 petroleum engineer (member of APEGA) 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  BNK.    SOURCE  Bankers Petroleum Ltd.  David FrenchPresident and Chief Executive Officer, (403) 513-6930 Doug  UrchExecutive VP, Finance and Chief Financial Officer, (403)  513-2691  Laura BechtelInvestor Relations Analyst, (403) 513-3428  Email:investorrelations@bankerspetroleum.com  Website:www.bankerspetroleum.com  AIM NOMAD: Canaccord Genuity Limited Henry Fitzgerald-O'Connor +44 0 207 523  8000  AIM BROKER: FirstEnergy Capital LLP Hugh Sanderson / David van Erp +44 0 207  448 0200  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/April2014/08/c8967.html  CO: Bankers Petroleum Ltd. ST: Alberta NI: OIL CONF  
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