Bankers Petroleum Operational Update for the First Quarter 2014

       Bankers Petroleum Operational Update for the First Quarter 2014  PR Newswire  CALGARY, April 8, 2014  Average Quarterly Production 19,900 bopd  CALGARY, April 8, 2014 /PRNewswire/ - 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  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 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 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  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.  Contact:  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  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  
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