Bankers Petroleum hoped to expand its production b Globe says Bankers sells off on production woes
Ticker Symbol: C:BNK
Globe says Bankers sells off on production woes
Bankers Petroleum Ltd (2) (C:BNK)
Shares Issued 252,901,372
Last Close 5/14/2012 $2.29
Tuesday May 15 2012 - In the News
The Globe and Mail reports in its Tuesday edition that Bankers Petroleum, which has assets in Albania, has struggled in recent years to meet targets set by management. The Globe's Carrie Tait writes the market suddenly lost patience Monday after the Calgary company disappointed investors with poor production results. The stock closed at $2.29 a share, down $1.16 or nearly 34 per cent, on the Toronto Stock Exchange, despite respectable financial results. Energy investors are no longer satisfied with large reserves. Instead, they insist on drilling success, a standard that threatens oil and gas companies across the board as investors search for safe places to put their money. Bankers Petroleum hoped to expand its production by 30 per cent in 2012, aiming to churn out about 15,500 barrels of oil a day. The company produced 13,279 barrels a day in the first quarter, down from 13,399 in the previous quarter. Bankers is now "likely" to slash its production goals, said Abby Badwi, the company's chief executive officer. "It has been embarrassing," he said. "Talking is not going to be sufficient now because we've talked before and we have not delivered on what we've said we would do."