Bankers Petroleum Ltd. (TSX: T.BNK, Stock Forum) said revenue for the first quarter of 2013 increased by 29% to $133 million, compared to the $103 million in the same quarter of 2012.
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.
According to the Bankers Petroleum press release, highlights for the quarter ended March 31, 2013 included an average oil production of 16,919 barrels of oil per day, 20% higher than 14,119 barrels of oil per day in the first quarter of 2012.
Capital expenditures in the first quarter of 2013 were $47 million. The company drilled 32 wells during the quarter, comprised of 31 horizontal production wells and one horizontal lateral re-drill well in the main area of the Patos-Marinza field. Reactivation and re-completion work continued during the quarter.
Bankers Petroleum is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves.
On Thursday, Bankers Petroleum was up 13% and was trading at $2.86 a share. The company had a market cap of $726.1 million, based on 253.9 million shares outstanding. The 52-week high and low was $3.56 and $1.37 respectively.