CALGARY, March 28, 2013 /CNW/ - 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 data collection.
Operational Update
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 BNK.
SOURCE: Bankers Petroleum Ltd.
